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Peter Amangbo: Astute Professional, Technologically-Savvy Banker

Published

6 years ago

March 23, 2019

Editor

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.

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 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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Tinubu Reshuffles Cabinet, Sacks Five Ministers, Merges Ministries

Published

20 hours ago

October 23, 2024

Eric

President Bola Tinubu has dismissed five ministers from his cabinet and appointed seven new ones as part of a cabinet reshuffle.

The President re-assigned 10 ministers to new portfolios and nominated seven new ministers for Senate confirmation.

He dismissed Uju-Ken Ohanenye as Minister of Women Affairs, Lola Ade-John as Minister of Tourism, Tahir Mamman as Minister of Education, Abdullahi Gwarzo as Minister of State for Housing and Urban Development, and Jamila Ibrahim as Minister of Youth Development.

Among the nominees, Tinubu selected Bianca Odumegwu-Ojukwu as Minister of State for Foreign Affairs and Nentawe Yilwatda as Minister of Humanitarian Affairs and Poverty Reduction, marking the official end of suspended Betta Edu’s tenure.

Other nominees include Maigari Dingyadi for Minister of Labour and Employment, Jumoke Oduwole for Minister of Industry, Idi Maiha for the newly established Ministry of Livestock Development, Yusuf Ata for Minister of State for Housing and Urban Development, and Suwaiba Ahmad for Minister of State for Education.

“The appointment of Shehu Dikko as Chairman of the National Sports Commission.

“The appointment of Sunday Akin Dare as Special Adviser to the President on Public Communication and Orientation working from the Ministry of Information and National Orientation,” the President said.

The President appreciated the outgoing members of the Federal Executive Council for their service to the nation while wishing them the best in their future endeavours.

He then charged the newly appointed ministers and their reassigned colleagues to see their appointment as a call to serve the nation.

Source: Nairametrics

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FG Drops Money Laundering Charges Against Binance Chief, Gambaryan

Published

1 day ago

October 23, 2024

Eric

The Federal Government on Wednesday withdrew the money laundering charges preferred against Binance Holdings Limited executive, Tigran Gambaryan.

Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges to the tune of $35 million brought against them by the Economic and Financial Crimes Commission.

Gambaryan and Anjarwalla were initially both detained in the custody of the office of the National Security Adviser.

Anjarwalla, however, fled lawful custody on March 22, 2024, while his counterpart, Gambaryan, was arraigned in April.

Following his arraignment, the court ordered his remand to Kuje Correctional Facility.

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Our Commitment to Culture, Reason for Ofala Sponsorship – Glo

Published

3 days ago

October 21, 2024

Eric

Technology company, Globacom, has explained that its commitment to culture and tradition is the reason for sponsoring Onitsha Ofala and other leading festivals across the land.

This year’s event, the 23rd since the incumbent Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, ascended the throne, kicked off with Iru Ofala on Friday and ended with Azu Ofala on Saturday.

Globacom’s Divisional Head, South, Mr. Tochukwu Okechukwu, who represented the company at the Ime Obi venue of the event in Onitsha, Anambra State, said Globacom is mindful of the critical role that culture plays in national development and its ability to foster national identity and bring people together around shared values, traditions, and history adding.

According to him, cultural industries, such as festivals, tourism, arts, and crafts, could contribute significantly to the economy, create jobs, generate revenue, and promote local products. “Culture influences education systems and can inspire creativity and innovation. Cultural knowledge can enhance critical thinking and problem-solving skills. Moreover, a vibrant culture enhances a nation’s soft power, improving its international standing and influence through diplomacy, trade, and cultural exchange”, he added.

He further noted that communication is the livewire of human coexistence especially in an increasingly interconnected world. “It is through dialogue and connection that we foster understanding and collaboration. Our mission is to empower every voice within our community to be heard through affordable telecom services and digital solutions”, he said.

He also disclosed that technology was evolving at an unprecedented pace, and affirmed that Globacom was dedicated to harnessing its power to benefit society. “We envision a future where innovation does not stand apart from tradition, but instead enhances it. We believe that connectivity can strengthen the bonds within our community, bridging generations and fostering collaboration among all our citizens. Together, we can create an environment where our cultural heritage and technological advancements coexist harmoniously, enriching the lives of all. These are the reasons why we will continue to support our cultural festivals such as Ofala and Ojude Oba.”

The Obi of Onitsha had, in his remarks, thanked Globacom for its support for the festival over the years saying the company’s collaboration had enhanced the profile of the festival. According to him, a request had been made to the Ministry of Art, Culture and Creative Economy to support ongoing efforts to enlist Ofala on the UNESCO Representative List of Intangible Cultural Heritage of Humanity.

The festival peaked with the regal emergence of the Obi from his annual seclusion and his traditional majestic dance round the Ime Obi in his full regalia on the two days of the ceremony. His palace chiefs also danced to the “Egwu Ota” in turns after which they paid homage to the traditional ruler. Several age groups also ranging from the newest such as Ifedioranma, Ugoamaka, Oganiru Onicha to the much older groups, also danced round in flamboyant uniforms and paid homage to Igwe Achebe.

A Royal Banquet organised by Globacom in honour of the monarch will mark the end of this year’s edition of the festival at the Ime Obi on Wednesday, October 23.