Adaora Umeoji, CEO of Zenith Bank Plc, has overseen considerable development at Nigeria’s largest lender since taking office in June 2024. Her personal wealth has also grown, with her stake in Zenith Bank now worth more than $2.2 million as the company’s shares climb on the Nigerian Exchange (NGX).
Umeoji succeeded Ebenezer Onyeagwu, whose five-year term concluded on May 31, 2024, leaving a record of strong financial performance. Umeoji owns 91,710,123 shares of Zenith Bank, comprising 90 million personally and 1,710,123 through Palais Vendome Limited.
With Zenith Bank’s shares selling at N39.5 ($0.024) per share, her holding is now worth N3.61 billion ($2.2 million). Umeoji’s share price has risen by more than half a million dollars since May, when her ownership was valued at N2.75 billion ($1.67 million).
The current jump reflects Zenith Bank’s expanding market valuation, which is now N1.24 trillion ($754.4 million), confirming Umeoji’s position as one of Nigeria’s wealthiest banking executives. Umeoji’s quick rise to the top, along with a stellar professional background, places her among the major players influencing the future of Nigeria’s financial industry.
Umeoji’s extensive credentials reflect her skill in a variety of subjects. She has degrees in sociology from the University of Jos, as well as accounting and law from Baze University, where she received First-Class honors. Umeoji also has a Master of Laws from the University of Salford, UK, and an MBA from the University of Calabar.
Umeoji has further developed her leadership skills by attending management programs at famous universities such as Harvard Business School, Columbia Business School, MIT Sloan School of Management, and Wharton Business School.
Beyond banking, Umeoji is involved in philanthropy. She received the Officer of the Order of the Niger (OON) in 2022 for her achievements to national development and currently works as a UN peace advocate. She also launched the Pink Breathe Cancer Foundation and the Adorable Foundation, which help cancer patients and underprivileged children.
In addition to her job at Zenith Bank, Umeoji founded the Catholic Bankers Association of Nigeria (CBAN), a platform dedicated to promoting ethical banking practices and humanitarian assistance. Her minority investment in Zenith Bank solidifies her position as a major investor in Nigeria’s banking sector.
Her selection as Zenith Bank’s first female CEO marks a significant milestone for the firm and the Nigerian banking sector. Umeoji is steering Zenith Bank in a new direction, prioritizing financial development, innovation, and social responsibility.
Zenith Bank has maintained a strong financial position under Adaora Umeoji. In the first half of 2024, the bank’s profit increased by 98.1 percent, from N292 billion ($183.6 million) in 2023 to N578 billion ($363.4 million). This surge was caused by a significant increase in interest and trading income.
The group’s H1 2024 performance is consistent with its goal of achieving a record-breaking N1 trillion ($700 million) profit for the full year, following a successful 2023. Zenith Bank’s expansion strategy includes expanding into French-speaking Africa, launching a fintech subsidiary called ZenPay, and completing a N230 billion ($143.3 million) recapitalization.
Zenith Bank’s total assets increased from N20.37 trillion ($12.81 billion) at the end of 2023 to N27.57 trillion ($17.34 billion) by June 30, 2024. Also, retained earnings increased from N1.18 trillion ($742.1 million) to N1.62 trillion ($1.02 billion), strengthening the bank’s capital foundation and supporting future growth plans.
