The Nation Newspaper

Tag: Fidelity Bank

  • Police arrest five over abatement, forgery in Sokoto

    Police arrest five over abatement, forgery in Sokoto

    The Police Command in Sokoto State has arrested five suspects for alleged abatement and forgery of the National Identity Card.

    The Spokesperson of the command, ASP Cordelia Nwewe, said this while presenting the suspects to newsmen in Sokoto on Friday.

    Nwewe said that two of the suspects were staff of a bank, while the other three were business centre operators.

    She said that based on information and intelligence report, operatives of the State Investigative Bureau (SIB) arrested five suspects in connection with the crime.

    “One Nasir Sifawa went to open a bank account in Sokoto, were he met the accounting officer, Mudassiru Taofeeq, who enquired from him about the National Identity Card.

    “In the process, the officer intimated his colleague at the bank, Perez Percy, who in turn demanded N4,000 and Sifawa’s details together with his passport photograph.

    “Eventually, a temporary slip of the National Identity Card was produced for Sifawa by the said bank officer and was used to open the account,” Nwewe said.

    She added that Sifawa innocently and ignorantly took the forged slip to the National Identity Management Commission ( NIMC ) office in Bodinga Local Government Area of the state.

    “This was with the aim of collecting the original National Identity Card, but when the NIMC staff collected the slip they discovered that it was a forged document.

    “As such, he alerted the NIMC head office in Sokoto who in turn informed the command about the incident and both suspects were cooperating with the Police in their investigation,” the Spokesperson added.

    In another development the command has also arrested five armed robbery suspects in the state.

    According to the police spokesperson, information about the suspects was reported at Gudu Police Division in Gudu Local Government Area.

    “That they blocked travelers from Niger republic coming to Sokoto on the road near Boto village in Gudu Local Government Area.

    “The hoodlums that were armed with guns and cutlasses robbed the travelers of the sum of N 289,720, four cell phones, some cloths and provisions,” she said.

    Nwewe added that a torch light used in the operation was recovered while efforts were being made to recover their firearms and arrest the remaining suspects who had fled to Niger republic.

    NAN

  • CSR: Fidelity Bank donates facilities to Ondo govt

    Fidelity Bank Plc has donated three sanitary facilities to the Ondo State Government in line with the lender’s Corporate Social Responsibility (CSR) initiatives.

    The facilities, constructed at Aquinas College, Democracy Park and Arakale Motor Park in the Akure metropolis, will enable the host communities maintain better sanitary conditions, improve their standard of living which will, ultimately, lead to better productivity and economic development.

    Working with the Ministry of Environment, the bank, in addition to drilled boreholes, provided generating sets to power the facilities, thereby ensuring that the project have a lasting impact on the communities.

    Speaking at the  inauguration,    Governor Rotimi Akeredolu, praised the bank for maintaining strong and healthy community relations, adding that through the project, Fidelity Bank has addressed one of the most pressing challenges in Akure.

    He pointed out that the state was ranked poorly by international organisations, such as the United Nations Children’s Fund (UNICEF) and the World Health Organisation (WHO) in open defecation.

    “It is a malaise that we are facing in Akure. Access to toilet is a major indicator of economic development in any country. Open defecation and lack of sanitation and hygiene are important factors that cause various diseases. This is why we have every reason to thank Fidelity bank for these facilities,” he explained.

    The governor, however, pledged that his administration will work closely with the bank in attaining  its developmental objectives.

    The bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo expressed his appreciation to the governor and people of Ondo for affording the bank an opportunity to give back to the society.

     

  • Winners emerge in Fidelity Bank’s Get Alert in Millions promo

    Fidelity Bank Plc has rewarded its customers in the ongoing Get Alert in Millions promo Reloaded meant to promote and empower its customers.

    The bank yesterday gave out N19 million to 13 customers who won different prizes in the promo.

    Some of the winners are Abasima Okon, who won N1 million and John Celestine who won N2 million among others.

    Another customer of the bank, Kizito Mgbajiaka,also won generator set; Christian Chukwuma won refrigerator while Ifeanyi Agbo won television set among other winners of consolation prizes.

    Speaking at the event, Managing Director/CEO Fidelity Bank Plc, Nnamdi Okonkwo, said the amount for December was the largest amount ever won, and that the lender is taking the message of savings to customers in its 250 branches.

    Okonkwo, who was represented by Executive Director, Shared Services & Products, Mrs. Chijioke Ugochukwu, said: “We are giving out an unprecedented amount. N19 million will be given out to 13 customers in this second draw in the Get Alert in Millions promo Reloaded. There will be another N76 million to be won including N10 million instant cash for the grand prize winner”.

    He stressed that the commercial bank is highly diversified, which according to him, has seen Fidelity won several awards in the country.

    Also speaking at the event, Divisional Head of Retail Banking, Richard Madiebo, said existing and new customers have chances of winning in the promo.

     

     

    He said all they needed to do was to top up their existing account or open a new account and make N20,000 deposit. He said a customer can only qualify to participate in the grand prize by building up his/her deposits to N200,000.

  • First scientists fair in Southeast coming

    There are plans to bring together for the first time inventors and innovators to showcase their products in the Southeast. A non-governmental organisation based in Enugu, the South Saharan Social Development Organisation is behind that plan.

    The NGO said that over 25 original inventions and innovations from people either from the Southeast or resident there, shortlisted from over 100 applications and entries would showcase their indigenous technological inventions.

    The Programme Manager of the Organisation, Mr Onyinye Nwachukwu said in a statement in Enugu that the fair would promote scientific and technological innovations and inventions in the region.

    According to Nwachukwu, the event is part of the organisation’s response to recession and to promote enterprise and entrepreneurship especially among youths.

    “The programme also aims to halt the disregard for innovation in the country which has been the trend since independence despite the abundance of scientists and technologists.

    “Thus, it will encourage innovation and further boost entrepreneurship in Nigeria in general,’’ he said.

    Nwachukwu said that the programme, which is tagged: “Showcasing the Can-Do Igbo Spirit: Innovations and Inventions from the Southeast’’, is under the organisation’s Ola Ndi Igbo (Jewels of the East) programme.

    He noted that the programme would attract over 1,000 visitors from within and outside of Nigeria including people from the private sector, investors, government officials, the diplomatic community and the general public.

    “This event is having the support of Life Lager Beer, the Ford Foundation, MTN, Ellington Company, Fidelity Bank, Radio Nigeria, NOTAP and many others.

    “It will take place on Dec. 18 from 10a.m. to 4p.m. at the Oakland Centre, Enugu and is open to the public free of charge,’’ he said.

    In addition to N1 million grand prize and other consolation prizes, the shortlisted inventors would receive training on patenting, financial management, how to run a business, marketing and branding of the technological innovative product.

     

  • Fidelity Bank partners Africa’s young entrepreneurs

    Fidelity Bank partners Africa’s young entrepreneurs

    idelity Bank Plc. has partnered with the Africa’s Young Entrepreneurs (AYE) to empower entrepreneurs in Nigeria. The partnership agreement between both organizations, signed recently, will strengthen the on-going efforts and initiatives of AYE in developing and supporting future business leaders. It will also afford Fidelity Bank the opportunity to offer financial and technical advisory services to enhance the competitiveness and dynamism of young Nigerian entrepreneurs.

    With a network of over 12.6 million members across the continent and 1.6 million Nigerian members, AYE is the largest network of entrepreneurs in the world. The organisation uses conferences, workshops and motivational talks to share practical information on how to develop and manage businesses. As one of Nigeria’s top lenders operating out of over 240 business offices and other numerous e-channels, this is in tandem with Fidelity Banks’ unique solutions to supporting small businesses and practical steps in hand holding and guiding entrepreneurs to building sustainable businesses.

    “The partnership was made possible because we share the same ideals on entrepreneurship and job creation.  In line with the Federal Government’s economic diversification plan, more employment opportunities lead to poverty alleviation, improved food security and GDP growth” said CEO Fidelity Bank,  Nnamdi Okonkwo at a media parley in Lagos on Wednesday, November 22, 2017.

    The AYE encourages social entrepreneurship with role models, powerful mentors, social innovators, thought leaders, forward thinking investors and people passionate about addressing a range of societal and environmental challenges.

  • 2017 Nigeria Bankers Games end in style 

    2017 Nigeria Bankers Games end in style 

    Fidelity Bank made history at the just concluded Nigeria Bankers Games as they became the first football team to win the much-coveted trophy three times in a row. They also emerged as the Overall Champions at the Games – an award they have turned into their birthright.
    The final game was a repeat of the 2015 and 2016 Finals. First Bank hoping to make it a third time lucky against defending Champions, Fidelity Bank.
    The match leaved up to expectations as it hit high tempo right from get go. But it was First bank that showed more desire as they took the game to their opponents. However, Fidelity Bank stood resolute and in the final minutes of the second half scored off the boots of Kazeem Lamidi to send the Fidelity Fans into a frenzy.
    Fidelity Bank have thus won the football trophy for the third consecutive time.
    In a show of pure class, Fidelity Bank were run away leaders on the medals’ table with seven gold, seven silver and two bronze with Ecobank trailing in second place with four gold, one silver and five  bronze while First Bank placed third with three gold and one bronze.
    The event was graced by dignitaries and top executives of various organizations, they include; Executive Director, Shared Services of Fidelity Bank – Mrs Chijioke Ugochukwu; Group Head Human Capital Mgt. and Development – Ms Barbara Harper; Executive Director, Strategy of SystemSpecs – Mr Deremi Atanda; Group Head, Human Resources of FCMB – Mr Kola Amusa; Divisional Head Corporate Communications of Fidelity Bank – Mr Charles Aigbe; Human Resource Manager of BUA Group – Mr Samuel Ughu amongst others.

  • Fidelity Bank to reward customers

    Fidelity Bank Plc is set to reward loyal customers at the 2017 Lagos International Trade Fair holding at the Tafawa Balewa Square (TBS), Lagos.

    As part of the financial institution’s ongoing loyalty scheme for its teeming retail customers, 10 lucky beneficiaries – 5 FPSS account holders and 5 SWEETA account holders – will be presented with cheques of N500, 000 extra income and N150, 000 school fees support respectively. The amount totaling N3, 250, 000 will be given out on the Fidelity Special Day at the fair, taking place on Wednesday November 8, 2017.

    “There is always a reward for banking with Fidelity”, said Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nnamdi Okonkwo. He urged Nigerians to take advantage of the bank’s customer loyalty and rewards system which ensures that customers benefit immensely.

    In addition to giving out monies in its customer loyalty and rewards system, Fidelity Bank is providing free business and financial advisory services to SME operators at the fair in demonstration of its long-standing commitment to supporting small and medium enterprises in Nigeria.

    “The Fidelity SME Advisory clinic at the Fair is anchored by a crop of qualified SME Business Advisors whose mandate is to help SMEs address challenges associated with setting up and running a growing business in Nigeria” he stated.

  • NSE market capitalisation rises by N29bn

    NSE market capitalisation rises by N29bn

    The market capitalisation of Nigerian Stock Exchange (NSE) rose by N29 billion on Tuesday following rekindled investors’ confidence.

    The News Agency of Nigeria (NAN) reports that the market capitalisation rose by N29 billion or 0.23 per cent to close at N12.810 trillion from N12.781 trillion recorded on Monday.

    Also, the All-share index grew by 82.74 basis points to 37, 013.57 from 36, 930.83 achieved on monday.
    In all, Investors traded 305.171 million shares worth N2.905 billion in 4399 deals, against 466.522 million shares worth N2.90 billion exchanged in 4, 274 deals on Monday.
    Total Nigeria led on price gainers’ chart, appreciating by N5 to close at N229 per share, while Dangote Cement followed with a gain of N2 to close at N229 per share.
    UACN rose by 72k to close at N19.10 per share, while Guaranty Trust Bank appreciated by 28k to close at N42.03 per share.

    Dangote Sugar Refinery gained 15k to close at N15.50 per share.

    Mobil Oil topped the price losers’ chart, dropping N8.02 to close at N153.01, while International Breweries lost 4.20 kobo to close at N41.00 per share.

    Nigerian Breweries depreciated by 89k to close at N144.10 per share, while National Salt Company of Nigeria fell by 48 k to close at N15.52 per share.

    Eterna oil depreciated by 19k to close at N4.16 per share.

    On the activity chart, Diamond Bank was the most active, trading 83.12 million shares worth N98.16 million, while Fidelity Bank followed with 39.92 million shares valued at N66.27 million.

    Cadbury Nigeria sold 37.85 million shares worth at N391.72 million.

    FBNHoldings traded 34.31 million shares worth N241.13 million, while Meyer Paint exchanged 16.50 million shares worth N11.55 million.

  • Fidelity Bank takes charge on 9mobile loan

    Fidelity Bank takes charge on 9mobile loan

    Fidelity Bank has taken a five per cent impairment charge on a N17.3 billion ($55 million) loan to Etisalat Nigeria, now called 9mobile, Fidelity Chief Executive Nnamdi Okonkwo said yesterday.

    The bank’s action was in line with a Central Bank of Nigeria (CBN) request.

    Etisalat Nigeria took out a $1.2 billion syndicated loan from a group of 13 local banks four years ago but has defaulted on repayments this year due to a currency crisis and recession in Nigeria.

    A banking source told Reuters last week that the CBN had asked lenders involved in the loan to take a five per cent provision as part of their third-quarter results.

    Okonkwo said Fidelity Bank was also raising provisions across its loan book. “We are revising (the non-performing loan ratio) from sub-five per cent to sub-six per cent by end of the year, due to currency conversion and some risk on the oil and gas book,” he told an analysts call held to discuss its nine-month results.

    “We have seen some improvements in the transport sector and the consumer book.”

    Net loans stood at N753.8 billion as of September, up 4.9 per cent from a year earlier. The bank was targeting 7.5 per cent loan growth this year, Okonkwo said.

    Fidelity Bank on Monday posted a pretax profit of N16.24 billion for the nine months through September, up from N9.83 billion a year ago.

    The Senate on Tuesday voted in favour of launching an investigation into the default of Etisalat Nigeria and into how its funds were used. Nigerian lenders have picked Barclays to try to find new investors for 9mobile, two banking sources told Reuters last week.

    Okonkwo also said the bank had submitted details of personal and business accounts that lacked complete identification to the CBNfollowing a court order. He declined to say how many accounts were involved.

    A court has ordered a temporary freeze on millions of bank accounts with incomplete identification documents and the forfeiture of funds in those accounts as the government seeks to ensure compliance with money laundering rules.

  • Fidelity Bank grows profit to N16b in nine months

    Fidelity Bank Plc has sustained a robust performance outlook in the third quarter as the commercial bank grew pre-tax profit by 65 per cent to N16.2 billion within nine months.

    Key extracts of the interim report and accounts for the nine-month period ended September 30, 2017 showed that Fidelity Bank grew its top-line by 17.9 per cent while profit after tax also rose by 65.1 per cent. Earnings per share thus increased to 67 kobo in third quarter 2017, considerably above 40 kobo recorded in comparable period of 2016.

    The report showed that gross earnings rose to N130.1 billion in third quarter 2017 as against N110.3 billion reported the same period in 2016. Profit before tax rose from N9.8 billion to N16.2 billion while profit after tax increased to N14.45 billion in 2017 as against N8.75 billion recorded in third quarter 2016.

    Its Chief Executive Officer, Mr. Nnamdi Okonkwo, attributed the consistent delivery of strong financial results by the bank to the disciplined execution of its medium term strategy, which centred on optimal balance sheet management, strategic cost reduction and increased play in the digital and retail banking space.

    “We are delighted with our nine months financial performance, which showed strong growth in key revenue lines and a corresponding decline in our operating expenses, despite the high inflationary environment,” Okonkwo said.

    He noted that the implementation of the initiatives from the bank’s business process review project continued to impact positively on operational efficiency as total operating expenses declined by 2.6 per cent to N47.5 billion, leading to cost-income ratio dropping to 66.8 per cent from 77.3 per cent by the end of 2016.

    He pointed out that the nine-month pre-tax profit of N16.2 billion is already higher than the annual profit numbers in any of the last four financial years between 2013 and 2016.

    He added that with strong focus on select niche corporate banking sectors as well as micro small and medium enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy, which has resulted in a 93 per cent growth in savings deposits over the last three years.

    He said with 50 per cent customer enrollment on debit cards, 30 percent of the bank’s customers are now using its flagship mobile and internet banking products.

    Fidelity Bank last week successfully issued a $400 million Eurobond, which was priced at 10.50 per cent coupon. The transaction regarded as the largest combined new issue and liability management offering by a Nigerian issuer, has reopened the international bond markets for Nigerian Tier II banks.