Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year. Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe 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 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.

Captains of industry, financial leaders, and dignitaries gathered at the Nigerian Exchange Group House for an Afternoon of Tributes and Special Closing Gong Ceremony in honour of late Dr. Pascal G. Dozie, OON, CON, former President of the Council of the Nigerian Stock Exchange (NSE). Organised by Nigerian Exchange Group (NGX Group), the event celebrated a visionary whose leadership and integrity helped shape Nigeria’s financial markets and corporate landscape.

In his welcome remarks, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, reflected on Dr. Dozie’s profound influence, stating, “Dr. Dozie was a banker, entrepreneur, economist, and philanthropist—but above all, he was a builder of institutions. His tenure as President of the NSE Council marked a pivotal chapter in our history. With foresight and steady leadership, he laid the foundation for a world-class Exchange that not only serves Nigeria but inspires confidence across Africa.”

Continuing the stream of tributes, industry leaders shared reflections on Dr. Dozie’s legacy of principled leadership and institutional advancement. Dr. Ernest Ndukwe, Chairman of MTN Nigeria Plc, praised his role in entrenching professionalism in the private sector. Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, described him as “a man of unwavering principle whose life embodied ethical leadership and nation-building.” Dr. Raymond Obieri, former NSE Council President, recalled their shared commitment to institutional growth: “Pascal was the kind of leader who brought calm to chaos and vision to uncertainty. His leadership was never about power, it was always about purpose.”

Adding to this sentiment, Mr. Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited, urged attendees to honour Dr. Dozie’s legacy through action: “He did not just serve; he built, inspired, and transformed. The greatest tribute we can pay is to ensure the institutions he strengthened continue to thrive with integrity, transparency, and innovation.”

Mr. Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), underscored Dr. Dozie’s foundational role: “He was not just a founding father of NESG but a compass for our mission to build a globally competitive Nigerian economy. His vision and principled leadership continue to guide us.”

Speaking from a personal perspective, Mr. Uzoma Dozie offered an intimate tribute to his father: “Beyond his professional achievements, he was a man of quiet wisdom and grace. His presence commanded respect, and his influence shaped minds and institutions alike. His absence will be deeply felt.”

Mr. Temi Popoola, Group Chief Executive Officer of NGX Group, added: “Dr. Dozie was more than an industry titan, he was a mentor, a visionary, and a nation-builder. His contributions were not just pioneering but transformative. To his family, we say thank you for sharing him with the nation. May his soul rest in peace, and may we all carry forward the light he ignited.”

Other notable speakers included Mr. Emmanuel Ikazoboh, former Interim Administrator, NSE; Mr. Oscar N. Onyema, OON, former Group CEO, NGX Group; Mr. Olufemi Akinsanya, Chairman of NGX Regulation; Mrs. Elizabeth Ebi, Managing Director, Futureview Group; and Mr. Frank Aigbogun, Publisher/CEO of BusinessDay Media.

The ceremony concluded with the symbolic Closing Gong Ceremony, not as a farewell, but as a reaffirmation of the values of integrity, excellence, and service to humanity, Dr. Dozie championed.

In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills.

The launch follows a report by the Central Bank of Nigeria, which found that only 38% of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education.

GenFi, therefore, aims to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.

Speaking at the official launch event in Lagos, the Managing Director/Chief Executive Officer (Ag) of Unity Bank Plc, Mr. Ebenezer Kolawole, said the launch of the Genfi App represents a significant milestone since Unity Bank’s foray into retail Banking started several years ago, adding that “as the Bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market”.

Mr. Kolawole explained that Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.

He said, “GenFi is short for Generation Finance, and with this app, the Bank is pioneering solution designed to empower Children, Teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a Personal Finance Management Solution.

“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and Teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy.”

Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, described GenFi as a financial product that goes beyond Banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian Children through an engaging and gamified platform.

“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s why we created GenFi, not just as a banking app, but as an interactive experience that nurtures discipline, planning, and financial independence from an early age,” Abimbola explained.

The Genfi platform leverages behavioural science and gamification to make financial learning fun and practical. Parents can monitor transactions, guide financial behaviours, and initiate real-life conversations around money management, thereby promoting not just financial skills, but also stronger family bonds.

“Imagine a 12-year-old setting a goal to save for a bicycle, not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” said Abimbola.

Speaking after the launch, one of the students who attended the launch event, Master Ajayi Favour of Victoria Island Junior Secondary School, described Genfi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.” He expressed confidence that the app will gain global reach and become popular among the target demographics.

Also, a guest at the launch and school proprietor, Sylvia Ezeora, described the Genfi app as “user-friendly, educational, and motivational for children”. She noted that beyond teaching financial literacy, “the app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility”.

Another guest and parent, Genevieve Adindu, commended Unity Bank for the innovative solution, tailored for children aged 8 to 18, and noted that Genfi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education”.

GenFi is positioned as a national benchmark for youth-focused digital banking, with the potential to drive economic inclusion and sustainability across generations. The launch event was attended by key stakeholders from the education and finance sectors, technology partners, media, and young students who will be among the early adopters.

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.

The Supreme Court has set aside a Federal High Court judgement in which over N22 trillion was awarded against Union Bank and other parties since 2014.
The judgement arose from a suit instituted by a company known as Visana Nigeria Limited which claimed that Union Bank was indebted to it in the sum of approximately $8 million at an interest rate of 2.5 per cent per month compounded from January 2000 until judgement and thereafter at 10 per cent per annum from the date of judgement until the sum was fully paid.

Delivering the lead judgement of the Supreme Court, with which four other Justices agreed, Justice Stephen Jonah Adah regretted how non-adherence to a settled judicial precedent by the two lower courts had caused a simple matter to be in court for over 25 years.
The final determination of the case is expected to lay to rest the discomfort of the CBN and other regulators of Union Bank, its auditors and rating agencies on the possible impact of the judgement on the going concern status of the bank.

Visana instituted the suit against the defendants, alleging that Metalloplastica Nigeria Limited, a Borrower from Union Bank was indebted to it in the sum of $7,616,188.94 as at December 1993 and that the purported Deed of Debenture made on 24th February 1989, pursuant to which Continental Merchant Bank appointed Chief R. U. Uche as Receiver/Manager of Metalloplastica was invalid, same having been procured “without the prior written consent of Universal Trust Bank and its successors-in title or assigns (being Union Bank) as provided in paragraph 13(f) of the original Debenture issued by Metalloplastica in favour of Universal Trust Bank.

Judgment was delivered against Union Bank on 16 December 2014 for the sum of USD7,616,188.94 or its equivalent in Naira with pre judgement compound interest at the rate of 4.25 per cent per month from 26th January 2000 till the date of judgement and thereafter at the rate of 10 per cent on the judgement sum per annum from the date of the judgement till final liquidation of the debt.

The Court of Appeal later heard the application filed by the 1st respondent (Visana Nigeria Limited) to rely on fresh evidence. The Appeal was heard, and judgement was delivered on the 16th of April 2021. Judgement was reduced to the sum of USD 365, 605.32 or its equivalent in Naira with pre-judgement with interest at 4.25 per cent per month simple interest from 31st December 1993 to 16th December 2014 and thereafter at the rate of 10 per cent per annum from the date of the judgement at the court below until final liquidation of the Judgment debt.

Still dissatisfied by the judgement of the Court of Appeal, Union Bank further appealed to the Supreme Court in 2021. Union Bank’s persistence paid off in the judgement delivered on Friday, 25 April 2025.

The Central Bank of Nigeria (CBN) is weighing the impact of the current protectionist development approach by the US and other big economies which has continued to pervade the global system.

The Bank said it is not compromising key indicators of regulatory reforms and in particular measures that will provide buffer to the national economy.

The Deputy Governor, Corporate Services, of the Bank, Ms. Emem Usoro, while speaking at the Seminar for Finance Correspondents and Business Editors, which began on April 14 to April 16, 2025, in Abuja, said the financial sector should particularly pay significant attention to bank recapitalisation to ensure that banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes.

Usoro, informed the audience that the current global system has manifested even more dynamic paradigms, with intense globalisation and guided protectionism, with countries favouring trade wars and retaliations.

This she said brings to the fore the readiness and preparedness of Nigeria and banking system to build a more sophisticated, vibrant economy.

Dwelling on the theme of the seminar, “Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy”, Usoro, described it apt at this time, and encouraged frank discussions with far-reaching recommendations that will enhance understanding of the workings of the global financial system and how to position the Nigerian Banks to take full advantage of the opportunities presented by the dynamics of these initiatives.

The Deputy Governor, noted that the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

Globalisation, she went on to stress, has broken the limits of financial flows, and investors have inadvertently taken full advantage of the opportunities. However, countries and their financial systems must be prepared and ready to utilise opportunities created by financial globalisation through appropriate policy support and actions.

“There is no gain saying that the financial system’s size and quality play critical roles in powering and financing an economy.

“Literature has established that financial resources, complimented by quality human capital and technology, remain the major driving forces of industrialisation since the emergence of the 4th industrial revolution.

“To play this critical role, the banking system must grow, expand and deepen through deliberate policy efforts. As you are aware, the Nigerian banking system has also undergone reforms, including bank recapitalisation and consolidation exercises.” she said.

Usoro, also recalled that the 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25, was a noble idea that the Central Bank of Nigeria implemented in line with emerging developments at that time.

“As we work towards building a One-Trillion Dollar Economy, we must consider the recapitalisation of our banks to be able to fund, finance and power the economy and favourably compete globally with its peers in other climes.”