Zenith Bank, a Nigerian tier-1 lender, has announced the appointment of Ebenezer Onyeagwu as new Group Managing Director/Chief Executive Officer (CEO) with effect from June 1, 2019, subject to the Central Bank of Nigeria (CBN) approval.
Onyeagwu would be succeeding Peter Amangbo whose tenure expires in May. Amangbo has been MD/CEO at Zenith since June of 2014.
According Zenith, the appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within
Onyeagwu who has close to thirty years cognate banking industry experience was prior to his latest appointment, Deputy Managing Director of the bank since October 28, 2016.
He is an alumnus of the prestigious University of Oxford, England where he obtained a postgraduate Diploma in Financial Strategy and a certificate in Macroeconomics.
Onyeagwu , in addition, has extensive executive level business education in the United States from Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University. He also trained at Lagos Business School of the Pan African University, Nigeria.
He has spent 17 years so far with the bank, Onyeagwu worked as a Credit Analyst in the defunct Financial Merchant Bank Limited and subsequently joined Citizens International Bank Limited where he served in various capacities including Bank Head, Warri Branch and Ikoyi Branch respectively.
Onyeagwu joined Zenith Bank as a senior manager in the internal control and Audit Group of zenith Bank and held several other positions as he progressed in his career.
For 2018 full year, Zenith financial statements filed at the NSE show that the lender grew pre-tax profit by 16.24 percent to N231.69 billion despite gross earnings paring by 15.41 percent to N630.34 billion from N745.19 billion.
Profit after tax rose to N193.42 from N173.79 billion recorded in the preceding year, while earnings per share also grew 11.21 percent from the previous year to N6.15.
These profits were triggered by net interest income, which increased to N277.22 billion from N159.76 billion reported in the previous year, reflecting improved macroeconomic fundamentals.
At the close of trading Monday, shares of Zenith bank shed 0.73 percent to close at N20.20 per share, its lowest in 2019.