Adaora Umeoji, first woman to lead Zenith Bank, holds shares worth $2.2 million

Omokolade Ajayi -
Key Points
  • Adaora Umeoji, CEO of Zenith Bank, has driven a 98.1% profit increase in H1 2024, reaching N578 billion ($363.4 million).
  • Umeoji’s stake in Zenith Bank is now valued at over $2.2 million, reflecting a significant rise in share prices since her appointment.
  • Zenith Bank aims for N1 trillion ($700 million) profit in 2024, expanding into French-speaking Africa and launching fintech subsidiary ZenPay.

Adaora Umeoji, CEO of Zenith Bank Plc, has driven significant growth at Nigeria's leading lender since taking over in June 2024. Her personal wealth has also increased, with her stake in the bank now valued at over $2.2 million due to a rise in Zenith Bank’s shares on the Nigerian Exchange (NGX).

Umeoji succeeded Ebenezer Onyeagwu, whose five-year tenure ended on May 31, 2024, leaving behind a legacy of solid financial performance. Umeoji holds 91,710,123 shares in Zenith Bank, including 90 million directly and 1,710,123 through Palais Vendome Limited.

With Zenith Bank’s stock trading at N39.5 ($0.024) per share, her stake now stands at N3.61 billion ($2.2 million). The market value of Umeoji’s shares has increased by more than half a million dollars since May, when her stake was valued at N2.75 billion ($1.67 million).

The recent surge reflects Zenith Bank’s rising market capitalization, which now stands at N1.24 trillion ($754.4 million), cementing Umeoji’s standing as one of Nigeria’s most affluent banking executives. Her rapid ascent to the top, coupled with a stellar professional background, makes Umeoji one of the key figures shaping the future of Nigeria’s financial industry.

Umeoji’s diverse expertise fuels leadership at Zenith Bank

Umeoji's diverse credentials reflect her expertise across multiple fields. She holds degrees in sociology from the University of Jos, as well as accounting and law from Baze University, where she earned First-Class honors. Umeoji also holds a Master of Laws from the University of Salford, UK, and an MBA from the University of Calabar.

Further enhancing her leadership capabilities, Umeoji has attended management programs at prestigious institutions, including Harvard Business School, Columbia Business School, MIT Sloan School of Management, and Wharton Business School.

Beyond banking, Umeoji is active in philanthropy. In 2022, she was awarded the Officer of the Order of the Niger (OON) for her contributions to national development and serves as a UN peace advocate. She also founded the Pink Breathe Cancer Foundation and the Adorable Foundation, supporting cancer patients and underserved children.

In addition to her role at Zenith Bank, Umeoji is a founder of the Catholic Bankers Association of Nigeria (CBAN), a platform dedicated to promoting ethical banking practices and humanitarian service. Her minority stake in Zenith Bank underlines her status as a significant investor in Nigeria’s banking sector.

Her appointment as the first female CEO of Zenith Bank is a milestone not just for the lender but for the entire Nigerian banking sector. With a focus on financial growth, innovation, and social responsibility, Umeoji is charting a new course for Zenith Bank.

Strong financial performance under Adaora Umeoji’s leadership

Zenith Bank has maintained strong financial momentum under Adaora Umeoji. In the first half of 2024, the bank reported a 98.1 percent rise in profit, growing from N292 billion ($183.6 million) in the first half of 2023 to N578 billion ($363.4 million). This surge was driven by a sharp increase in interest and trading income.

The group’s H1 2024 performance aligns with its ambition to achieve a record-breaking N1 trillion ($700 million) profit for the full year, following a stellar 2023. As part of its growth strategy, Zenith Bank aims to expand into French-speaking Africa, launch a fintech subsidiary named ZenPay, and complete a N230 billion ($143.3 million) recapitalization.

Zenith Bank’s total assets rose from N20.37 trillion ($12.81 billion) at the end of 2023 to N27.57 trillion ($17.34 billion) as of June 30, 2024. Also, retained earnings climbed from N1.18 trillion ($742.1 million) to N1.62 trillion ($1.02 billion), solidifying the bank’s capital base and supporting future growth initiatives.