In 2023, Zenith Bank lost N430billion through impairment under the leadership of Ebenezer Onyeagwu, the then MD/CEO.
In 2023, under the leadership of MD/CEO Ebenezer Onyeagwu, Zenith Bank faced a staggering N430 billion loss due to asset impairment.
This significant financial blow, which lacked clear explanation, led to Onyeagwu's contract termination and a growing rift with the bank's owner, Jim Ovia. Accusing Onyeagwu of incompetence, Ovia swiftly appointed Adaora Umeoji as the new MD/CEO, a move that has further fueled tensions within the bank's leadership.
That major loss which was not clearly defined, caused Onyeagwu his second five year deal and a rift with Jim Ovia who owns the Bank.
Impairment refers to the reduction in the value of a company asset, either a fixed asset or an intangible asset.
Ovia who is accusing Onyeagwu of incompetence, quickly announced Adaora Umeoji as the new MD/CEO.
That announcement has also not gone down well with Onyeagwu and is causing a rift within the leadership of the Bank.
