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  • Fidelity Bank attains N500b capital with special private placement

    Fidelity Bank attains N500b capital with special private placement

    • Lender reaffirms Tier 1 bank status

    Fidelity Bank Plc has successfully raised between N250 and N270 billion through a private placement, pushing its qualifying capital well-above the N500 billion minimum stipulated by the Central Bank of Nigeria (CBN) for banks with international authorisation.

    Market sources in the know of the transaction at the weekend said the placement, executed on December 31, 2025, said a huge demand for the bank’s shares, enabling the bank to close the offer within the same day.

    With existing verified share capital and share premium of about N306 billion, the new equity injection lifted Fidelity Bank’s minimum capital beyond the N500 billion threshold required under the CBN’s revised capital framework.

    Sources described the one-day private placement as unprecedented, noting that Nigerian capital market rules allow issuers up to 10 days for private placements and six weeks for public offer and rights issue. Issuers are also allowed to seek for extensions. Most of the recent offers had sought for extensions due to market conditions.

    The sources said subscriptions to the Fidelity Bank’s private placement were restricted to a select group of investors whose profiles aligned with the bank’s brand positioning, growth strategy and broader corporate objectives.

    The subscriptions pattern, like in previous private placement by the bank, suggested investor base of top-rated global institutional investors.

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    The successful recapitalisation of the tier 1 bank came nearly three months ahead of the March 31, 2026 recapitalisation deadline.

    While the bank and its advisers await final regulatory clearance from the CBN and the Securities and Exchange Commission (SEC), market watchers said the successful fundraise has effectively de-risked Fidelity Bank’s recapitalisation programme and positioned it for post-recapitalisation growth.

    Efforts to obtain official comments from the bank were unsuccessful, as executives declined to speak, citing regulatory restrictions.

    In March 2024, the CBN revised minimum capital requirements across the banking sector, setting N500 billion for international commercial banks, N200 billion for national banks and N50 billion for regional banks. The 24-month compliance window ends on March 31, 2026.

    Analysts said the scale and speed of the Fidelity Bank transaction further validated the bank’s standing among Tier 1 Bank.

    In its most recent rating action, Fitch Ratings affirmed Fidelity Bank’s Long-Term Issuer Default Rating at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’, citing stronger capital buffers and improved profitability.

    Fitch also noted the bank’s expanding franchise, sound operating fundamentals and healthy foreign-currency liquidity position, describing Fidelity Bank as Nigeria’s sixth-largest lender by assets at the end of 2024.

    Market experts said beyond capital adequacy, private placements offer strategic advantages, including access to long-term institutional capital, governance depth and specialised expertise, reinforcing banks’ competitiveness in an increasingly globalised financial landscape.

  • Fidelity Bank to disburse N5 billion to boost MSME financing

    Fidelity Bank to disburse N5 billion to boost MSME financing

    Fidelity Bank Plc has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.

    Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, disclosed during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.

    According to her, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.

    The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.

    Read Also: FNITCC Atlanta: Fidelity Bank spotlights fintech’s role in U.S.-Africa trade

    Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.

     “With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”

    Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.

    Also speaking at the event, the Managing Director, NCGC, Mr. Bonaventure Okhaimo, emphasised that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.

     “Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”

    Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.

    The Fidelity Bank–NCGC partnership reinforces both institutions’ shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.

  • ‘How Fidelity Bank supports aircraft acquisition’

    ‘How Fidelity Bank supports aircraft acquisition’

    Chairman, Air Peace Limited, Dr. Allen Onyema, has highlighted the role played by  Fidelity Bank in the acquisition of aircraft at the inception of the carrier over a decade ago, despite the general reluctance of financial institutions to invest in the Nigerian aviation.

    Speaking at the weekend, Onyema recounted how Dr. Nnamdi Okonkwo, then Managing Director of Fidelity Bank, approved critical financing that enabled Air Peace to acquire its first aircraft.

     “Without the boldness of Fidelity Bank at a time when no Nigerian bank wanted to touch aviation, there might not have been an Air Peace today,” Onyema declared.

    “The success of this airline belongs to those who stood with us in our early days when the odds were stacked against us.”

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    He emphasised that aviation remains one of the most capital-intensive industries globally, noting that even legacy carriers such as British Airways and Delta rely heavily on institutional financing.

    Onyema’s acknowledgment underscores the critical role of strategic financial partnerships in developing Nigeria’s aviation ecosystem.

    Speaking while been formally inducted into the Nigerian-British Chamber of Commerce (NBCC) at its Quarterly Members’ Evening  reflecting the airline’s growing influence as a key driver of trade, tourism, and economic diplomacy between both nations.

    Delivering the keynote address titled:  “Runways to Revenue: Leveraging Aviation to Deepen Nigerian Investment Opportunities,”  Onyema, spoke passionately about the role of aviation in lowering trade costs, boosting tourism, facilitating people-to-people ties, and unlocking opportunities for bilateral growth.

    The airline used the  platform to underscore the strategic role of aviation in shaping Africa’s economic destiny.

     Onyema declared: “Aviation is not a luxury; it is an economic lifeline. It lowers trade costs, attracts investments, boosts tourism, and strengthens people-to-people ties.”

    Onyema highlighted Air Peace’s ongoing investments, including its groundbreaking for Africa’s largest Maintenance, Repair, and Overhaul (MRO) facility in Lagos, which will save Nigeria billions in foreign exchange and create jobs for thousands.

    He further emphasized the transformative power of direct connectivity, citing Air Peace’s direct flight to Brazil, which cut travel time from days to just seven hours compared to other carriers’ lengthy routes.

    Speaking at the induction, Prince Abimbola Olashore, President and Chairman of Council of the NBCC, commended Air Peace for “challenging the status quo in global aviation and redefining Nigeria’s trade links with the UK.”

    He described the airline’s entry into the Chamber as “timely and significant for expanding mutual prosperity.”

    In his remarks, Dr. Nnamdi Okonkwo, Chairman of the Membership Committee of NBCC, lauded Onyema’s leadership, recalling his pivotal role as Fidelity Bank CEO when Air Peace secured financing for its first aircraft.

     “Air Peace’s story is one of resilience, innovation, and deep faith in Nigeria. Their induction into the NBCC only reinforces the Chamber’s commitment to fostering enterprises that transform bilateral trade,” Okonkwo stated.

  • Fidelity Bank empowers SMEs with digital business tools

    Fidelity Bank empowers SMEs with digital business tools

    In a bold step to boost Nigeria’s entrepreneurial landscape, Fidelity Bank Plc has unveiled a transformative digital empowerment initiative aimed at equipping 100 growth-ready small and medium enterprises (SMEs) with cutting-edge business management systems- entirely free of charge.

    The launch of the Fidelity SME Empowerment Programme (FSEP) took place at the bank’s SME Hub in Gbagada, Lagos. The event drew a strong turnout of entrepreneurs, industry leaders, and development partners who gathered to witness the bank’s latest push to modernise Nigeria’s vital SME sector.

    Speaking at the launch, Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe highlighted the strategic importance of SMEs to the nation’s economy and the bank’s unwavering support for their growth.

    She explained that under the initiative, each selected SME would receive a comprehensive business package that includes a fully-installed ERPRev-enabled desktop POS system, ERPRev business software suite, a receipt printer and barcode scanner, and support for inventory data input.

    She added that beneficiaries would undergo financial management and bookkeeping training, receive branding and onboarding support, and benefit from six months of post-installation technical assistance.

     “At Fidelity Bank, we believe SMEs are not just the backbone of our economy—they are the architects of innovation, resilience, and inclusive growth. Through the Fidelity SME Empowerment Programme, we are providing 100 entrepreneurs with the tools, training, and support they need to thrive in today’s digital economy,” Onyeali-Ikpe said.

    Read Also: Fidelity Bank reiterates commitment to UN goal

    Onyeali-Ikpe, who was represented by Executive Director and Chief Operations and Information Officer, Fidelity Bank, Mr. Stanley Amuchie, said that each business would also receive a free Fidelity POS terminal with instant settlement.

    The three-day rollout programme also features intensive masterclasses, hands-on training sessions, and business networking opportunities designed to ignite innovation and expand market access.

    One of the highlights of the launch was a presentation by  the Chief Executive, Manmark, Mrs. Adaonah Kene-Uyawune, Fidelity Bank’s strategic implementation partner. She described the initiative as a critical digital shift that addresses key pain points for SMEs.

    “This is a game changer. We are replacing outdated manual bookkeeping with a unified system that simplifies core business operations like accounting, inventory, and HR management. These tools are not handouts—they are instruments for long-term sustainability and profitability,” Kene-Uyawune said.

    Statistics from the Nigerian Bureau of Statistics underscore the significance of such interventions. SMEs make up over 96 per cent of businesses in Nigeria, employ more than 80 percent of the workforce, and contribute nearly half of the nation’s GDP. However, many of these enterprises remain trapped in low-efficiency cycles due to their reliance on manual systems and limited access to structured financial support.

    Industry analysts said Fidelity Bank’s intervention was both timely and strategic—providing SMEs with the digital tools and support they need to streamline operations, improve transparency, and unlock new growth opportunities.

  • Fidelity Bank reiterates commitment to UN goal

    Fidelity Bank reiterates commitment to UN goal

    Fidelity Bank Plc has affirmed the bank’s determination to significantly contribute towards achieving the United Nations Sustainable Development Goal 2 (SDG 2), which aims to eradicate hunger globally.

    Its Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe  reiterated the commitment during the bank’s Food Bank Initiative Distribution held at its Head Office in Lagos.

    Speaking through her Executive Technical Assistant, Mr. Adebayo Adeyinka, Dr. Onyeali-Ikpe, emphasised the bank’s resolve to play a pivotal role in ensuring food security and alleviating hunger within communities.

     “As a socially responsible organization, Fidelity Bank remains steadfast in executing Corporate Social Responsibility (CSR) initiatives like this in pursuit of our mandate to help individuals grow, to inspire businesses to thrive, and to empower economies to prosper,” she stated.

    She further noted, “Today, we deemed it fit to host an outreach in our own neighborhood that has been home for our head office in Victoria Island, Lagos. My profound gratitude goes to our partners for their invaluable support in making today’s event possible.”

    The Chief Executive explained that the bank launched the Food Bank in April 2023 as part of its commitment to the well-being of its host communities. “Through this initiative, we have distributed over 200,000 food packs across Nigeria’s geo-political zones, at events such as this, to help alleviate the effects of poverty and malnutrition,” she highlighted.

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    She underscored the direct impact of these efforts on the broader objective: “Through our Food Bank outreach, we are contributing our quota towards meeting the United Nations Sustainable Development Goal of zero hunger.”

    In her concluding remarks, she offered a reflection on the act of giving: “As we continue today’s Food Bank event, I would like to leave us with the profound words of Anne Frank which says, ‘No one has ever become poor by giving, but many have become rich in kindness. When we share our table, we nourish more than just the body—we feed hope.’”

    A representative of the beneficiaries, Mrs. Victor Olubiyo, expressed profound gratitude to the bank’s management for supporting the well-being of the neighborhoods. “I feel so happy. You see the joy in everyone. You can see the sense of belonging. I wish all the banks would emulate Fidelity. They have helped the helpless. They have kept their words. The bank is basically supporting the Federal Government’s Poverty Alleviation Programme,” she said.

  • Fidelity Bank’s CEO increases equity stake amid strong growth

    Fidelity Bank’s CEO increases equity stake amid strong growth

    Managing Director, Fidelity  Bank Plc, Dr. Nneka Onyeali-Ikpe has increased her equity stake in the Tier 1 bank in a decisive move underscoring unwavering confidence in the future of the bank.

    Regulatory filing posted on the Nigerian Exchange (NGX) Disclosures portal showed that Onyeali-Ikpe bought additional 18 million shares of the bank, valued at approximately N366 million. The strategic investment was executed at N20.35 per share on May 19, 2025, the same day an online platform published an unsubstantiated report on a Supreme Court ruling in a decades-long case that the bank inherited from the defunct FSB International Bank that it absorbed in 2005.

    Onyeali-Ikpe’s latest acquisition is not an isolated gesture. Between November 21 and 22, 2024, she purchased 15 million shares worth N239.4 million, and subsequently added another 10 million shares valued at N157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.

    Market analysts said Onyeali-Ikpe’s substantial personal investments serve as a testament to her confidence in Fidelity Bank’s strategic direction and financial health. 

    Read Also: Fidelity Bank, SMEDAN partner to boost MSMEs

    According to analysts, by increasing her stake during a period of legal scrutiny, Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.

    Fidelity Bank’s financial results further validated this confidence. In the first quarter of 2025, the bank reported a profit before tax of N105.8 billion, marking a 167.8 per cent increase compared to the same period in 2024. Gross earnings rose by 64.2 per cent to N315.4 billion, driven by significant growth in interest income and non-interest revenue.

    The tier-one lender’s balance sheet remains solid, with total deposits increasing by 11.1 per cent  to N6.6 trillion, and net loans and advances growing by 5.0 per cent to N4.6 trillion.

     These figures highligh3t Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.

    Despite the rash of malicious publications on the bank that has been debunked by the Central Bank of Nigeria (CBN), Fidelity Bank’s share price has demonstrated resilience. After reaching N21.00 on May 13, 2025, the stock experienced a modest decline, closing at N20.00, a 3.8 per cent decrease. This stability suggests that investors remain confident in the bank’s fundamentals and leadership.

    Analysts said Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment. 

    They noted that her actions not only reinforced investor confidence but also underscored the bank’s robust financial standing and resilience.

    They added that as the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.

  • Fidelity Bank, SMEDAN partner to boost MSMEs

    Fidelity Bank, SMEDAN partner to boost MSMEs

    Fidelity Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a strategic partnership aimed at bolstering the growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) across the continent.

    The partnership, which will grant Fidelity Bank access to provide friendly interest rate loans to MSMEs referred by SMEDAN, is projected at empowering Nigerian entrepreneurs, particularly in the area of finance, capacity-building, and market access.

    Speaking during the Memorandum of Understanding (MoU) signing ceremony held at the bank’s corporate head office in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, represented by the Executive Director, Lagos and SouthWest Businesses, Dr. Ken Opara, highlighted the bank’s long-standing commitment to the nation’s MSME sector noting that, for over two decades, Fidelity Bank has been at the forefront of pioneering innovative solutions to support small businesses.

    According to Onyeali-Ikpe, the partnership between Fidelity Bank and SMEDAN is not a mere signing of an agreement but a renewed commitment to empowering MSMEs, recognising their pivotal role in driving economic growth, creating employment, and fostering national development in the years to come.

    Onyeali-Ikpe noted that, “Fidelity Bank and SMEDAN will work closely to design and implement strategies that will drive sustainable growth in the MSME sector and also provide MSME-friendly interest rate loans, to businesses referred by SMEDAN.

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     “Our aim is to provide small businesses with access to finance, business development support, and market links necessary to expand their production capacities and reach wider markets. The bank is committed to investing in financial literacy programmes, access to market initiatives, and reward high-performing MSMEs.

     “We will organise joint forums, create awareness programs, and ensure that entrepreneurs receive the mentorship, counseling, and business development services they need to succeed. We urge entrepreneurs to seize the opportunities presented by this partnership to build a thriving MSME ecosystem together,” he said.

    Director General, SMEDAN, Mr. Charles Odii said: “The significant component of the SMEDAN-Fidelity Bank partnership is the focus on nurturing the growth of small businesses, including micro multinational business enterprises and expand our operations within the broader African market.

     “We want to commend Fidelity Bank for its unwavering commitment to MSME development and for partnering with the agency on the crucial journey to power the revival of entrepreneurship. We are optimistic about the collaboration in driving economic growth, creating employment, and fostering national development.

     “The agency has conducted a comprehensive nationwide survey designed to accurately ascertain the precise number and distribution of MSMEs operating in Nigeria and the existing survey puts the number of MSMEs at approximately 40 million businesses, with an overwhelming 90 per cent classified as nano enterprises.”

    Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

  • Fidelity Bank’s N10.5tr assets base reinforces stakeholders’ confidence

    Fidelity Bank’s N10.5tr assets base reinforces stakeholders’ confidence

    Fidelity Bank Plc added N1.63 trillion to its assets base within three months to strengthen its position as one of the seven largest banks in Nigeria, in terms of assets base.

    Regulatory filings approved by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) showed Fidelity Bank as one of the fastest growing and strongest banks in Nigeria across key parameters with the bank’s total assets rising by N1.63 trillion within the first three months of the year.

    The reports showed that Fidelity Bank’s total assets rose from N8.82 trillion by December 31, 2024 to close March 31, 2025 at N10.45 trillion. The total balance sheet underlined the bank’s reputation as one of the most preferred banking brands, with double-digit growth in customers’ deposits.

    Fidelity Bank’s customers deposit rose to N6.6 trillion by first quarter 2025 as against N5.94 trillion by December 2024. The growth in customers’ deposit base was driven by double-digit growth in low-cost deposits to N6.1 trillion, representing 92.2 per cent of total customer deposits.

    Shareholders’ funds jumped from N897.87 billion in December 2024 to N933.14 billion by March 2025. The increase was mainly driven by the significant improvement in the profitability of the bank.

    Investment experts attributed notable positive investors’ sentiment around the bank to its strong assets base and profitability, pointing out that a two-way test of assets and profitability is key measure of sustainability for a financial institution.

    In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at International Monetary Fund (IMF) examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.

    The study found that “banks with strong balance sheets were better able to maintain lending during the crisis”.

    According to the study, banks that were more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.

    “However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” IMF report stated.

    Read Also: Fidelity Bank grows profit by 168% to N106b in Q1

    Fidelity Bank has remained one of the most attractive stocks at the stock market, outperforming both the average return for the entire market and particularly the banking sector.

    Fidelity Bank’s share price opened this week with a year-to-date return of 18.86 per cent, more than a double of the average capital gain in the banking sector and nearly a triple of the market’s overall average capital gain so far this year.

    The NGX Banking Index, which tracks the banking stocks, opened this week with average year-to-date return of 8.24 per cent while the All Share Index (ASI)- which tracks all share prices at the NGX, opened with a gain of 6.59 per cent.

    Market analysts said Fidelity Bank, which has remained one of the most active stocks at thee stock market, was enjoying strong positive sentiment, from existing shareholders and other investors seeking to take positions in the bank.

    A report at the NGX showed that a top director of the bank had earlier this week purchased shares worth more than N366 million, in a strategic positioning that increase the top director’s equity stake in the bank. Fidelity Bank was also the most active stock at the stock market yesterday.

    Extant regulations at the Nigerian stock market do not preclude insiders-directors, staff and other people with possible access to sensitive information, from trading in the shares of a company, but such trading must be disclosed to the market and must not be within a regulated period, otherwise known as “closed period” because of its closeness to release of sensitive information. 

    Fidelity Bank had grown its pre-tax profit by 167.8 per cent to N106 billion in the first three months of this year, setting the bank on a strong growth trajectory for the year.

    Interim report and accounts of Fidelity Bank for the first quarter ended March 31, 2025 showed that profit before tax rose from N39.5 billion in first quarter 2024 to N105.8 billion in first quarter 2025. Gross earnings rose by 64.2 per cent to N315.4 billion in first quarter 2025 as against N192.1 billion in corresponding period of 2024.

    Growth in interest income was primarily led by 38.6 per cent expansion in earning assets base, while the increase in non -interest revenue came from foreign exchange (forex)-related income, trade and commission on banking services among others.

  • Fidelity Bank grows profit by 168% to N106b in Q1

    Fidelity Bank grows profit by 168% to N106b in Q1

    Fidelity Bank Plc grew pre-tax profit by 167.8 per cent to N106 billion in the first three months of this year, setting the bank on a strong growth trajectory for the year.

    Interim report and accounts of Fidelity Bank for the first quarter ended March 31, 2025 showed that profit before tax rose from N39.5 billion in first quarter 2024 to N105.8 billion in first quarter 2025. Gross earnings rose by 64.2 per cent to N315.4 billion in first quarter 2025 as against N192.1 billion in corresponding period of 2024.

    Growth in interest income was primarily led by 38.6 per cent expansion in earning assets base, while the increase in non -interest revenue came from foreign exchange (forex)-related income, trade and commission on banking services among others.

    Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the bank’s performance showed the resilience of its growth model.

     “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year,” Onyeali-Ikpe said.

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    She noted that other areas of the unaudited financial statements equally showed a marked improvement with total deposits growing by 11.1 per cent to N6.6 trillion in March 2025 from N5.9 trillion in December 2024. The deposit base was driven by 10.6 per cent growth in low-cost deposits to N6.1 trillion, representing 92.2 per cent of total customer deposits.

    “Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe said.

  • Fidelity Bank: completion of recapitalisation our priority

    Fidelity Bank: completion of recapitalisation our priority

    The board and management of Fidelity Bank Plc have indicated that the bank aims to conclude the final phase of its recapitalisation programme this year, ahead of the 2026 deadline set by the Central Bank of Nigeria (CBN).

    Addressing shareholders at the annual general meeting of the bank, Chairman, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, said the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise.

    “The oversubscription of 237.9 per cent in the public offer and 137.7 per cent in the rights issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise,” Chike-Obi said.

    He noted that despite the global economic headwinds, the bank demonstrated exceptional resilience, achieving record breaking growth across all performance indicators, most notably its profit before tax.

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    Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe outlined that the bank’s priorities in 2025 financial year were to complete the next phase of its capital raising programme and further strengthen its asset base.

    She added that the bank would also enhance its operational efficiency and digital innovation while exploring strategic regional expansion into select African markets.

    Key extracts of the audited report and accounts of Fidelity Bank for the year ended December 31, 2024 showed that profit before tax jumped by 210 per cent to N385.2 billion. Gross earnings increased by 87.7 per cent to N1.04 billion, driven by 106.9 per cent growth in interest and similar income to N950.6 billion.

    The balance sheet off the bank also expanded considerably with 47.9 per cent growth in deposits from N4.0 trillion in 2023 to N5.9 trillion in 2024. Loans and advances also rose from N3.1 trillion to N4.4 trillion.

    Shareholders commended the board and management of the bank for delivering an outstanding performance in 2024.

    Speaking at the virtual meeting, National Coordinator, Progressive Shareholders Association, Boniface Okezie described the performance of the bank as “superlative” noting that “shareholders are grateful to management and staff for giving us a bank to be proud of”.

    Said he: “It is also important to note that the bank has earned its spot as one of the top three dividend-paying financial institutions in Nigeria”.

    Chairman, Zonal Shareholders Committee, Sir Tunji Okelana, recognized the bank’s exceptional leadership, which has seen the bank grow to unprecedented heights.

     “The achievements of the current managing director have surpassed that of everyone who held that office before her. In addition, staff working with her are assets. They are truly ‘Fidelity, they keep their word’. Without any doubt, I am very happy with the bank,” Okelana said.

    Several resolutions were considered and passed at the meeting, including the declaration of a final dividend of N1.25, the election of non-executive directors -Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam; the election of Mr Sufiyanu Ibrahim Garba as executive director; and the re-election of non-executive directors -Mr Mustapha Chike-Obi and Engr Henry Obih, among others.