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Tag: Fidelity Bank

  • Fidelity Bank MD urges Nigerians to save

    Fidelity Bank MD urges Nigerians to save

    The new Acting Managing Director/CEO of Fidelity Bank Plc, Alhaji Mohammed Lawal Balarabe, has called on bank customers and Nigerians in general, to always save for the rainy day.

    Speaking at the sixth and last draw for the Fidelity Bank Save-4-Shelter promo draw  in Lagos, the bank chief said savings is the hallmark on which great economies are built and urged customers to embrace the culture.

    The bank chief, who phoned and congratulated the star prize winner, Ibedu Clara Ego, who won a duplex in Lekki, Lagos, under the Save-4-Shelter promo, said the redemption of the prize shows that the lender keeps its promises.

    “The Save-4-Shelter promo was conducted with high level of integrity. As a bank, we always keep our word; our promos always focus on things that add value to the lives of people and the society,” Balarabe said. He disclosed that the lender will soon unveil another new promo that would equally benefit its customers and create wealth for beneficiaries.

    Other winners during the draw were Enoche Christopher who won N2 million; Isaac Oladele, N1 million; Obiorah Godwin, N500,000; Grace Ejeh, N500,000; Ibrahim Aisha, N500,000. There were others that won consolation prizes.

    Also, the bank’s Executive Director, Shared Services, Mrs. Chijioke Ugochuwku said that what the financial institution is doing is to continue to encourage savings culture and appreciate customers that have been loyal  to the bank.

    According to her, ‘’It is our duty to make sure that people continue to save, even as we continue to perform our financial intermediation role.’’

    The draws were conducted with representatives of the National Lottery Regulatory Commission (NLRC), and Consumer Protection Council (CPC).

    Deputy Director of the CPC, Joshua Nggada, lauded the bank for conducting the promo and the draws, with integrity and transparency. “The feelings and expressions from the winners showed the level of excitement and happiness the prizes brought to their lives and businesses. We want the bank to continue to uplift its customers,” he said.

  • Fidelity Bank sets priorities as shareholders get N4.6b dividends

    Fidelity Bank sets priorities as shareholders get N4.6b dividends

    Fidelity Bank Plc plans to focus on redesigning its systems and processes to enhance service delivery and deepen cost optimisation to ensure competitive returns to shareholders.

    Acting Managing Director, Fidelity Bank Plc, Mr. Mohammed Balarabe, outlined the bank strategic focus in the 2016 business year at the annual general meeting in Lagos as shareholders approved distribution of N4.6 billion as cash dividends for the 2015 business year. Shareholders will receive a dividend per share of 16 kobo.

    He outlined that the bank would pursue initiatives aimed at reducing operating expenses and cost-to-serve while enhancing it over all risk monitoring capacities to ensure both internal and external risks are identified and mitigated before they crystalise.

    “On the back of the evolving dynamics in the industry, we will continue to increase the adoption and migration of customers to our digital platforms and increase our retail banking market share through innovative products and services,” Balarabe said.

    He said the bank’s 2015 performance reflected the disciplined execution of the management’s medium term strategy and the resilience of evolving business models despite the extremely challenging business environment in 2015.

    Key extracts of the audited report and accounts for the year ended December 31, 2015, showed that gross earnings grew to N146.9 billion in 2015 from N136.1 billion recorded in 2014. Profit after tax rose marginally to N13.9 billion in 2015 as against N13.8 billion in 2014.

    He pointed out that the 2015 financial year was challenging due to the difficult operating environment, the tight monetary stance of the Central Bank of Nigeria (CBN), implementation of the Treasury Single Account (TSA) and currency devaluation concerns, which culminated in negative earnings headwinds in the banking industry.

    According to him, even with the prevalent economic conditions, the performance of the bank showed resilience as it was able to achieve sustained growth through income stream built on qualitative services, innovative products and clear understanding of the varying needs of customers.

    He said the bank would continue to focus on balance sheet optimisation, rebalancing of its loan portfolio in consonance with its medium term strategy and increased growth in retail deposit base.

    In his address, chairman, Fidelity Bank Plc, Chief Christopher Ezeh explained that the tough business environment reflected more on the fees and commission income of the bank which dropped by 20.8 per cent to N23.3 billion from N29.4 billion due to regulatory restrictions on foreign exchange transactions.

    “Despite the drop in fees and commission income, profit after tax grew by 0.8 per cent, which shows the resilience of the earnings base of the bank. Net interest income increased by 24.7 per cent to N60.9 billion on account of loan re-pricing and balance sheet optimisation towards higher yield sectors of the economy,” Ezeh said.

    He pointed out that the bank improved the earnings capacity of its balance sheet even in the face of decline in fee income precipitated by a N10 billion reduction in its foreign exchange income.

    “We continued to increase yields on earning assets faster than the growth in funding costs, which improved our net interest margin to 6.9 per cent in 2015,” Ezeh said.

  • Fidelity Bank appoints Balarabe Acting MD

    Fidelity Bank appoints Balarabe Acting MD

    Fidelity Bank Plc yesterday appointed an Acting Managing Director, Alhaji Mohammed Lawal Balarabe in place of its troubled Chief Executive Officer, Nnamdi Okonkwo.

    The bank’s Board of Directors which approved the appointment, said the development followed the absence of the substantive  Managing Director/Chief Executive Officer.

    While announcing Balarabe, who prior to the appointment was the Executive Director North, the bank reassured all it’s stakeholders, including over 400,000 shareholders and about 3.4 million customers, of it’s continued seamless services.

    It said although Balarabe’s appointment is with immediate effect, it was subject to regulatory approval.

    Fidelity Bank had been in the eye of the storm, following the arrest and detention of Okonkwo by the Economic and Financial Crimes’ Commission over a lodgement of $115 million  involving the former Petroleum Resources Minister Mrs. Diezani Alison-Madueke.

    The money which was allegedly received by Okonkwo into the bank’s coffers, were said to have be used to bribe Independent National Electoral Commission staff in the run-up to the 2015 Presidential elections.

    Although Fidelity Bank issued a statement, saying it complied with the extant regulations on suspicious transactions reporting, the EFCC, notwithstanding,  had since gone ahead to secure a court injunction to keep Okonkwo in its custody, while the investigation is ongoing.

    By legal provisions, Financial institutions are required by the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations, 2013 (as amended) to forward their AML/CFT Compliance Manual to the Central Bank of Nigeria (CBN) for off-site review of the document as well as carry out enhanced customer due diligence for high risk customers and effective Know Your Customer (KYC) processes.

    A statement signed by the bank’s management said the transactions were duly reported as required by the regulators and that it is “cooperating fully with the authorities on the investigation”.

    It said in a statement: “Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015. The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC),” it said.

    “We assure our numerous stakeholders, including our customers, that we are working assiduously towards a quick resolution of the issues.”

    The Economic and Financial Crimes Commission (EFCC) has detained the bank’s Managing Director and Chief Executive Officer, Nnamdi Okonkwo, and Head of Operations Martins Izuogbe for allegedly receiving $115 million from Mrs.  Alison-Madueke. Investigators believe the cash was meant for the bribery of Independent National Electoral Commission (INEC) to change the results of last year’s presidential election.

     

  • Fidelity Bank deepens CSR initiatives

    Fidelity Bank deepens CSR initiatives

    Fidelity Bank Plc has put smiles on the faces of the internally displaced persons in Benin, Edo State. Working under the aegis of the Fidelity Helping Hands Programme (FHHP), one of the bank’s Corporate Social Responsibility (CSR) vehicles, staff of Risk Management Group of the bank, have contributed money from their salaries to refurbish the hostel blocks and donate books, branded school bags, pencils, pens and other educational materials to displaced persons.

    This is in fulfillment of the bank’s CSR objectives, which rests on a tripod: Education, Health and Environment.

    Speaking at the handover ceremony, Managing Director/Chief Executive Officer, Fidelity Bank Plc. Nnamdi Okonkwo, said the lender remains determined in its efforts to advance the cause and wellbeing of communities where it does business. He noted that the Bank takes great pride in its modest accomplishments of entrenching the culture of true and responsible citizenship among its staff. “It is this passion for our country and our people that has motivated this Staff driven initiative, which we fondly call the FHHP”.

    Alluding to the fundamental role of government in fixing the myriads of problems facing every community, the Bank Chief said that government alone cannot solve the problems of mankind especially now that it is faced with daunting economic challenges.  He called on private sector organisations and corporate bodies to lend their support to government, particularly as it relates to the provision of basic infrastructure and social amenities.

    Okonkwo disclosed that Fidelity Bank has channeled significant human and financial resources towards improving the lives and property of its host communities. “Taking responsibility is the only way that lives can be enriched in Nigeria today; and if every citizen, be they Corporate or Individual can play their part, our nation will truly rise above its current challenges.”

  • Fidelity Bank generates N300b IGR for govts

    Fidelity Bank generates N300b IGR for govts

    Fidelity Bank Plc has assisted the three tiers of government to generate over N300 billion in Internally Generated Revenue (IGR)  over a decade.

    Speaking at the inaugural edition of the Anambra State IGR Summit held in Awka, weekend, Managing Director/Chief executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo said the lender drives efficiency in the revenue collection process and is positioned to play dominant roles in the electronic payments and services market.

    “We pioneered informal sector IGR collections with our successful deployment of the Point of Sale (PoS) Terminal Tax Collections in Abia, Imo and Sokoto states”, he stated. This model, he explained, has also been requested for and adopted by other state governments.

    “As a bank, we deployed Automated Electronic Motor Vehicle License to Sokoto, Anambra, Abia and Kano states. We also successfully deployed the first electronic collection solutions for Ondo State (IGR), Anambra and Abia State Land Registry Automation Processes”, adding that the conference could not have come at a better time, given the present economic situation.

    Reflecting on the mood of the country, Okonkwo stressed the need for all tiers of government to seek alternative sources of revenue generation to meet financial obligations and live up to the expectations of the citizenry. “We are eagerly looking forward to building a veritable partnership with the Anambra State government to aid its collection of such revenues and help improve its IGR”. He assured the governor and good people of Anambra State of the bank’s unflinching commitment towards helping the state meet its financial obligations.

    Anambra State Governor Chief Willie Obiano, said that the state has set a monthly revenue target of N2.2 billion for the state in the year 2016. Pointedly, he said that the IGR summit was a bold validation of Fidelity Bank’s leadership position in the banking industry and expressed confidence in the lender’s ability to support the state in its quest to improve IGR.

     

     

  • Fidelity Bank renovates school in Lagos

    Fidelity Bank renovates school in Lagos

    Fidelity Bank Plc has handed over a renovated, fully equipped block of classrooms to Ibafon Primary School, Ibafon, Ajeromi Ifelodun Local Government Area, Apapa, Lagos.

    The lender said the education sector remains critical to driving socio-economic development. The school project was initiated and implemented by the staff of Apapa Region of Fidelity Bank Plc., under the auspices of the Fidelity Helping Hands Program (FHHP).

    Speaking at the occasion, Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo said that the project is  part of the banks efforts aimed at improving the education sector in the country.

    Okonkwo said Nigeria’s  quest to be among the leading global economies  will be a mirage without a formidable workforce, a spin -off  of a sound education sector . He explained that  the FHHP is the Bank’s approach to giving back to the society.

    Okonkwo, who was represented by Obaro Odeghe, Head, Apapa Regional Bank, enjoined other private organisations to partner with the government in its efforts to revive Nigeria’s ailing educational system and bring back its lost glory. Odeghe promised that the Bank will return next year to renovate the other blocks of classrooms and equip them with state-of-the-art furniture and equipment.

    In his remarks, the Local Government Education Secretary, Solomon Aboluwodi commended Fidelity Bank Plc., for undertaking such a monumental project in the local government,. He noted that the  financial institution is already trailing the blaze in the CSR space and called on other corporate bodies to emulate Fidelity Bank. According to him, “if we have up to five organisations like Fidelity Bank in our different communities, the society will be a better place”.

  • Fidelity Bank rewards more Save4Shelter customers

    Fidelity Bank rewards more Save4Shelter customers

    Fidelity Bank Plc’s “Save4Shelter” promotion has rewarded more customers in its third monthly draw held in Lagos.According to the bank, the reward is part of its commitment towards bridging the housing deficit in Nigeria.

    The bank said it would continue to roll out savings initiatives because of the positive relationship between savings and economic development.Some of the winners, who could not emerge in the star prize category had consolation prize of fridge. These were Abdul Rasaq Maruuf Alabi (Dugbe Ibadan branch); Musa Abdulahi (Kofaru Katsina); Nwuonumaru Sunday (Abakaliki branch); Enyong Anietie Friday (FCT); Geoffrey Chigozie Onyeaju (Tin Can Island); Okpara Deborah (Efuru branch).

    For the consolation prize of generating set, Augustus Orichi (Ota branch); Weleke Ezinwo Salome (University of Maiduguri);  Okoye Melvin (Oka branch); Olottah Evenlyn Omonigho(FCT); Emeka Pius Ezenwokike(Balogun branch) and Henry Oghenemudia Ewenodere(Efuru branch).

    In the N500, 000 category, six winners emerged: Bashir Bello Bello (Ilorin branch); Pan Victor Nyam (Jos); Ngwuta Chidi (Usukpe Anambra); Sampson Akachukwu Ojukwu (Otako branch, Abuja); Opokie Nwabuzie Nwenyim (Egbada branch) and Brownson Esseme Wilson (Port-Harcourt branch, G.R.A).

    The highpoint of the draw was the emergence of prize winner of N1 million was National Association of Business and Management Student (Lagos State Polytechnic, Computer Village) while the star prize winner of N2 million was Onuchukwu Mgbechi (Trans Amadi, Port-Harcourt).

    The bank’s Executive Director, Mrs. Chijioke Ugochuwku, said the lender is encouraging savings culture, adding that it is its duty to make sure that people continue to save, even as it continues to perform its financial intermediation role.

    “While we are trying to pursue our financial inclusion, we have put a lot of smile to the faces of our customers, and the promo has been successful. The ongoing promo has two more duplexes to be won, located in Lekki, Lagos and Port Harcourt; over N20 million rent support; refrigerators and generators,” she said.

     

     

  • Fidelity Bank promotes financial literacy

    Fidelity Bank promotes financial literacy

    Fidelity Bank Plc has equipped the Information Communications Technology (ICT) Centre of Government Secondary School, Mabushi, Abuja. Working under the aegis of the Fidelity Helping Hands Programme (FHHP), one of the bank’s Corporate Social Responsibility (CSR) vehicles, staff of Abuja 1 Bank financed the purchase of 10 brand new computers and provided 10 years unlimited internet access to the school. According to the lender, the provision of reliable broadband internet access is the foundation required to convey personalised, digital learning to every child in the country.

    Speaking at the commissioning ceremony, Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo, said the gesture is strategically aimed at building the capacity of students, particularly on the use of modern ICT tools. According to the bank chief, the renovation of the ICT Centre is in fulfillment of the objectives of the Fidelity CSR practice which rests on a tripod: The Environment, Education and Health/Social Welfare. He pointedly noted that Fidelity Bank strives to reinforce robust, healthy community relations by identifying with host communities in activities that are most relevant to them.

    “We play a leading role by identifying and seeking viable solutions to the problems of the society like youth empowerment, especially those in our immediate operational environment”.

    Okonkwo who was represented by the Regional Bank Head, Abuja 1 Regional Bank, Hassan Imam, explained that the country and humanity will be a better place when every citizen, be it corporate or individual plays his role effectively, “We strongly believe in social advocacy. We also believe that we should not sit and wait for government to do it all alone. We have as a result, extended similar projects and initiatives to other states of the federation.”

    Imam pledged the bank’s support on initiatives that encourage education at all levels through the deployment of strategic projects that enhance the quality and standard of education in the country.

     

  • Fidelity Bank promotes financial literacy

    Fidelity Bank promotes financial literacy

    Fidelity Bank Plc has equipped the Information Communications Technology (ICT) Centre of Government Secondary School, Mabushi, Abuja. Working under the aegis of the Fidelity Helping Hands Programme (FHHP), one of the bank’s Corporate Social Responsibility (CSR) vehicles, staff of Abuja 1 Bank financed the purchase of 10 brand new computers and provided 10 years unlimited internet access to the school. According to the lender, the provision of reliable broadband internet access is the foundation required to convey personalised, digital learning to every child in the country.

    Speaking at the commissioning ceremony, Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo, said the gesture is strategically aimed at building the capacity of students, particularly on the use of modern ICT tools. According to the bank chief, the renovation of the ICT Centre is in fulfillment of the objectives of the Fidelity CSR practice which rests on a tripod: The Environment, Education and Health/Social Welfare. He pointedly noted that Fidelity Bank strives to reinforce robust, healthy community relations by identifying with host communities in activities that are most relevant to them.

    “We play a leading role by identifying and seeking viable solutions to the problems of the society like youth empowerment, especially those in our immediate operational environment”.

    Okonkwo who was represented by the Regional Bank Head, Abuja 1 Regional Bank, Hassan Imam, explained that the country and humanity will be a better place when every citizen, be it corporate or individual plays his role effectively, “We strongly believe in social advocacy. We also believe that we should not sit and wait for government to do it all alone. We have as a result, extended similar projects and initiatives to other states of the federation.”

    Imam pledged the bank’s support on initiatives that encourage education at all levels through the deployment of strategic projects that enhance the quality and standard of education in the country.

     

  • Fidelity Bank begins Saturday banking services

    Fidelity Bank has announced the commencement of Saturday banking services in select branch locations across the country.

    This initiative which is in line with the bank’s mission to make financial services easy and accessible is part of the bank’s renewed effort to provide a new face of service in the industry.

    In a statement from the bank, effective September 12, Saturday banking services began between 10.00am to 2.00pm in 15 select Fidelity Bank branches across the country.

    The branches include Ketu, Alaba, Computer Village, Gbagada, Egbeda, (Lagos); Ekpoma, Mission Road (Edo State); Aba 3, Umuahia (Abia) and Challenge, Ibadan. Others are Polo Park, (Enugu), Nnewi, Onitsha Main (Anambra); Kano 3 and Owerri Main.

    Managing Director/Chief Executive Officer, Fidelity Bank Plc. Nnamdi Okonkwo said that the introduction of Saturday banking services further reaffirms the bank’s commitment towards the creation of new customer experience in service delivery. “We are actively changing the way we do business; becoming more focused on our customers’ needs and exceeding their expectations from us.”

    He noted the changing business environment and insisted that the only way to remain relevant to customers is to be in tune with the times.

    In terms of value proposition to customers, Okonkwo said Saturday banking will allow customers to send and receive money to and from over 200 countries of the world.

    The Bank’s electronic banking platform will undoubtedly bear the weight of this new strategic direction as branch locations offering Saturday Banking service will automatically become dedicated centres for money transfer and online remittances.

    Okonkwo said the Bank is leveraging technology to improve customer service experience. He explained that the bank’s improved electronic banking system has drastically reduced the turn-around-time for online customer set up at all touch points, a clear testament of the Bank’s resolve to continually surpass customer expectation. According to him, customers can conduct bank-to-bank transfers seamlessly via Fidelity mobile platforms.

    He said that the bank is in the process of migrating its core banking platform from Finacle version 7 to Finacle version 10. The migration, which is part of the banks transformation initiative, will enhance its operational efficiency, strengthen innovation capabilities and support scalable growth. “Finacle version 10 will enable us to implement services such as enhanced SME banking, management information system reporting, application monitoring and disaster recovery automation.