Table of Contents
Key Points
- Adaora Umeoji acquired 68.8 million Zenith Bank shares worth $2.1 million, increasing her total holdings to 160.46 million units valued at over $5.2 million.
- Umeoji’s investment coincides with Zenith Bank’s record $670.7 million profit in 2024, reflecting her confidence in the bank’s sustained financial momentum and strategic direction.
- As Zenith’s first female CEO, Umeoji blends strong leadership with a solid financial track record through significant personal shareholding.
Nigerian banking executive Adaora Umeoji, CEO of Zenith Bank, has deepened her investment in the financial giant with a fresh purchase of 68.8 million shares valued at approximately $2.13 million, underscoring her confidence in the institution she leads.
The N3.3 billion ($2.13 million) acquisition, disclosed by the bank on the Nigerian Exchange, brings Umeoji’s total direct and indirect holdings to 160.46 million shares, including those held through her investment vehicle, Palais Vendome Limited. Her stake, previously valued N4.32 billion ($2.79 million), is now worth N8.07 billion ($5.21 million), affirming her dual role as both leader and shareholder in Nigeria’s most profitable bank.
Personal investment aligned with long-term vision
Umeoji’s share purchase of over 68 million units at an average price of N47.95($0.031) marks a strong personal endorsement of the bank’s strategic direction.
Her journey with Zenith spans over two decades, having joined as a youth corps member in 1998. Now, as the first female CEO in the bank’s history, her investment sends a message of long-term commitment and belief in Zenith’s financial trajectory.
The move follows her appointment in June 2024, succeeding long-serving CEO Ebenezer Onyeagwu. In her first fiscal year at the helm, Zenith Bank posted a record profit of N1.032 trillion ($670.7 million), a 52.5 percent increase from 2023, driven by robust growth across all revenue lines.
Zenith posts record profits and asset growth
Zenith Bank reported strong 2024 financials, with interest income soaring to N2.72 trillion ($1.77 billion), up from N1.14 trillion ($741.5 million) the previous year. Fees and commissions more than doubled to N206.9 billion ($134.5 million), while trading gains surged to N1.1 trillion ($716 million), fueling both profitability and shareholder returns.
Total assets rose by over 47 percent to N29.96 trillion ($19.5 billion), while equity expanded to N4.03 trillion ($2.62 billion). The bank declared a total dividend of N5 ($0.00325) per share for FY 2024, up from N4 in the prior year, offering significant returns to shareholders—Umeoji included.
Umeoji blends wealth, strategy, and impact as a top-paid CEO
Umeoji, who earned N874 million ($570,000) in compensation in 2024, was the highest-paid executive in Nigeria’s banking sector. Her income, however, extends beyond salary—her rising shareholding ensures a steady stream of dividend earnings, further aligning her interests with those of investors.
Her track record is matched by a stellar academic background: degrees in sociology, accounting, and law, alongside an MBA and Master of Laws. She has trained at top institutions including Harvard, Columbia, MIT Sloan, and Wharton, and she was awarded the national honor of Officer of the Order of the Niger (OON) in 2022 for her contributions to national development.
Her leadership at Zenith Bank continues to blend strong financial performance with a broader mission for innovation, social impact, and investor value creation—backed now by a growing personal stake in the institution’s future.
