Zenith Bank (ZENITHBANK) AGM 2026 summary

Opening remarks and agenda

• Meeting commenced with introductions from board members and acknowledgment of external auditors, consultants, registrars, and regulators in attendance.

• Notice of the 35th AGM was read, outlining business including financial statement presentation, dividend declaration, director appointments, auditor remuneration, and statutory committee elections.

Board and executive committee updates

• Jim Ovia announced his retirement as Chairman after 12 years, in line with regulatory requirements, and Engineer Mustafa Bello was nominated and approved as the new Chairman.

• Re-election of directors retiring by rotation and appointment of new directors were unanimously approved.

Financial performance review

• Audited financial statements for the year ended December 31, 2025, were presented, showing compliance with IFRS and regulatory requirements.

• Profit after tax reached NGN 1.04 trillion, gross earnings grew to NGN 4.19 trillion, and the non-performing loan ratio stood at 3.8%.

• Capital adequacy ratio was 25.3%, and the bank maintained its position as the most profitable bank in Nigeria.

• External auditors issued an unqualified opinion, confirming proper books and disclosures, though penalties were paid for regulatory contraventions.