The Nation Newspaper

Tag: Fidelity

  • Fidelity seals $100m trade deals

    Fidelity Bank Plc sealed about $105 million in trade deals  at the ongoing Intra-Africa Trade Fair in Cairo, Egypt, its Executive Director, Nneka Onyeali-Ikpe, has said.

    She said the bank successfully midwifed and secured the financial deals for its customers, adding that the bank came into the the fair with 20 exporters.

    She said the bank is leveraging on its high retail banking base and buoyed by an increasing Small and  Medium enterprises’ clientele base, closing the  deals with various trade partners within this exhibition period in Cairo, adding that the  bank’s export financing has jumped from about $10 million to $105 million. The bank export initiative is driven by advisory services, capacity building and market access.

    Onyeali-Ikpe, who spoke at the bank’s stand said these transactions are some of the highest volume of deals closed by any Nigerian bank at the trade exhibition, adding that the volume could rise before the close of the fair. It was also observed that the bank is the  only Nigerian bank with a strong presence at the fair, apart from development finance institutions, that sponsored about ten of its customers to the fair with the aim of further empowering them psychologically to  begin to look into the global  trade space as a prelude to growing their business skills.

    According to Onyeali-kpe, governments in Africa have tried to facilitate this exhibition but must strive to enliven more serious infrastructure through which trade can flourish in the region.

    She noted that because technology drives trade, it is more important that relevant facilities must be put in place. She noted that an effective transformation of Africa must be achieved when a strong and structured trade opportunities involving huge amount of money.

  • Fidelity, Coronation win banking awards

    Fidelity, Coronation win banking awards

    Fidelity Bank Plc and Coronation Merchant Bank Limited have won awards at this year’s BusinessDay Banking awards.

    Fidelity Bank Plc emerged winner in two categories, beating other nominees and carting away the prize for the ‘Most Improved in Corporate/Investment Banking’ and ‘Best Bank in Mobile Money Services’.

    Coronation Merchant Bank also emerged as the ‘Merchant Bank of the Year’. In emerging as the winner in his award category, merchant lender outperformed the three other merchant banks in the industry. Specifically, Coronation Merchant Bank led the pack in four out of the six award parameters to emerge as the ‘Merchant Bank of the Year’.

    The awards, which was conferred on Fidelity Bank during an elaborate ceremony in Lagos at the weekend, is in utmost recognition of the bank’s enduring commitment to building a vibrant and sustainable economy through the delivery of innovative financial services to its teeming customers.

    Receiving the award on behalf of the Bank, Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo pointed out that the awards were a lucid indication that the initiatives being implemented by the lender particularly as it relates to enhancing service delivery are yielding the desired result.

    A review of the criteria for the award category shows that Coronation Merchant Bank outstripped other nominees in the following key performance indicators, Profit After Tax (PAT), Loan Growth (LG), Return on Average Asset (ROAA) and Return on Average Equity (ROAE). Coronation Merchant Bank grew its PAT by 59.30 per cent in the year under review way ahead of the other banks.

    The bank also demonstrated industry leadership in loan growth, which validates its support for the development of the nation’s economy.  Over the past one year, Coronation Merchant Bank grew its loan portfolio by 817.26 per cent, attesting to the effective performance of its role as a financier Nigeria’s top corporates.

  • Fidelity empowers entrepreneurs in Onitsha

    Fidelity empowers entrepreneurs in Onitsha

    Fidelity Bank Plc held a four- day empowerment workshop for unregistered small business owners in Onitsha, Anambra State. The exercise was in furtherance of its commitment to continually support and grow the Micro Small and Medium Enterprises (MSMEs) in the country.

    Appropriately themed “Gaining Financial Freedom through Profitable Small Businesses” the workshop was organised to create requisite awareness on entrepreneurship and provide unregistered businesses with useful financing tips which will spur business growth.

    The initiative which is in consonance with the Central Bank of Nigeria’s (CBN) financial inclusion strategy, seeks to increase the penetration of financial services amongst the vast majority of Nigerians, particularly the unbanked, under-banked and micro business sectors.

    At the event, representatives from the Bank’s retail division participated in various awareness sessions to showcase the broad spectrum of products and services offered by the Bank. Some of these sessions included market storms and engagement exercise where notable clusters in Onitsha and its environs were visited.

     

  • Sterling, Fidelity: we’re not involved

    Sterling, Fidelity: we’re not involved

    Two of the banks – Fidelity and Sterling – last night defended their integrity, saying they were not involved in any TSA deal.

    In a statement, Charles Aigbe, Divisional Head of Brand and Communications, said Fidelity Bank had no role.

    The statement said: “Our attention has been drawn to media reports stating that Fidelity Bank illegally concealed $24.5m in contravention of the Federal Government’s Treasury Single Account (TSA) policy, citing court papers filed by the Office of the Attorney-General of the Federation at the Federal High Court in Lagos today (yesterday).

    “Please note that at the commencement of the TSA policy all TSA related accounts held by the bank were fully disclosed to the authorities.

    “We do not have any TSA related account with a balance of $24.5m in Fidelity Bank which has not been remitted to the authorities.

    “This matter is coming to us as a surprise. We are therefore reaching out to the Office of the Attorney-General of the Federation to ascertain which account or parastatal they are referring to with a view to carrying out a detailed reconciliation.”

    Sterling Bank’s Chief Marketing Officer Brands and Communication Group Henry Bassey, said there is “no  hidden NAPIMS and NPDC funds in Sterling Bank”

    The statement added: Our attention has been drawn to reports of an order by the Federal High Court sitting in Lagos on Thursday 20th July 2017mandating Sterling Bank Plc to remit the sum of US$46.5m (Forty Six, Million, Five Hundred Thousand United States Dollars Only) to a designated Federal Government Asset Recovery Account with the Central Bank of Nigeria.

    “The sum in question supposedly represents undisclosed qualifying funds under the Federal Government’s Treasury Single Account (TSA) policy illegally kept by the National Petroleum Investment Management Services (NAPIMS) and Nigerian Petroleum Development Company (NPDC).

    “We wish to state unequivocally that Sterling Bank does not hold any sum in any currency as a deposit from either of these entities.

    “We have therefore written formally to the Office of the Accountant General of the Federation (AGF) demanding a clarification of this claim and a correction in the interest of the general public. “

  • Aigbe heads Brand Communications at Fidelity

    Aigbe heads Brand Communications at Fidelity

    Fidelity Bank Plc has announced the appointment of Charles Aigbe as Divisional Head, Brand and Communications.

    Following Fidelity Bank’s recent rebranding and positioning for its next growth phase, the appointment of Charles, according to the Fidelity Bank CEO, Nnamdi Okonkwo is part of concerted efforts to realign the communications function of the bank to the strategic vision of being number 1 in select markets. “We welcome him to the Fidelity Bank family. We will work together, leveraging on our combined experiences to actualize all our growth initiatives and grow the Fidelity brand,” said Okonkwo.

    A vastly experienced professional, Charles was Divisional Head, Marketing and Corporate Relations at Pan-African financial services group, United Bank for Africa (UBA) prior to joining Fidelity Bank.

    He started his career in the investment-banking end of the Nigerian financial industry, with defunct Kapital Merchant Bank before moving into broadcasting when he joined DBN Television in the mid 90s. He left as News Controller/Business Editor in late 2001 to take up an appointment with UBA in January 2002.

    Through hard work, determination and continuous pursuit of excellence, Charles soon established himself as a go-getter and team player at UBA, rising to head the overall communications and CSR functions in the entire Group.

  • Fidelity rewards promo winners with cash, gifts

    Fidelity rewards promo winners with cash, gifts

    Fidelity Bank Plc yesterday rewarded its savings customers across the country who won different cash and consolation prizes in the third draw of its ongoing Get Alert in Millions promo draw.

    The winners, who emerged from different regions of the country got different cash prizes ranging from N1 million to N5 million.

    During the electronic draw, the quarterly star prize of N5 million was won by Salman Umar Musa of University of Maiduguri branch, while three lucky customers from South/ East, Lagos and Northern regions of the bank won N1 million each.

    Likewise, two customers from Abuja and South/ West regions got N2 million each and a customer from South/South region won N3 million.

    Also aside the cash prizes, other customers also won consolations prizes ranging from refrigerators and generating sets.

    The winners emerged from a transparent randomization process which was vented by the bank’s control team and witnessed by officials from Consumer Protection Council (CPC) and other regulators.

    Six customers that emerged star winners for the third promo across the country were Rahama Yenusa Tahir from Maiduguri Branch Borno State, who won N1 million; Emelie Emmanuel, Iriakari, Lagos, N1 million; Olaide Oladejo, Nsugbe Branch, South/East, won N1 million; Peace Chinenye, Ado- Ekiti Branch, South/ West, won N2 million; Ise Iboro, Nakatos Branch, Abuja, won N2 million and Sunday Uzo, Benin Branch, South/ South, won N3 million.

    According to the Fidelity Bank’s Managing Director Nnamdi Okonkwo, the promo was part of efforts to support and encourage culture of savings among Nigerians and promote the Central Bank of Nigeria’s (CBN’s) financial inclusion policy.

    He explained that the promo which was the sixth in series the bank has conducted in the last nine years is structured to make savings accounts holders millionaires.

    Okonkwo, who was represented by the bank’s Executive Director, Shared Services and Products, Chijioke Ugochukwu noted that the draw was unique because it was the first quarterly draw in the get alert promo and it coincides with Christmas season.

    The bank’s Head, Savings Group, Mrs. Janet Nnabuko explained that to qualify for the monthly and quarterly draw an existing customers are to pay in N10,000 into his or her account for the monthly draw while N50.000 qualifies one for the quarterly.

    She stated further that new customers are required to open an account for with N20.000 to be qualified for monthly draw.

    Head Retail Banking, Mr. Richard Madiebo noted that the promo was introduced to help penetrate and advance financial inclusion in the country.

    He said the bank launched the scheme in a bid to encourage savings culture and also to reward customers for their loyalty.

  • First Bank, UBA, Fidelity, Ecobank sell forex to 350 BDCs

    First Bank, UBA, Fidelity, Ecobank sell forex to 350 BDCs

    Not less than four commercial banks yesterday disbursed the first batch of Diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), it was learnt.

    First Bank, United Bank for Africa (UBA) Plc, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each of the beneficiary BDCs, nearly three weeks after they got the Central Bank of Nigeria (CBN) directive on the matter. About $10.5 million was disbursed to beneficiary BDC operators at the interbank rate.

    In a continued effort to ensure stability of the exchange rate and to encourage participation of all critical stakeholders in the foreign exchange market, the CBN had directed through a circular to authorized dealers that all agents to approved International Money Transfer Operators (IMTOs) sell foreign currency accruing from inward money remittances to licensed BDCs.

    The foreign currency proceeds of IMTOs sold to BDC operators shall be retailed to end users in accordance to CBN regulation. Only BDCs that have been cleared by the compliance department of the banks as fully compliant with the KYC requirement were allowed to buy.

    The CBN issued a follow-up circular to all the banks, asking them to sell dollar to BDCs. In the circular titled:  Re: Sales of Foreign Currency Proceeds of International Money Transfers to Bureaux De Change Operators, CBN Acting Director, Trade and Exchange, W.D. Goting, said the authorised dealers shall sell foreign exchange cash to BDCs subject to a maximum of $30,000 to a BDC per week.

    He explained that a BDC shall nominate its preferred authorized dealer, a commercial bank, and can only procure the said amount from only that bank of its choice in a week. The CBN warned that any breach of this condition will attract appropriate sanction.

    The commercial banks, which are the authorized dealers, have been giving stringent conditions to the BDCs finally bowed to pressure from both the CBN to disburse the first set of cash. Nearly 2,600 BDCs are yet to get their allocations, and are at different stages of documentation.

    The banks had also obtained compliance set guidelines commitment from the BDCs before selling to them. Part of the commitment were that the BDCs would not purchase forex from any other bank, except its bank of choice; foreign currency cash purchased by the BDCs shall be sold to forex end-users at a rate not exceeding two per cent margin above the buying rate.

    The BDCs also pledged to ensure that purchased funds would be disbursed to end users and for eligible transactions only and shall render weekly returns on purchases from the banks to Trade and Exchange Department of the CBN.

    The BDCs further promised to ensure strict compliance to the provisions of the anti-money laundering laws observance of appropriate KYC principles in the handling of foreign exchange transactions.

    Reacting to the development, President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, said: “It is a good development and I am happy that our members are meeting the banks’ and CBN’s documentation requirement on the matter. I want the remaining operators to update their Know Your Customer details to enable them access their own funds”.

    Gwadabe, who confirmed buying dollar from Ecobank Nigeria Limited, said some operators are yet to apply, urging the banks to extend the disbursements to BDCs operating outside Lagos.

    “It is only in Lagos that we have seen disbursements. Kano, Abuja, Port Harcourt and Benin operators are yet to benefit. I want the banks to also extend the disbursements to BDCs across the country,” he said.

     

  • Fidelity grows half-year deposit to N829.9b

    Fidelity grows half-year deposit to N829.9b

    Fidelity Bank Plc has announced its unaudited results for the half year ended June 30, this year, showing that its deposit base grew to N829.9 billion from N769.6 billion in 2015 Financial Year (FY).

    This represents a 7.8 per cent increase for the period under review. Also, the bank’s net loans rose impressively by 23 per cent from N578.2 billion to N711.0 billion, demonstrating its unwavering commitment towards supporting critical sectors of the economy. According to the lender’s financial statement for the period under review, the bank posted a decline of 2.6 per cent and 35 per cent in its gross earnings and Profit before Tax (PBT) respectively.

    Whereas total assets increased by 13.5 per cent to N1, 397.9 billion from N1, 231.7 billion last year, total equity remained flat at N183.5 billion. While total expenses rose by 10 per cent to N31.7 billion from N28.8 billion in H1 2015, operating income increased to N43.6 billion from N42.0 billion in the preceding year, representing a 3.6 per cent rise.

    Commenting on the result, its Managing Director/Chief Executive Officer, Nnamdi Okonkwo,  said the lender’s financial performance is reflective of the general slowdown in business activities due to lower government revenues, which is a direct fallout of the free fall in international oil prices.

    According to him, rising inflation rate, lower disposable income and tougher operating environment for most sectors of the economy as well as the impact of the devaluation on asset quality has all together impacted financial performance. “Despite the headwinds above, we continued with the disciplined execution of our medium term strategy and recorded decent growth on key operational metrics; deposits, loans, net interest income, electronic banking income and operating income,” Okonkwo explained.

    The organic loan growth of 7.4 per cent was principally driven by on-lending facilities to the public sector. Cost of risk spiked to 1.4 per cent in first half of this year due to the N4 billion impairment charge taken in the second quarter of this year 2016.

    “We have taken a very prudent view of the impact of the currency devaluation, tougher operating environment and declining consumer disposable income on selected sectors of our loan portfolio.

    “Our other regulatory ratios (Liquidity Ratio / CAR) remained above the set thresholds though capital adequacy ratio declined to 16.3 per cent principally driven by the growth in our loan book and other earning assets,” it said.

  • Fidelity is Best Green Partner

    Fidelity is Best Green Partner

    Fidelity Bank Plc has been adjudged the “Best Green Partner 2015” by the Lagos State government at this year’s Tree Planting Day.

    The organisers of the event said Fidelity Bank was given the award in recognition of its outstanding contributions to the protection and improvement of the environment.

    Specifically, they said the bank which is the first financial institution to win the award, showed support for initiatives aimed at identifying and promoting the preservation, protection and beautification of the environment.

    At the event at the National Youth Service Corps (NYSC), Camp in Lagos, the bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo, reaffirmed the bank’s commitment to supporting the state’s laudable greening policy as it aligns with the bank’s corporate social responsibility (CSR) focus on conservation and environmental protection.

    “Fidelity Bank works in collaboration with public institutions – state and local governments – to create and maintain green parks in chosen locations. The beautification of the Falomo Roundabout in Lagos State, in partnership with the Lagos State government, is a typical example of what the bank seeks to achieve in this area,” he said.

    While promising to work with the state to create and maintain green parks in chosen locations, Okonkwo noted that the bank has executed many beautification projects across the country. They include Onikan, Milverton, Dopemu and Matori Roundabouts in Lagos State; RSUT in Rivers State, Rangers Avenue junction in Enugu State, Mbaise Road in Owerri, Imo State, Abia Towers in Umuahia, and KrikaSama Roundabout in Maiduguri, the Borno State capital.

    He also said the bank supports environmental advocacy groups, such as the Nigeria Conservative Foundation (NCF) in their advocacy programmes, one of which is “Walk for nature”, a yearly event designed to create awareness about nature conservation and good environmental practices.

    He said: “We also undertake green initiatives that assist the environment. In this regard, we have become the first, and perhaps, the only bank in Nigeria that dispenses cash with recycled biodegradable cash bags instead of polyethylene bags used by others, which is destructive to the ecosystem.”

    Fidelity Bank also assents to relevant international accords and protocols aimed at promoting sustainability, like the Equator Principles.

    In his keynote address with Lend a hand to save trees as theme, Governor AkinwunmiAmbode, noted that planting of trees was crucial for the environment as trees provide oxygen, helps conserve energy, saves water, and prevents erosion among others. He said the state plans to plant 10 million trees by 2020.

    Represented by the Secretary to the State Government (SSG), Tunji Bello, Ambode praised Fidelity Bnak for initiating the drive for a greener environment and called on other corporate bodies and public spirited individuals to join hands with the state to conserve nature and make Lagos an environmentally friendly place for all to live.

  • Fidelity Bank’s MD resumes

    Fidelity Bank’s MD resumes

    Fidelity Bank’s Managing Director/CEO Nnamdi Okonkwo, who was away following his interrogation by the Economic and Financial Crimes  Commission (EFCC), is back at work.

    Okonkwo was with the anti-graft agency on the allegation that the bank received about $115million from the former Petroleum Resources Minister, Mrs. Diezani Alison- Madueke, a lodgement the bank said was reported to the regulatory authority.

    Also, the bank has appointed Alhaji Mohammed Lawal Balarabe, the Acting Managing Director, as its Deputy Managing Director, subject to regulatory approval.

    The bank, in a statement, said Balarabe, who acted for about two weeks, has over 24 years experience in Corporate, Commercial and Retail banking. He has worked in various capacities in Nigeria’s financial services industry where he acquired strong strategic management, leadership and people skills.

    Balarabe holds a Bachelor’s Degree in Accounting and Finance from Nottingham Trent University, United Kingdom (UK), as well as a Master of Science (M.Sc.) in Finance from the University of Lagos. He has attended several executive education programs at the Columbia University Business School, INSEAD; Said Business School, University of Oxford; and Kellogg School of Management, amongst others.

    He is a licensed member of the Nigeria Stock Exchange (NSE) since 1992. Balarabe was Executive Director of Oceanic Bank Plc, pursuant to an appointment by the Central of Nigeria (CBN).

    He was also a General Manager in United Bank for Africa (UBA) and General Manager & Chief Executive of Newdevco Finance Services Company Limited before his appointment to the Board of Fidelity Bank in April 2012.