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All Posts in "Day: May 20, 2025"

Insurers Redouble Third Party Motor Insurance Campaign

By. Amaka Obiefuna

 

 

 

 

The Nigerian Insurers Association (NIA), the Nigerian Council of Registered Insurance Brokers (NCRIB), National Insurance Commission (NAICOM) and Institute of Loss Adjusters of Nigeria (ILAN) have launched a nationwide awareness campaign to educate the public on the importance of third-party motor insurance. This is following the February 1, 2025 directive by the Nigeria Police Force requiring all vehicle owners to possess valid third-party motor insurance.

 

 

 

 

The joint effort is aimed at not only promoting road safety and legal compliance, but at protecting drivers against the financial liabilities arising from accidents that cause damage to other vehicles, property, or result in bodily injury to third parties.

 

 

 

 

Addressing insurance correspondents in Lagos yesterday, the Chairman, Communication & Stakeholder Engagement Sub-Committee, Insurers Committee, Mrs. Ebelechukwu B. Nwachukwu, said “Many drivers remain unaware that third-party motor insurance is not only a legal obligation but also a critical safeguard for the lives and properties of fellow road users,”

 

 

 

Nwachukwu, who is the MD of Rex Insurance Limited, maintained that the campaign was designed to raise awareness, encourage compliance, and highlight the consequences of driving uninsured.

 

 

 

As a pan-Nigeria campaign, the awareness would have radio jingles in the major languages – Igbo, Hausa, Yoruba, Pidgin and English. Other aspects of the campaign include Print media and Out-of-Home (billboards) in some major commercial cities in the country, such as Lagos, Abuja and Port Harcourt and social media.

 

 

 

“Compliance with this requirement is not just about avoiding penalties; it’s about protecting yourself and others every time you’re on the road. Another key element of the 3rd Party insurance is that if one travels across West Africa, you have insurance coverage, and this is an added advantage that people need to be aware of” Nwachukwu added.

 

 

 

To the Vice Chairman of the Sub-Committee and MD of NSIA Insurance, Moruf Apampa, he opined, “there are still a lot of vehicles on the road without proper insurance. When accidents happen, it is often innocent people and public services that end up bearing the cost. This campaign is about helping people understand why insurance matters and making it easier for them to get covered”.

 

To make compliance easier, Nigerians can now conveniently purchase or renew third-party motor insurance policies through the Nigerian Insurance Industry Portal (NIIP) online portal, or by visiting any registered insurance provider nationwide. The NIID platform ensures transparency, instant verification, and peace of mind for all parties involved. Verification of your insurance policy can also be done online by visiting ASKNIID and inputting your car registration details.

 

Seeking the support of the media and other critical stakeholders in the insurance industry like CAMCONIA (represented by its chairman, Mr. Segun Bankole), which is the umbrella body of all Corporate Affairs Managers in the insurance industry, the Sub-Committee sough current and future collaboration in raising awareness about the benefits of the 3rd Party Campaign being embarked upon and the need to do all possible to change the narrative about insurance in Nigeria.

 

Other members of the Sub-Committee present at the press briefing include Mr. Ademola Abidogun, MD, Guinea Insurance; as well as Mrs. Abimbola Onakomaiya, President, Professional Insurance Ladies Association (PILA) who all sought the support of the media and other relevant partners in developing the insurance industry in Nigeria.

Online Poster by — May 20, 2025 in Insurance and Pension 0
Who  Is Afraid Of Fidelity Bank. – By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?
My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely 👍🏾
Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion  in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.
These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.
We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries
Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides
A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda
Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.
One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan  be awaited instead of the usual bad blood generated and envisaged by toddler media characters.
It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration
Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!
Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert
Online Poster by — May 20, 2025 in News 0
Why Fidelity Bank Plc Is Too Big To Fail

Several media platforms have gone to town with the news of the Supreme Court ruling on a dispute between the defunct FSB International Bank and Sagecom Concepts Limited with some of them questioning the ability of Fidelity Bank (the judgement debtor) to make the payment.
As the matter is still before the court and there’s a court order prohibiting media publications on this matter, warning that violations would constitute contempt of court, a punishable offense, we will highlight in this article why Fidelity Bank is too big to fail as alluded to by several online platforms.
Financial Strength and Market Position
Fidelity Bank Plc has demonstrated remarkable financial resilience, solidifying its position as one of Nigeria’s leading financial institutions. Recent reports highlight the bank’s impressive growth trajectory, including its re-entry into the N1 trillion market capitalization club and a 167.8% increase in profit before tax (PBT) to N105.8 billion in Q1 2025. Fidelity Bank’s financial performance has been exceptional, with a 64.2% year-on-year increase in gross earnings to N315.4 billion in Q1 2025. The bank’s total deposits have surged to N6.6 trillion, driven by a 21.4% increase in foreign currency deposits. These figures highlight its ability to attract and retain capital, ensuring liquidity and operational efficiency.
Investor Confidence and Regulatory Compliance
Fidelity Bank’s stock performance has been impressive, with a 237% oversubscription in its capital raise venture. Analysts predict continued growth, with gross earnings expected to reach N1.5 trillion and profit before tax projected at N415.4 billion in 2025. The bank’s ability to meet the N500 billion capitalization target set by the Central Bank of Nigeria (CBN) underscores its financial resilience and regulatory compliance.
Support for Small and Medium Enterprises
Fidelity Bank’s commitment to supporting Small and Medium Enterprises (SMEs) plays a crucial role in its significance to the economy. By providing tailored financial solutions and resources for SMEs, such as the recently launched SME Hub, the bank contributes to job creation and economic development, further cementing its importance in the financial ecosystem.
Regulatory Compliance and Risk Management
Fidelity Bank has demonstrated a strong commitment to regulatory compliance and risk management. By maintaining capital adequacy ratios above the required thresholds – liquidity ratio at 54.7% and capital adequacy ratio (CAR) at 20.3%, compared to the minimum requirement of 30.0% and 15.0%, respectively- the bank not only ensures its own stability but also contributes to the overall health of the banking sector.
Strategic Expansion and International Presence
The bank’s acquisition of Union Bank UK in 2023 marked a significant step toward international expansion. This move strengthens its global footprint and enhances its ability to serve a diverse clientele. Fidelity Bank’s leadership has also set ambitious goals to elevate the institution to tier-1 status, further reinforcing its stability and growth potential.
It is also worth noting that global best practice allows for judgement payments of this nature to be made in installments as agreed by the relevant parties. This is to ensure that the judgement is executed to the letter in a sustainable manner.
Online Poster by — May 20, 2025 in News 0