3 bank CEOs, 22 financial institutions up for BusinessDay Banking Awards today

Finally, at the long awaited BusinessDay Banking Awards today, three bank CEOs and 22 financial institutions will smile home with prestigious awards in recognition of their sterling contributions to the economy.
Expectations are high as to whether the top three CEOs will come from the Tier I or Tier II or from Other Financial Institutions (OFIs).
But the expected financial institutions to win the awards include Abbey Mortgage Bank, Infinity Trust Mortgage Bank, Diamond Bank, First Bank of Nigeria Limited, Zenith Bank, Union Bank Nigeria Limited, LAPO Microfinance Bank, FCMB, Access Bank, and JAIZ Bank Plc.
Others are Unity Bank plc, GTBank, Sterling Bank Plc, Fidelity Bank, FBN Capital, Fortis Microfinance Bank Plc, NPF Microfinance Bank, Rand Merchant Bank (RMB) Nigeria, Skye Financial Services Group, Stanbic IBTC Stockbrokers Limited, and United Bank of Africa.
BusinessDay’s Annual Banking Awards Programme which has become the banking industry’s benchmark for outstanding performance was introduced to recognise Nigerian banks and their officials who diligently managed their resources to attain a healthy balance between risks, safety and profitability. Among the dignitaries expected at this year event are the Executive Governor of Lagos State, Akinwunmi Ambode; Jim Ovia,the chairman of Zenith Bank and Umaru Ibrahim,the MD/CEO of the Nigeria Deposit Insurance Corporation (NDIC).

The Award Committee employed a mix of qualitative and quantitative parameters to select the nominees for different categories of awards. The qualitative parameters include the prompt release of audited annual reports within the stipulated time, presence of the analyst’s presentation on banks’ official websites and survey conducted by BusinessDay Research and Intelligence Unit (BRIU).

The quantitative parameters include loans and projects executed under the commercial agricultural credit scheme (CACS), loans and advances to the agricultural sector, manufacturing and SMEs. Others include PAT growth, capital adequacy ratio, return on average equity(ROAE), return on average assets(ROAA), non-performing loans (NPL), net interest margin (NIM),penalties paid to the CBN, complaints resolution, cost to income ratio, dividend growth and corporate social responsibility(CSR). Others include number of subsidiaries in sub Saharan Africa (SSA), contributions to bottom line from SSA, promotion of noninterest banking services and the number of deals executed across the African continent.

The award categories are the Bank of the Year; Bank CEO of the Year; CSR, Best Bank in Support of Agriculture; Best Bank in support of Manufacturing; Best Bank in Retail Banking; Best Bank in Corporate Banking; the Most Innovative Product; the Most Customer Friendly Bank. Others are Best Bank in Sub Saharan Africa, Islamic Banking, Best Bank in support of SMEs; Best Bank in Mobile Banking; Mortgage and Microfinance banks of the year. The industry and, indeed, the entire public will be on the look out for who will cart away the prestigeous Bank of the Year and Bank CEO of the Year at tomorrow’s ceremony. Many interesting surprises are expected to be unfolded at the Awards, especially with support coming from AIR FRANCE KLM, champagne specialists, MOET.
A Special Recognition Award for Outstanding Achievement in Banking will go to the Chairman of Zenith Bank Plc, Jim Ovia. Jim Ovia was considered for this Award because of his achievements in the nation’s banking industry. He co-founded Zenith Bank plc in 1990 and served as its Group Managing Director and Chief Executive Officer from 1990 to July 10, 2010. With N20 million at inception, Zenith Bank’s shareholders’ funds grew to N594 billion by December 2015.

The bank also has over 500 branches through which it provides retail, commercial, corporate, SME and treasury banking services to millions of its customers. While serving as the GMD of Zenith Bank, Ovia ensured that adequate resources were devoted to manpower development, communication and information technology. This explains why the bank continues to receive excellent credit ratings from notable international credit rating agencies such as the Standard and Poor’s, Fitch and Pharez.

He also instituted a succession strategy, which rewards hard work and meritocracy. This has seen the bank become one of the biggest commercial banks on the African continent. Also, Effective Leadership Award will be bestowed on Umaru Ibrahim, the MD/CEO of the Nigeria Deposit Insurance Corporation for the protection of depositors’ funds.
His reign at NDIC has received commendations from local and international observers of the nation’s financial sector. Particularly in 2015, NDIC under Umaru Ibrahim, remitted N24.18 billion to the Consolidated Revenue Fund of the Federation, compared with N15.38 billion remitted to the same account in 2014.

NDIC during the period recorded operating surplus of N30.23 billion compared with N15.52 billion in 2014. The introduction of the yearly event has engendered healthy competition among Nigerian banks as majority of them are now highly rated among African banks.

 

HOPE MOSES-ASHIKE