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ALL AFRICA BUSINESS LEADERS AWARDS: ZENITH BANK’S CFO, MUKHTAR ADAM, EMERGES AS CHIEF FINANCIAL OFFICER OF THE YEAR

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The Chief Financial Officer of Zenith Bank Plc, Dr. Mukhtar Adam, has been named ‘Chief Financial Officer of the Year’ at the 11th All Africa Business Leaders Awards (AABLA) in partnership with CNBC Africa. The award ceremony took place at the King’s Ballroom, Sun City, South Africa, on June 23, 2023. This honour places Dr. Mukhtar alongside other celebrated professionals across Africa.

Expressing his gratitude for the recognition, Dr. Mukhtar thanked the judges and organisers of the award, expressing his appreciation for being deemed a fitting recipient of the ‘Chief Financial Officer of the Year’ for 2023. He dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR. Additionally, he expressed his gratitude to the management of Zenith Bank, his colleagues in Nigeria and the bank’s subsidiaries for fostering a positive work environment. Dr. Mukhtar also extended his thanks to the bank’s many customers.

The All Africa Business Leaders Awards (AABLA), in partnership with CNBC Africa, represents Africa’s largest single-business awards, celebrating the pinnacle of African business achievement. The AABLA has consistently narrated an African story of perseverance, success, innovation, and accountability. It has become synonymous with recognising the finest in business leadership on the African continent.

Dr. Mukhtar Adam is a distinguished finance professional with over two decades of cognate experience. He holds a Doctor of Philosophy degree in Finance from Leeds Beckett University, an M.Sc. in Finance – Financial Sector Management from the University of London’s School of Oriental and African Studies, an MBA in Finance from the University of Leicester, and a B.Ed. in Social Sciences, specialising in Economics and Management, from the University of Cape Coast in Ghana. Dr. Mukhtar Adam also holds a Diploma in International Financial Reporting Standards (IFRS) from the esteemed Institute of Chartered Accountants in England and Wales (ICAEW) and a Postgraduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance in the UK.

Dr. Mukhtar Adam has participated in several executive programmes at world-leading institutions, including the General Management Program (GMP) at Wharton Business School in the USA, Harvard Business School, INSEAD Business School in Paris, the London School of Economics and Political Science, and the Massachusetts Institute of Technology. He is a member of the Institute of Chartered Accountants of Nigeria (ICAN),

the Institute of Chartered Accountants of Ghana (ICAG), and the Chartered Institute of Taxation of Nigeria (CITN).

Prior to his current role as the Chief Financial Officer (CFO) of Zenith Bank Plc, Dr. Mukhtar Adam served as the bank’s Deputy CFO, leading the Financial Reporting, Tax Management and Strategic Planning Groups and supervising the Zenith Group’s entire financial reporting function. Before joining Zenith Bank in 2007, he honed his skills as a Senior Consultant in the Financial Services Group of PricewaterhouseCoopers (PwC).

His vast expertise spans numerous financial areas, from financial sector management and policy analysis to financial reporting and analysis, tax management, audit management, strategy development and execution, enterprise risk management, credit risk management, and financial advisory. He is also accomplished in capacity building and training. Dr. Mukhtar Adam is a prolific researcher with several professional and academic publications.

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BREAKING: Tinubu Appoints Ayodeji Gbeleyi as BPE DG

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President Tinubu
– Ayodeji Gbeleyi appointed as Director-General of Bureau of Public Enterprises
– Renowned financial expert and award-winning chartered accountant
– Over 30 years of experience in diverse sectors

President Bola Tinubu has appointed Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises (BPE).

According to the President’s spokesman, Ajuri Ngelale, Gbeleyi is expected to bring his vast experience and competence to bear in this role.

Gbeleyi is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

He has also attended executive programmes at the prestigious London Business School, Harvard Kennedy School of Government, and Lagos Business School.

With over 30 years of post-qualification experience in diverse sectors, Gbeleyi is well-equipped to strengthen the agency as the national resource centre for capacity building and sustenance of reforms.

The President expects him to promote a competitive private sector-driven economy and ensure social accountability and efficient deployment of public resources.

“The new Director-General is expected to bring his vast experience and competence to bear in this role,” said Ajuri Ngelale. “He will advance effective corporate governance and fiduciary discipline in the public and private sectors.”

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

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AGUSTO & CO UPGRADES WEMA BANK’S RATING TO Bbb+ WITH ESG SCORE OF 2

…Confirms Stable Financial Outlook for the Bank

Following its strong 2023 financial performance, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received an upgraded rating from Agusto & Co, validating the Bank as Bbb+ rated with an ESG Score of 2 and confirming a stable outlook for the Bank.

Agusto & Co is a Pan-African credit rating agency and leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa.

By upgrading Wema Bank’s rating from BBB to BBB+, Agusto has confirmed that Wema Bank is of stable financial standing and more equipped than ever to keep fulfilling its duties as a commercial bank with National authorization.

This development is unsurprising as Wema Bank’s financial strength is reflected in the Bank’s FY 2023 Audited Financial Report. Among the outstanding results achieved by Wema Bank was a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn translating to higher pre-tax return on average equity (ROE) and pre-tax return on average assets (ROA) from 21.5% to 43.9% and 1% to 2.1% respectively. The Bank also recorded a 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, a reduction in cost-to-income ratio (CIR) from 80.1% to 64.4% due to significant earnings growth despite economic fluctuations and 220.53% increase in Earnings per share from N87.2 to N279.5, among other indices.

According to Agusto & Co, “The upgrade of Wema Bank’s rating to Bbb+ is underpinned by improved profitability despite macroeconomic headwinds, lower impaired loan ratio, better deposit mix, strong shareholders’ support as reflected in the successful rights issue exercise and perpetual bond issuance. We have also attached an ESG score of ‘2’, reflecting our view that environmental, social, and governance issues have a minimal impact on Wema Bank’s rating”.

Affirming the Bank’s commitment to providing stakeholders with optimum returns, Moruf Oseni, Wema Bank’s MD/CEO, expressed the Bank’s gratitude to Agusto & Co for acknowledging the strong progress made by the Bank. “Wema Bank is on a journey to the top and we are driven by a commitment to delivering exceptional value, exceeding expectations, and providing optimum returns to every stakeholder—shareholders, customers, employees, and partners alike. It is this commitment that has reflected positively in our numbers and will propel our growth over the next decade”.

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