Zenith Bank CEO on tackling wrong use of loans and cybercrime in Nigeria

In an exclusive interview with CNBC Africa, the Group Managing Director and CEO of Zenith Bank, Ebenezer Oniago, discussed the importance of collaboration between banks and investors to ensure the efficient use of loan facilities. He emphasized the critical issue of cybersecurity and the steps being taken to combat the misuse of loans by borrowers. Oniago stressed the need for education and discipline among borrowers to ensure the proper utilization of funds and sustainable business growth. He cited an example where a borrower should reinvest profits back into the business instead of immediately consuming them, demonstrating a sound financial strategy. The CEO acknowledged the willingness of borrowers, particularly in the creative sector, to learn and engage in partnerships to foster successful collaborations for mutual benefit. When asked about what concerns him most in the Nigerian economy, Oniago highlighted cybersecurity as a major worry, emphasizing the unpredictability and urgency of protecting digital assets from cyber attacks. Despite these challenges, he expressed optimism in the potential of the Nigerian market, with its large population of 200 million and growing demography, which presents opportunities for economic growth and development. Oniago affirmed Zenith Bank's commitment to supporting indigenous enterprises, particularly in manufacturing and digital sectors, to drive innovation and progress in the Nigerian economy.