Shareholders blast Zenith Bank management over N519m sitting allowance

Shareholders of Zenith Bank Plc reacted   over the management N519 million personal expenses on fees and sitting allowances.

The lender recorded N205 million fees and sitting allowances in 2014, a N305 million increase over that of 2015.

The shareholders noted that directors of the bank had five meetings in 2015 and should have reviewed  sitting allowances in conform with the current macro economy challenges banking industry in the country is facing.

Extracts from the bank's audited financial statement for December 2015 personal expenses indicated that the directors emoluments  stood at N1.1 billion from N630 million in 2014.

Zenith bank with 12 board of directors that comprises of one chairman, 7 non- executive director, one group managing director/chief executive officer and three executive expenses on  salaries and other short term benefits stood at N595 million in 2015 as against N414 million in 2014.

The chairman alone expenses moved from N15 million in 2014 to N25 million in 2015 while zenith bank highest paid director expenses stood at N78 million in 2015 from N76 million in 2014.

The chairman of zenith bank,Mr/ Jim Ovia,,  at the bank's annual general meeting in Lagos yesterday, promised to readjust its personal expenses in order to create value for shareholders of the bank.

He noted that the chairman fees will be remained fixed for the next five years.

According to him,"I will readjust my personal expenses back to that f 2013. Meanwhile, I don't influence the fees and besides,  the fees will remained fixed for the next five years."

Zenith bank's personal expense for the year under review stood at N67.5 billion as against N72 billion recorded in 2014.

Meanwhile, shareholders of the bank yesterday approved final dividend of 155 kobo per share.

The bank had declared and paid an interim dividend of 25 kobo per share in the course of the 2015 financial year.