Author: Dodo Elias Denen

  • NAVY @69: FOB Badagry Takes Free Medical Outreach To Topo Community In Celebrations

    NAVY @69: FOB Badagry Takes Free Medical Outreach To Topo Community In Celebrations


    In commemoration of the Nigerian Navy’s 69th Anniversary, the Nigerian Navy Forward Operating Base (FOB) Badagry on Wednesday, 28 May 2025, carried out a medical outreach tagged “Medical Rhapsody” in Topo Village, Badagry. The initiative, conducted as part of the Navy’s corporate social responsibility, aimed to bring healthcare services closer to underserved members of the community.

    According to Navy Captain BO Omotayo, Commanding Officer of FOB Badagry, the outreach provided free medical consultations, blood pressure checks, and essential medications to residents, with special attention given to the less privileged. He stated that the medical intervention aligns with the Navy’s broader goal of nation-building beyond its traditional security mandate.

    “This outreach demonstrates the Nigerian Navy’s unwavering commitment to humanitarian service and nation-building. It is our duty not only to protect our maritime environment but also to contribute to the well-being of our host communities,” Omotayo said.

    The commanding officer commended the dedicated medical team who, he noted, worked tirelessly to ensure the success of the outreach. He also appreciated the support of the Navy’s partners and the people of Topo for their hospitality and active participation in the programme.

    Highlighting the broader mission of the Nigerian Navy, Omotayo reaffirmed the Navy’s dedication to professionalism, discipline, and community service, in line with the Chief of the Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla’s Strategic Directive 06-23. He stressed the Navy’s commitment to maritime safety and to fostering closer ties with communities like Topo.

    “To our host community—the good people of Topo Village—we are honoured to serve you, and we look forward to a brighter future together,” Omotayo concluded.

    The event added a human touch to the Navy’s anniversary celebration, demonstrating the service’s evolving role in community engagement and public welfare.

  • Fidelity Bank Celebrates Children’s Day with Launch of Read2Lead Anthology and Scholarship Awards

    Fidelity Bank Celebrates Children’s Day with Launch of Read2Lead Anthology and Scholarship Awards

    In a vibrant celebration of this year’s Children’s Day, leading financial institution Fidelity Bank Plc unveiled its Read2Lead Anthology—an inspiring collection of essays written by young Nigerians as part of the bank’s flagship literacy initiative.

    Held at the Fidelity Grounds in Oniru, Lagos, the event was themed “The Fidelity Fantasyland 3.0” and drew hundreds of students, parents, and educators. The day was packed with fun-filled activities—from dancing competitions and face painting to arcade games and singing contests—creating lasting memories for the children in attendance.

    A major highlight of the celebration was the official launch of the Read2Lead Anthology, which features superhero-themed essays written by 30 outstanding finalists from across the country. The stories, centered on the theme “Naija Superheroes”, showcase the imagination, intellect, and storytelling talent of Nigerian youth.

    Addressing the audience, Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, applauded the efforts of the more than 3,000 students who participated in the maiden edition of the Read2Lead competition.

    “Today is more than just the conclusion of a competition,” she said. “It is a celebration of vision, hard work, and potential. Through Read2Lead, we provided books, writing tools, and opportunities for creative expression to thousands of young Nigerians—helping them to read more deeply, write more clearly, and think more creatively. This initiative reflects our belief that education is one of the most powerful tools for transforming lives and shaping the future.”

    She described the anthology as “a powerful testament to the promise of Nigeria’s next generation.”

    “As you turn the pages of this collection,” Dr. Onyeali-Ikpe continued, “I invite you to see these stories not just as words, but as seeds—seeds of wisdom, leadership, character, and a brighter tomorrow.”

    In further celebration of excellence, Fidelity Bank awarded scholarships worth ₦150,000 each to four outstanding pupils—Thiago Chukwudubem Agada, Nabeela Nia Rufai, Victory Alize Chukwuebuka, and Osinachi Olivia Onyeaghala—selected through the Fidelity Savings Loyalty Scheme (FSLS). These awards underscore the bank’s continued commitment to supporting education and rewarding academic dedication.

    With laughter, learning, and literary celebration, the Fidelity Fantasyland 3.0 event brought joy and purpose together—leaving children inspired, parents proud, and everyone reminded that investing in the minds of our youth is the surest path to a better future.

    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.

    The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

  • Fidelity Bank Wins ‘Most Improved Commercial Bank’ at Inaugural Nairametrics Capital Market Choice Awards

    Fidelity Bank Wins ‘Most Improved Commercial Bank’ at Inaugural Nairametrics Capital Market Choice Awards

    For its outstanding financial performance and strategic growth, Fidelity Bank Plc, a leading tier-one financial institution, has been honoured with the Most Improved Commercial Bank of the Year award at the inaugural Nairametrics Capital Market Choice Awards.

    Organized by Nigeria’s premier financial media platform, Nairametrics, the awards were launched to recognize individuals, institutions, and policy reforms that have significantly shaped Nigeria’s capital markets. The initiative seeks to spotlight excellence in areas such as regulatory leadership, corporate governance, investment performance, and financial innovation.

    “This award is a testament to the tremendous work we are doing at Fidelity Bank—not only in delivering superior service to our customers, but also in driving economic growth and creating sustainable value for all stakeholders,” said an elated Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc. “We are deeply grateful for this recognition and remain committed to helping individuals grow, businesses thrive, and economies prosper.”

    The awards ceremony, held on Friday, May 23, 2025, at the Banquet Hall of the Civic Center in Lagos, drew an esteemed audience, including Dr. Jumoke Oduwole, Honourable Minister of Industry, Trade and Investment, as well as industry leaders, regulators, media executives, and capital market stakeholders.

    Delivering the keynote address, Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), underscored the need for continuous evolution in financial markets. “Markets must become more efficient, secure, and innovative to fulfill their promise. In Nigeria, we are committed to building a resilient, inclusive, transparent, and future-ready capital market,” he stated.

    Ugo Obi-Chukwu, Founder and CEO of Nairametrics, shared the vision behind the awards, saying, “The Capital Market Choice Awards is our way of reinforcing the core values that sustain a healthy capital ecosystem—trust, performance, and progress.”

    Fidelity Bank’s recognition comes on the heels of a stellar 2024 financial year. The bank posted an exceptional 210% growth in Profit Before Tax (PBT), reaching ₦385.2 billion—the largest year-on-year PBT increase recorded in the Nigerian banking industry for the year.

    Further demonstrating its leadership, Fidelity Bank spearheaded the Central Bank of Nigeria’s recapitalization drive with a highly successful Public Offer and Rights Issue, which were oversubscribed by 237.9% and 137.7% respectively—solidifying investor confidence in the bank’s strategic direction.

    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.

    The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

  • CNS Ogalla Expressed Delight Over The Progress Recorded By Nigerian Navy, Reaffirmed Commitment To Repositioning For Enhanced Maritime Security And National Development

    CNS Ogalla Expressed Delight Over The Progress Recorded By Nigerian Navy, Reaffirmed Commitment To Repositioning For Enhanced Maritime Security And National Development

    … As Clergy Emphasize Unity, Gratitude At Interdenominational Church Service In Navy Town

    As part of activities marking the 69th anniversary of the Nigerian Navy, a solemn interdenominational thanksgiving service was held on Sunday at Our Lady Star of the Sea Catholic Church, Navy Town, Ojo, Lagos. The spiritually uplifting gathering brought together naval personnel, their families, and well-wishers in an atmosphere of gratitude, reflection, and renewed commitment to peace and unity.

    The service was officiated by a team of dedicated military clergy including Very Reverend Father (Capt) Richmond Diala, Reverend Father (CDR) JO Ukpogu, Rev. Fr. (Lt CDR) MM Vandu, Rev. Fr. (Lt CDR) J Elises, Rev. Fr. (Lt CDR) BM Benson, Rev. Fr. (Lt CDR) S Kogi, and Rev. Fr. (Lt CDR) ZO Adebayo.

    The First Reading was taken by the Flag Officer Commanding (FOC) Naval Doctrine Command (NAVDOC), while the Responsorial Psalm was led by Lt. OR Ukachukwu-Eke. The Second Reading was delivered by the FOC Western Naval Command (WNC), and the Gospel was proclaimed by Rev. Fr. (Lt CDR) MM Vandu. Rev. Fr. (Lt CDR) BM Benson led the general intercessions, and the service concluded with prayers and benediction by Rev. Fr. (CDR) JO Ukpogu.

    In his homily titled *“TOGETHER”*, Rev. Fr. (Capt) Richmond Diala delivered a deeply reflective message, calling for national and institutional introspection.

    “This celebration is a call to consciousness,” he declared. “It’s not a new message, but a reminder—a reaffirmation of what we already know. On a day like this, I ask: what has sustained the Nigerian Navy? What has sustained Nigeria as a country? And what will sustain us in the future? The answer is togetherness.”

    Fr. Diala emphasized the importance of unity across religious, ethnic, and institutional divides. He recalled past predictions that Nigeria would disintegrate by certain milestones, yet the country remains intact. “Is that not enough for us to thank God?” he asked the congregation, urging all present to embrace gratitude and maintain hope.

    “A good Christian can never be a bad soldier,” he added, encouraging service members to remain steadfast in faith while upholding their military responsibilities.

    The homilist’s delivery, laced with humor, personal anecdotes, and emotional appeals, drew laughter, reflection, and spontaneous applause from the congregation. He spoke of his years in ministry and the inspiration he has drawn from the resilience of service members and citizens alike. Quoting a Nigerian saying, he reminded the congregation: “If you don’t know who you are, you may never know where you’re going.”

    In his remarks, Vice Admiral Ikechukwu Emmanuel Ogalla expressed delight over the progress recorded by the Nigerian Navy and reaffirmed the service’s commitment to repositioning for enhanced maritime security and national development.

    He stated: “I’m delighted to make this remarks on this special occasion on the commemoration of the Nigeria Navy 69th Anniversary Celebration. It is through the mercy of God that we all are able to witness this year’s anniversary. Over the years, we have continued to develop the Nigerian Navy in order to reposition ourselves to curb rising security challenges facing our nation and the West African Sub-Region in general.

    In line with our strategic plans and objectives, we have focused on capacity building, acquisition of platforms, infrastructural development, and the welfare of our personnel and civilian staff. While this development drive will be sustained towards operational effect, efficiency, and effectiveness of the service, it is imperative that we remain prayerful, steadfast, and focused. It is also important that we remain peace-loving and law-abiding citizens, and abide by the principles that foster unity in our nation.

    The Holy Bible, in II Chronicles 7:14, says, ‘If my people who are called by my name shall humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven, I will forgive their sins and will heal their land.’ As we gather here today, let us pray for Nigeria, let us also pray for the Nigerian Armed Forces and the Nigerian Navy in particular, that the Almighty God will continue to heal our land and grant us the grace to carry out our roles for the good of the people.”

    He emphasized that the Navy under his leadership will continue to prioritize welfare and enhance operational efficiency through the acquisition of modern platforms and tools necessary for optimal performance.

    “During this anniversary celebration,” he revealed, “we will be commissioning three ships and three helicopters, several works and office blocks. We are also expecting several other platforms to join the fleet within this year. Let me also assure you that under my watch we will strive to mitigate accommodation challenges in the Nigerian Navy, knowing fully well that shelter is one of the basic needs of man.”

    Vice Admiral Ogalla further disclosed the establishment of the Station Operational Command in Makurdi and the Nigerian Navy Marine unit to support expeditionary warfare and land-based operations, reflecting the Navy’s adaptive posture to emerging security threats.

    “Note that we will continue to improve on our operational strategies to curb criminality in the maritime environment and on land,” he said. “We will also continue on our strategies to assert our duties as a regional sea power for the Gulf of Guinea by ensuring sustained freedom of communication within this region.”

    Acknowledging the support of the Federal Government, he stated, “The successes of the Nigerian Navy in terms of acquisition and infrastructural development would not have been possible without the support of Mr. President. On this note, I want to seize this opportunity to thank and appreciate the President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu GCFR, for his unflinching and unrelenting support to the Nigerian Navy. I make bold to say that the President takes issues concerning the Nigerian Navy very passionately to the extent that he has never turned down any of our requests.”

    He concluded with a renewed pledge of commitment: “We are committed towards the sustained security of our maritime domain. We will also continue to support land-based operations for national security in support of the President’s Renewed Hope Agenda for economic prosperity and national development of our nation.”

    The event was capped with a tour of the newly commissioned projects and a brief reception in the new multi-purpose hall, named in honor of the CNS.

    The service also served as a reminder of the Navy’s spiritual foundation and the importance of divine guidance in national security and personal life. As the Nigerian Navy celebrates nearly seven decades of existence, the message of the day was clear: unity, gratitude, and shared responsibility are the anchors for future progress.

    The service ended with a rousing chorus of praise and thanksgiving, setting a spiritual tone for the week-long anniversary celebrations.

  • Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

    Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

    In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.

    This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.

    Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”

    The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.

    “You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.

    He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.

    This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.

    Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.

    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.

    The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

  • Western Naval Command, Conduct Joint Environmental Sanitation In Apapa

    Western Naval Command, Conduct Joint Environmental Sanitation In Apapa


    The Western Naval Command (WNC), in collaboration with the Lagos State Ministry for Environment, executed a large-scale environmental sanitation exercise at Aremu Junction, Trailer Park and Marine Bridge in Apapa, Lagos State.

    The cleanup exercise involved various environmental stakeholders, including the Lagos State Waste Management Agency (LAWMA), the Lagos State Environmental Sanitation Corps (KAI), the Lagos State Waste Water Management Office (LAWMO), the Office of Environmental Services, and the Office of Drainage Services.

    The Flag Officer Commanding, Western Naval Command, Rear Admiral Micheal Gregory Oamen described the exercise as part of the Nigerian Navy’s civil-military relations initiative, which aligns with the strategic directive of the Chief of the Naval Staff, Vice Admiral EI Ogalla, Admiralty Medal. He underscored the Navy’s role as a key stakeholder in the Apapa community and highlighted the importance of supporting the Lagos State Government’s mandate to maintain a clean and healthy city for businesses to thrive.

    The Special Adviser to the Governor of Lagos State on Environment, Engr. Kunle Rotimi Akodu acknowledged the contributions of the Nigerian Navy and the support from other environmental agencies. He emphasized that their collective efforts demonstrate a strong commitment to improving public hygiene and maintaining a cleaner urban environment across Lagos.

    On her part, the Chairman of Apapa Local Government, Honourable Idowu Adejumoke Senbanjo, appreciated the Nigerian Navy for the initiative and called on other agencies to contribute their own quota towards keeping Apapa clean.

    During the exercise, participants cleared drainage channels, removed waste, and engaged local residents and traders on the significance of proper waste management. This initiative has strengthened the cooperation between Nigerian Navy and civilian institutions.

    The sanitation drive emphasizes the growing importance of collaborative environmental responsibility in Lagos State, setting an example for future joint efforts to enhance the city’s cleanliness.

  • IMION Director General Tasks Participants During Executive Course on Collaboration, Sustainability of Blue Economy

    IMION Director General Tasks Participants During Executive Course on Collaboration, Sustainability of Blue Economy

    The International Maritime Institute of Nigeria (IMION) successfully concluded its two-day Executive Course on Sustainability for the Blue Economy, held from May 22 to 23, 2025. Rear Admiral Thaddeus Udofia (Retired), Director General of IMION, delivered the closing remarks, emphasizing the significance of inter-agency collaboration and sustainable development for Nigeria’s maritime sector.

    Addressing participants, Rear Admiral Udofia expressed profound appreciation for the collective engagement over the course. “We started with shared expectations and a collective vision; today, we part enriched with insight, equipped with strategies, and united in purpose,” he said. The discussions covered key issues such as climate change resilience, marine resource governance, innovative financing, and stakeholder inclusivity.

    Udofia highlighted the diverse and cross-sectorial nature of the participants, which included representatives from the Nigerian Army, Navy, Air Force, Customs Service, private companies such as Al Range Limited, and other public sector stakeholders. “Your presence reaffirms the necessity of inter-agency collaboration in unlocking the full potential of our maritime domain,” he stated.

    The Director General charged attendees to act as ambassadors of sustainability in their various institutions and communities, urging them to turn the lessons from the course into institutional reforms, innovative policies, and practical actions to ensure a resilient and thriving blue economy for future generations.

    Gratitude was extended to the Akwa Ibom State government, led by Governor Pastor Umo Bassey Eno, for supporting maritime education and research. Udofia also acknowledged the steadfast support of the Chief of Defence Staff, General Christopher Gwabin Musa OFR, and the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, whose leadership has been instrumental in positioning IMION as a center of excellence.

    The course benefited from the expertise of consultant Paul Usoro & Co, numerous facilitators, coordinators, partner organizations, and the media, whose role in amplifying the event’s message was appreciated.

    Earlier, Mrs. Mfon Ekong Usoro, IMION consultant and managing partner, underscored the course’s focus on embedding sustainability principles into blue economy development. She explained that sustainability not only involves environmental stewardship but also social inclusivity, particularly the meaningful participation of host communities as stakeholders rather than mere beneficiaries.

    Mrs. Usoro emphasized the critical need for a “whole-of-government” approach, highlighting that the Ministry of Marine and Blue Economy must collaborate with other key ministries such as Environment, Tourism, Oil and Gas, Agriculture, and Biotechnology to effectively govern and develop Nigeria’s blue economy.

    “This course has reiterated that sustainability for the blue economy requires collaboration at all levels, especially ministerial,” she concluded.

    Rear Admiral Udofia officially closed the event, wishing all participants safe travels and urging them to continue their commitment to the sustainable development of Nigeria’s oceans and maritime resources.

  • Fidelity Bank’s N10.5tr assets base reinforces stakeholders’ confidence -Insiders bid for more equity stakes

    Fidelity Bank’s N10.5tr assets base reinforces stakeholders’ confidence -Insiders bid for more equity stakes

    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.

    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 CEO’s Share Acquisition Signals Strong Confidence in Tier-One Lender

    Fidelity Bank CEO’s Share Acquisition Signals Strong Confidence in Tier-One Lender

    In a decisive move underscoring unwavering confidence in Fidelity Bank Plc’s resilience, Managing Director and CEO, Dr. Nneka Onyeali-Ikpe has acquired an additional 18 million shares of the bank, valued at approximately ₦366 million.

    According to a regulatory filing posted on the Nigerian Exchange Group (NGX) Disclosures portal, this strategic investment was executed at ₦20.35 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.

    Dr. Onyeali-Ikpe’s latest acquisition is not an isolated gesture. Between November 21 and 22, 2024, she purchased 15 million shares worth ₦239.4 million, and subsequently added another 10 million shares valued at ₦157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.

    Demonstrating Leadership Through Personal Investment

    The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Dr. Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.

    Robust Financial Performance Reinforces Investor Confidence

    Fidelity Bank’s financial results further validate this confidence. In the first quarter of 2025, the bank reported a Profit Before Tax of ₦105.8 billion, marking a 167.8% increase compared to the same period in 2024. Gross earnings rose by 64.2% year-on-year to ₦315.4 billion, driven by significant growth in interest income and non-interest revenue.

    The bank’s balance sheet remains solid, with total deposits increasing by 11.1% year-to-date to ₦6.6 trillion, and net loans and advances growing by 5.0% to ₦4.6 trillion. These figures highlight 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 ₦21.00 on May 13, 2025, the stock experienced a modest decline, closing at ₦20.00, a 3.8% decrease. This stability suggests that investors remain confident in the bank’s fundamentals and leadership.

    Dr. Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment. Her actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience. 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.

  • Osun Residents Benefit from Fidelity Food Bank Initiative

    Osun Residents Benefit from Fidelity Food Bank Initiative

    L-R: Commissioner for Education, Osun State, Hon. Dipo Eluwole representing Governor Ademola Adeleke of Osun State; Regional Bank Head, SouthWest II, Fidelity Bank Plc, Mrs. Morenike Olabisi; Wife of Osun State Governor; Ambassador Ngozi Adeleke; Regional Operations Service Supervisor, Southwest 2, Fidelity Bank Plc, Mildred Ajepe; and Wife of the Deputy State Governor, Mrs. Olusola Adewusi; during the Fidelity Food Bank distribution in partnership with Esther Adeleke Foundation in Modakeke, Ile-Ife Community, Osun State recently.

    Over 4,500 residents have benefited from a two-day feeding programme organized by Fidelity Bank Plc in Abere and Modakeke communities in Ile-Ife, Osun State. The program, which saw to the distribution of essential food items, was executed in collaboration with the Ministry of Cooperatives and Empowerment and the Esther Adeleke Foundation.

    Speaking during the distribution event, the Managing Director/Chief Executive Officer, Fidelity Bank, Dr. Nneka Onyeali-Ikpe, represented by the Regional Bank Head, Southwest II, Mrs. Morenike Olabisi emphasized that the Fidelity Food Bank initiative underscores the bank’s commitment to Corporate Social Responsibility (CSR) and community welfare. She noted that since the initiative was launched in April 2023 by Dr Nneka Onyeali-Ikpe, it has impacted communities across all six geopolitical zones in Nigeria.

    According to Mrs Olabisi, “This is the third distribution exercise in Osun State this year, and our aim is to achieve zero hunger in Nigeria and achieve the Sustainable Development Goal 2. Our CSR initiatives are designed not just to provide immediate relief, but to empower people and improve their livelihoods. 

    “The bank will be donating 500 Point of Sale (POS) machines to the Ministry of Cooperatives and Empowerment for onward distribution to residents In addition to the food bank distribution. “These POS machines will serve as an income-generating tool for many families and small business owners across the state. Fidelity prides itself as a responsible organisation, and we place a huge premium on the wellbeing of our host communities”, she added.

    Responding to the gesture, the Governor of Osun State, Senator Ademola Adeleke represented by the Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, commended Fidelity Bank for the social intervention programme and its continued support to the people. 

    “This is not the first time Fidelity Bank is giving back to the state and this shows that the well-being of the people is of top priority to the bank. We are deeply grateful for their sacrifice and we urge other corporate organizations to emulate Fidelity Bank on this laudable initiative”, he stated. 

    On her part, the founder of Esther Adeleke Foundation and the wife of Osun State Governor, Erelu Ngozi Adeleke, emphasized that this is the second edition of the Fidelity Food Bank in collaboration with Esther Adeleke Foundation noting that, the first edition at the Asubiaro Hospital, Osogbo inspired them to do more. 

    Her words, “My resolve to help the needy and alleviate poverty necessitated my partnership with Fidelity Bank in the distribution of food items to the needy.  There is hardship in the country, and I am doing my best to support the governor of Osun State to cater for the needs of Osun people.

    “I want to appreciate the management of Fidelity bank for their dedication to the people of Osun state, and we want to assure the bank that they have our utmost support”, she added. 

    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.

    The bank is also a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application Award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider Award by Global Brands Magazine. 

    Additionally, the bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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