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Fidelity Bank posts impressive H1 2022 results as profits hits N25.1bn

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Leading financial institution, Fidelity Bank Plc, has released its H1 2022 results recording a remarkable 21.6% growth in profit to N21.6bn as well as decent growth in most key ratios.

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According to the report released on the Nigerian Stock Exchange (NGX) on Tuesday, 30 August 2022, the bank grew Total Deposits by 13.1% YTD to N2,290.1bn from N2,024.8bn in 2021FY, driven by double-digit growth in low-cost deposits. Low-cost deposits increased by 26.1% YTD to N1,902.4bn and now represents 83.1% of total deposits from 74.5% in 2021FY, which explains the drop in funding cost.

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“We are delighted with our H1 2022 performance which showed strong growth across key performance indices. With improved efficiency and customer experience around our network, customer transactions have grown considerably as we optimize our balance sheet and build up a large stock of stable low-cost deposits”, stated Fidelity Bank’s CEO, Mrs. Nneka Onyeali-Ikpe.

Gross Earnings increased by 37.9% YoY to N154.8bn on account of 52.9% growth in interest income to N136.2bn from N89.1bn in H1 2021. The increase in Interest Income was driven by improved yield on earnings assets and 14.9% YTD expansion in earnings base to N2,546.5bn.

Similarly, Net Interest Margin improved to 6.4% from 4.7% in 2021FY, due to a combination of improved yields on average earning assets and a decline in average funding cost. Average yields on earning assets increased by 211bps YoY to 11.5% while average funding cost declined by 84bps to 4.0% YoY, which resulted in 50.4% growth in net interest income to N75.6bn.

The release of the half year results coincides with the bank’s recent announcement on expanding to the United Kingdom with its proposed purchase of Union Bank UK.
Commenting on the proposed acquisition, Onyeali-Ikpe said: We recently executed a binding agreement for the acquisition of 100.0% equity stake in Union Bank UK Plc in line with our strategic objectives and business expansion drive. Union Bank UK offers a compelling synergy we hope to build on, to create a scalable and more sustaining service franchise that will support the wider ecosystem of our trade businesses and diaspora banking services.

On the back of the positive H1 2022 performance, the board of fidelity bank approved an interim dividend of 10k per share, making it the first time the bank will pay an interim dividend in its 34years history.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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‘Your malicious campaign of calumny against me will not work’ – Akpabio blasts Senator Abbo

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The President of the Nigerian Senate Godswill Obot Akpabio said, he will not be distracted by the baseless allegation and antics of Elisha Abbo who formerly represented Adamawa North Senatorial District in the Senate, stating that it was unfortunate that the ex-lawmaker has started another round of malicious campaign against him.

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This was contained in a statement made available to journalists on Thursday by the Special Adviser on Media and Publicity to the Senate President, Hon Eseme Eyiboh, declaring that Elisha Abbo’s outbursts are those of a failed politician who fraudulently represented Adamawa North Senatorial District before the Court intervention cleared him out of way.

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Akpabio through his aide was reacting to Elisha Abbo’s blame on Akpabio, suggesting that he was responsible for his electoral woes in an interview he granted on Arise Television on Wednesday while he featured on politics today.

Part of the statement read: “The attention of the Office of the President of the Senate has been drawn to another round of spurious and malicious accusations by Mr. Elisha Abbo, who unlawfully represented Adamawa North Senatorial District save a judicial intervention.

“He has again sought to blame the President of the Senate, His Excellency, Senator Godswill Obot Akpabio, for the travail of his judicial sanction that occasioned his ouster from the Senate.”

Akpabio said he was perturbed the more over Elisha’s outburst on him over an issue he has regretted and apologized to him publicly in 2023—after admitting that his earlier accusation was “premature and based on the available information at his disposal.

He noted further that Abbo had once discussed with him last year and acknowledge that “he was not involved in the judicial process that led to his ouster from the Senate.”

“For the avoidance of doubt, the Court of Appeal, after a thorough legal process, ruled unequivocally that Mr. Abbo’s presence in the Red Chamber was in error. The court determined that he was not validly elected as the Senator for Adamawa North, and consequently, he was removed.

“The court acted in accordance with the extant laws and the Constitution within its sacred duty to uphold the rule of law. Senator Akpabio, a seasoned lawyer and democrat, holds the independence of the judiciary in the highest regard and would never interfere in its processes.”

Given that Abbo has exonerated him, Akpabio said he found it illogical and irresponsible for him to now turn around and heap blames on him.

“Mr. Abbo has also sought to create the impression that he was unjustly denied official benefits following his ouster. He claims entitlement to salaries, allowances, and even an official vehicle, despite the court’s declaration that his tenure was null and void ab initio.”

Akpabio noted that he has no executive fiat to approve finances, except such has been duly vetted and forwarded to him by the appropriate administrative units in line with the public finance guidelines.

If any of Mr. Abbo’s claims for payment did not reach the desk of the Senate President, it is because they failed to meet these lawful standards—not because of any personal or political vendetta.

It is unfortunate that instead of accepting the consequences of his legal and political failings, Mr. Abbo continues to resort to media theatrics and reckless finger-pointing. Even more telling is his record of public conduct. Nigerians will recall that in 2019, he was caught on video assaulting a female citizen in Abuja—an incident for which he was ordered by a competent court to pay N50 million in damages. This is a matter of public record and speaks volumes about his temperament and disposition.

His recent outbursts about unpaid travels and imagined plots further reinforce the conclusion that his actions are driven not by facts or principle, but by bitterness and desperation to remain politically relevant. These claims are not only baseless, but they reek of grievance and a refusal to accept personal responsibility for his removal and loss of public trust.

Senator Godswill Akpabio remains focused on the noble task of nation-building, providing purposeful leadership in the Senate, and strengthening democratic institutions—especially the independence of the judiciary. He will not be distracted by the antics of individuals who seek to rewrite history to mask personal failures.
We urge Mr. Abbo to reflect deeply, respect the rule of law, and focus on rebuilding the confidence of his constituents if he hopes to return to public life. Nigeria’s democracy can only thrive when its actors show maturity, responsibility, and an abiding respect for the truth.

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Caveat Emptor: Firm Issues warning against Hampton Harbour property transactions

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Structured HQ Legal, (SHQ) has issued a public notice warning against any transactions involving the buying, selling, leasing, or letting of the Hampton Harbour landed property.

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The landed property measuring at 19.5 hectares is located at Elegushi Royal Family Land, Ikate Ancient City, Eti Osa, Local Government Area, Lagos State with reference number 376/376/2777GC and belongs to the Baggeren International Company.

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In an official press statement issued to the news men, the firm disclosed that the property is currently under legal scrutiny, cautioning that any individual or entity engaging in transactions related to Hampton Harbour does so at their own risk. They also emphasized that unauthorized dealings could lead to significant financial loss and expose parties involved to legal consequences.

SHQ further noted that any person(s) who proceeds with any dealings in relation to the Hampton Harbour property risks both financial loss and potential legal actions noting that such transactions may result in criminal and civil liabilities for trespass or fraud.

The public is strongly advised to exercise caution and ensure due diligence before engaging in any transactions concerning Hampton Harbour. Prospective buyers, investors, or stakeholders must seek formal confirmation and approval from Structured HQ Legal or Baggeren International Company Limited to avoid financial and legal risks.

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BREAKING: INEC rejects recall petition against Natasha for lack of requirements

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Senator Natasha Akpoti-Uduaghan

The Independent National Electoral Commission, INEC, on Thursday said, requirements for recalling Senator Natasha Akpoti-Uduaghan representing Kogi Central Senatorial District were lacking in the petition.

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In a statement to update circumstances surrounding a purported petition against Natasha, the INEC said, it has rejected the petition.

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The Commission said, Natasha is a Senator of the Federal Republic of Nigeria and there are requirements to recall her or any other Senator, but it cannot consider the petitions that lack merits.

Earlier the Secretary to the Commission, Rose Oriaran-Anthony, acknowledged receipt of petition against the embattled lawmaker from her constituents after submitting it to the INEC headquarters in Maitama, Abuja.

Senator Natasha Akpoti-Uduaghan representing Kogi Central Senatorial District was the former Chairman of Senate Committee on Local Contents, but was suspended from the Senate over alleged breach of Senate Standing Rules.
Natasha disclosed that she has approached the Court to quash her suspension which she claimed was illegal.

According to the petitioners, over 250,000 constituents’ signed the petition, out of about 480,000 registered voters in the senatorial district.

The petition was titled Constituents’ Petition for the Recall of Senator Natasha Akpoti-Uduaghan on Grounds of Loss of Confidence’.

In a brief statement on Thursday, the Commission said, “The petition for the recall of the Senator representing the Kogi Central Senatorial District has not met the requirement of Section 69(a) of the Constitution of the Federal Republic of Nigeria 1999 (as amended).”

The female lawmaker also on Tuesday defied ban by Kogi State Government and visited her Senatorial District in what she said, was a Sallah visit to felicitate with those who gave her their mandate.

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