29 April 2025 Archives

All Posts in "Day: April 29, 2025"

Fidelity Bank’s FY 2024 Performance Praised By Shareholders

Shareholders of tier one lender, Fidelity Bank, have applauded the board and management of the bank for delivering an outstanding performance in FY 2024.

Speaking at the bank’s 37th Annual General Meeting (AGM) held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, praised the bank, saying, “This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of. It is also important to note that the bank has earned its spot as one of the top 3 dividend-paying financial institutions in Nigeria.”

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

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

In his remarks at the meeting, the Chairman, Board of Directors, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, said, “Despite the global economic headwinds, we demonstrated exceptional resilience, achieving record breaking growth across all performance indicators, most notably our Profit Before Tax (PBT)”.

He further added that the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise. “The oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise”.

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe in her statement to shareholders, shared the strategic outlook to build on the bank’s FY 2024 success stating that, “Our priorities in 2025 financial year are to complete the next phase of our capital raise and further strengthen our asset base, enhance operational efficiency and digital innovation and explore strategic regional expansion into select African markets.”

According to the bank’s 2024 annual report available on its website and distributed to shareholders, the bank recorded an impressive 210% growth in Profit Before Tax to N385.2 billion. Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The bank also witnessed an impressive 47.9% growth in deposits from N4.0trn in 2023FY to N5.9trn while Advances grew from N3.1tn in 2023FY to N4.4tn in 2024FY.

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

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.

by Online Poster — April 29, 2025 in Capital Market 0

Enugu Reps Caucus Backs Concessioning Of Enugu Airport

LarryBravo Nwaiwu

The Enugu State Caucus in the House of Representatives has thrown its weight behind the federal government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the South East economy.

The caucus commended the federal government for the initiative and urged it to hasten the concession process to enable the people of the South East and the nation to benefit from it in earnest.

It equally called on the people of the region to support the concessioning as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.

The caucus made its position known in a statement signed and issued on Monday by the caucus leader, Hon. Nnolim Nnaji, as well as Hon. Martins Oke, Hon. Dennis Agbo, Hon. Anayo Onwuegbu, Hon. Chimaobi Atu, Hon. Sunday Umeha, Hon. Paul Nnamchi, and Hon. Mark Obetta. These are the representatives of all the eight federal constituencies in Enugu State.

“Due to poor capital investment, the Akanu Ibiam International Airport, AIIA, Enugu, remains partially completed and indeed an international airport only in name over two decades since it was designated as such by the federal government. Critical components such as cargo terminal, runway, international terminal, among others, are either non-existent or requiring completion or upgrade.

“Businesses and the people of the South East especially have borne the brunt of these inadequacies, which manifest in the paucity of international flights and intermittent closure of the airport for repair of the runway, as recently witnessed.

“Therefore, we believe that the concessioning of the airport, as currently being processed by the federal government, is the only realistic approach to attracting adequate resources to build the requisite infrastructure and expand existing ones to place AIIA in the league of other international airports around the world,” the caucus said.

The statement explained that concessioning was not the same thing as privatisation or sale of the airport as being peddled by some persons, but a well-known and tenured to Public-Private Partnership (PPP) framework, which pulls private capital investment into public infrastructure while government retains ownership and regulatory or supervisory authority.

“We call on the federal government to hasten this process, for the people of the South East region in particular and Nigeria in general to start benefiting from the huge possibilities and blessings it holds.

“Indeed, we also have faith in federal government through the Federal Airports Authority of Nigeria and the Ministry of Aviation and Aerospace Development to entrust AIIA to a concessionaire with the financial and technical prowess, strong international pedigree and reputation as well as antecedent of verifiable successes to actualise the target. Nothing less than this is acceptable and capable of catalysing the much-needed South East regional economic prosperity and transformation,” the statement added.

by Online Poster — April 29, 2025 in Aviation 0

C-One To Acquire Bankly Microfinance Bank

…To Restore Stability And Accelerate Growth

C-One Ventures Platform (C-One) today announced it has entered into an agreement to invest and acquire the licences, technology and select assets of the Nigerian operations of Bankly -a licensed
microfinance bank and fintech leader known for bridging financial access gaps across Nigeria’s informal economy.

The deal which is subject to regulatory approvals including from the Central Bank of Nigeria, reflects C‑One’s
commitment to ensuring stability, protecting customers, and building a more resilient financial services platform. Upon completion, it will see Bankly’s services and talent integrated with complementary offerings
from other companies within the C-One ventures portfolio.
“We believe financial services should be simple, affordable and accessible to everyone,” said a representative
of C-One. “Bringing Bankly into our ecosystem allows for a combination of community networks with our
powerful digital infrastructure to expand access to finance for underserved communities and drive real
economic participation.”

The investment from C-One when finalised, will prioritise the immediate resolution of customer obligations, stabilisation of operations, and strategic integration of Bankly’s technology into its broader financial services ecosystem. The transaction structure involves a modest cash consideration, ensuring a focus on sustainable growth and customer protection.
“Restoring customer confidence and ensuring operational resilience are our immediate priorities. We are
committed to scaling Bankly’s vision while delivering lasting value to our community” added the rep.

Founded in 2018, Bankly has been instrumental in advancing financial inclusion, serving Nigerians through innovative savings, payments, and credit solutions. However, in recent times, it has faced significant liquidity
constraints and operational disruptions, including delays in customer withdrawals and reduced service availability.

As part of the acquisition, C-One will build on Bankly’s foundation, ensuring continuity while investing in long-term growth. Bankly’s Co-founder, Tomilola Majekodunmi, will serve in an advisory capacity ensuring continuity and long-term success.

Speaking on the development, Majekodunmi said, “We are immensely proud of the impact we have made over the years. Bankly was built to serve people who were left out of the formal financial system and with C-One’s
backing, we have an opportunity to build on this foundation, address recent challenges, and expand our reach to even more communities.”

With Bankly being part of its platform, C-One is further expanding its reach in grassroots financial services, scaling impact and building resilient solutions for real people in real communities.

About C‑One Ventures Platform
C‑One is a venture studio focused on building, acquiring, and scaling technology-enabled businesses that address Africa’s most critical needs. Its portfolio spans education, healthcare, commerce, and financial
services, combining operational excellence with strategic investment to promote inclusive economic growth.

by Online Poster — April 29, 2025 in brands and Marketing 0