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Peter Amangbo: Astute Professional, Technologically-Savvy Banker

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By: Ajibade Morakinyo

It is always difficult to fill the big shoes of giants, and no doubt in the area of banking, Jim Ovia, the Chairman and Founder of Zenith Bank is certainly one.

Indeed, Ovia buit  Zenith Bank to such an enviable position that it became a household name. But Peter Olisamedua Amangbo, the current Group Managing Director/CEO of the bank has fit into the shoes of this giant of a man with effortless ease.

Many who know his story refer to him as a cerebral, consummate professional and technology savvy gentleman who has taken the bank to dizzying new heights since his assumption of office in 2014.

Amangbo has been able to ensure that integrity, professionalism, corporate governance and excellent customer service form the core of the banks DNA.

Today, Zenith has grown to become one of the strongest and most profitable banks on the African continent. It has about 440 branches, siting some branches in mid-tier locations which makes its retail business very solid.

In addition, Zenith has always been a technology-driven bank that thrives on innovation and under Amangbo, the management has invested heavily in didgital banking.

A 1998 graduate of Electrical and Electronics Engineering from the University of Benin, Pater has several years of professional experience under his belt. Most of his years as a professional have been spent in the financial services sector, particularly in banking where he has acquired immense experience across key areas like operations, investment banking, corporate finance, credit & marketing, business development, as well as financial control and strategic planning.

He is also an alumnus of the Warwick Business School where he studied for a Masters in Business Administration (MBA) degree, graduating in 1995. He has participated in the Advanced Management Programme at INSEAD and is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA).

 

Mr. Amangbo, before coming to the Zenith Bank, was a Senior Consultant at PriceWaterHouse (now PriceWaterHouseCoopers) – a Financial Service Group; where he had responsibilities in manufacturing, financial services and general commerce, but he only worked in the company for four years before joining Zenith Bank Plc in 1993. Since then, he has brought tremendous success to the table of the company’s board and many has been feasible.

Even while he served as the company’s Head of corporate & retail banking, as well as a Zonal Head in Lagos. He was known for his ability to devise means of coming with a viable solution to problems at hand.

As a result of his sterling work ethic, he was in 2005 appointed as the Executive Director of the bank. And in June 2014, he was appointed as Chief Executive Officer of the bank. Apart from his position as the CEO of Zenith Bank Plc, he currently serves as the company’s Group Managing Director. He is also a Non-Executive Director at Zenith Securities Limited, which is a subsidiary of Zenith Bank Plc. He is a member of the Board of Directors of Zenith Bank PLC Nigeria, Zenith Insurance Ltd, Nigeria, Zenith Pensions Ltd, Nigeria, Zenith Capital Ltd, Nigeria and Zenith Bank, UK and was a member of the board of Interswitch Nigeria Ltd from 2005 to 2007.

Strong earnings capacity and growth, solid and liquid capital base, strengthened enterprise risk management practices, good returns on investment and excellent customer service are some of the hallmarks of today’s Zenith Bank under the stewardship of Mr. Amangbo.

There is no gainsaying the fact that Mr. Amangbo has contributed immensely towards the development of Zenith Bank Plc, since his assumption of office in 2014. The figure below shows how the company’s financials have improved considerably over the past five years (of which he has been CEO for four of those years), with turnover increasing from some ₦311.2 billion in 2013 to ₦673.6 billion in 2017. Similarly, the company’s profit after tax surged from ₦83.4 billion in 2013 to ₦157.1 billion in 2017.

The company, under the leadership of Amangbo, continued the impressive success in 2018 by reporting gross earnings of ₦474.6 billion and a profit after of ₦144.1 billion.

 

His shareholding structure in the company is such that he holds five million (5,000,000) units of direct shares and two million, three hundred thousand (2.3 million) units of indirect shares. This brings his total shareholding in Zenith Bank to seven million, three hundred thousand (7.3 million). When calculated with the company’s share price of ₦24 as at November 12th 2018, this translates to a value of ₦175 million.

There is no gainsaying the fact that Mr. Amangbo has contributed immensely towards the development of Zenith Bank Plc, since his assumption of office in 2014. The figure below shows how the company’s financials have improved considerably over the past five years (of which he has been CEO for four of those years), with turnover increasing from some ₦311.2 billion in 2013 to ₦673.6 billion in 2017. Similarly, the company’s profit after tax surged from ₦83.4 billion in 2013 to ₦157.1 billion in 2017.

The company, under the leadership of Amangbo, continued the impressive success in 2018 by reporting gross earnings of ₦474.6 billion and a profit after of ₦144.1 billion.

He is also an alumnus of the Warwick Business School where he studied for a Masters in Business Administration (MBA) degree, graduating in 1995. He has participated in the Advanced Management Programme at INSEAD and is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA).

He is a member of the Board of Directors of Zenith Bank PLC Nigeria, Zenith Insurance Ltd, Nigeria, Zenith Pensions Ltd, Nigeria, Zenith Capital Ltd, Nigeria and Zenith Bank, UK. He was a member of the board of Interswitch Nigeria Ltd from 2005 to 2007.

His achievement to Zenith Bank, the ever growing financial institution in Nigeria, is so rare in the space of Nigerian financial sector, and that is why we have chosen him as our Boss of the Week. Congrats Sir!

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2027: Peter Obi Raises Doubt About Clinching ADC Presidential Ticket

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A former Labour Party presidential candidate, Peter Obi, has expressed reservations over his ability to clinch the African Democratic Congress’ (ADC) presidential ticket for the 2027 elections.

In a video address to his followers, Obi stated that receiving the ADC’s presidential ticket is not guaranteed.

He said: “Someone asked me how I know for sure that the ADC will give me the presidential ticket. I cannot be certain. What matters is that we are committed to a cause.

I keep wondering how we ended up in this situation and what might happen if we decide to stop working on this project.”

“Obi also said he is still committed to his goals, and he hasn’t let any reported threats stop him.

The former Labour Party presidential candidate praised his supporters for their resilience, recognizing the difficulties of working within opposition politics in Nigeria.

Obi thanked everyone who stayed loyal even though they didn’t get much benefit right away.

“I thank you for your sacrifice. It’s not easy to be in the opposition in Nigeria, and I’m thankful to those who keep supporting even when there’s no clear reward,” he said.

He, however, expressed uncertainty about the future, especially concerning political alliances and commitments.

“How can we be certain that the people we’re working with right now won’t leave us behind tomorrow? I wish we could be sure, but we can’t,” he said.

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Terrorism: Tinubu Seeks UK’s Assistance Amid Challenges

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President Bola Tinubu, on Wednesday, solicited partnership with the United Kingdom to crush terrorism in the Sahel before it engulfs the region.

“Our West African region faces complex terrorism challenges with roots in the Sahel,” Tinubu told King Charles III, Queen Camilla, Prince William, and elite guests, at a state banquet.

Speaking as the first Nigerian leader at the historic venue, Tinubu said: “As one of the largest nations within the Commonwealth, Nigeria looks forward to contributing constructively to the continued growth and vitality of this global community.

“Our West African region faces complex terrorism challenges with roots in the Sahel.  Nigeria carries an enormous responsibility to help safeguard regional stability. In confronting these threats, partnership with the United Kingdom remains essential and I look forward to my meeting with Prime Minister Kier Starmer tomorrow.

“Despite these challenges, Nigeria approaches the future with hope and confidence. We are a nation of diverse and vibrant people, of young people dreaming big, of entrepreneurs with a global outlook, and of a hopeful people determined to realise their full potential.”

The Nigeria’s President said it was an honour to stand before the royal family, representing the people of Nigeria to reaffirm the enduring bonds of friendship, history, and shared purpose that have united Nigeria and the United Kingdom for several centuries.

“Allow me first to express my sincere appreciation to Your Majesty and to Her Majesty, The Queen for the warmth and generosity extended to me, my wife, Oluremi, and the Nigerian delegation.

“As the first Nigerian leader to speak here at Windsor Castle, which has served the British Crown for nearly a millennium, is particularly historic. Windsor has stood as a symbol of continuity, witnessing the steady evolution of institutions that have shaped governance, culture, and public life not only in Britain but far beyond these shores.

“Nigeria and the United Kingdom have shared more than just history; our two nations share a vision of progress and resilience. Today, we continue that journey, committed to building a future rooted in partnership, mutual respect, and common values.

“Standing here in Windsor Castle, one cannot help but reflect on Britain’s impact on modern democratic governance worldwide.”

He explained further: “The Magna Carta of 1215 laid the early foundations for the rule of law and the development of parliamentary democracy, establishing enduring ideals around liberty, accountable government, and civic responsibility.

“Great British thinkers and writers such as Thomas Hobbes, John Locke, and Edmund Burke helped to propagate those democratic ideals. Their influence continues to resonate to this day.

“The literary genius of William Shakespeare and other writers such as Charles Dickens, has enriched and shaped the English language, spoken by over 1.5 billion people worldwide.

“In Nigeria, elements of these traditions continue to inform the institutional foundations of our own republic. Our courts draw upon legal traditions rooted in English common law. Our parliamentary institutions reflect constitutional practices that evolved here over centuries. Our civil service structures have also drawn upon administrative models developed in Britain and adapted to Nigeria’s own national context.

“While institutions matter greatly, our people remain the strongest bridge between our two countries.”

He said the Nigerian community in the United Kingdom has become one of the most dynamic diaspora communities worldwide, adding: “Nigerians contribute enormously to the vitality of this nation.  Within the National Health Service, Nigerian doctors and nurses play an indispensable role in delivering healthcare. Nigerian-trained doctors are among the largest groups of international medical professionals serving the NHS.”

He noted the exploits of Nigerians in the country especially in sports, saying: “in sport, rugby players such as Maro Itoje, footballers including Bukayo Saka and Eberechi Eze, and champion boxer Anthony Joshua, illustrate the remarkable human connection that links Nigeria and the United Kingdom.

“Our partnership is further strengthened through the Commonwealth of Nations, which connects 56 countries under Your Majesty’s leadership.”

He expressed confidence that the friendship between Nigeria and the United Kingdom will continue to grow.

“Finally, Your Majesty, I wish to express Nigeria’s deep gratitude to this great nation for the refuge and support it extended during the dark years of military dictatorship. Like many Nigerians involved in the pro-democracy struggle, I found safety here, and I recall that my residence was placed under Metropolitan Police surveillance for protection following threats from agents of the junta.

“That solidarity remains etched in our collective memory, and it is deeply humbling for me to stand before Your Majesty today as the President of a democratic Nigeria.

“On behalf of the Government and people of Nigeria, I thank Your Majesty, Her Majesty The Queen, Prince William and Catherine, the Princess of Wales, other members of the Royal Family, and the people of the United Kingdom for their longstanding friendship.

“In the spirit of friendship and our shared destiny, I invite you all to raise a glass with me:

“To the special bond between Nigeria and the United Kingdom,  and to the bright future that we shall build together.”

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Bala Mohammed Debunks Defection Rumours, Affirms Loyalty to PDP

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Bauchi State governor, Bala Mohammed, has dismissed speculation linking him with a possible defection to the ruling All Progressives Congress (APC), reiterating his commitment to the Peoples’ Democratic Party (PDP).

The governor, who also serves as Chairman of the PDP Governors’ Forum, had recently been the subject of reports suggesting he might be considering leaving the opposition party, with claims that such a move could occur within the week.

However, while dismissing the rumour shortly after presiding over the swearing-in of 17 newly appointed Permanent Secretaries at the Government House in Bauchi on Wednesday, Mohammed downplayed the claims, stressing that he had made no official statement indicating any intention to quit the PDP.

He maintained that the reports are unfounded, reaffirming his continued membership of the party.

“I find it amusing that even when I have not said anything officially, people are already discussing me as if I have moved,” he said.

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