News
Fidelity Bank remains the toast of Investors
In an increasingly uncertain macroeconomic environment, Fidelity Bank Plc has remained appealing in the banking sector. This is evident in its full year 2022 financial results which showed a better-than-expected performance amid the headwinds in the economy.
Specifically, in the full year 2022 results, Fidelity Bank’s gross earnings increased to N337,050 billion as of December 31, 2022, significantly higher than the N250,776 billion recorded at the end of 2021. Also, Fidelity Bank’s Net Interest Income climbed to N152 billion in the year under review, up from N94.879 billion the previous year.
Also, its profit before income tax stood at N53.677 billion in the year under review, higher than N25.215 billion the previous year. Fidelity Bank’s profit after tax for the year under review stood at N46.724 billion, higher than the N23.104 billion it realised in 2021.
Additionally, its total assets increased to N3.989 trillion in 2022, up from N3.278 trillion in 2021.
While its loans and advances to customers in the year under review stood at N2.116 trillion in the year under review, up from N1.658 trillion the previous year, customers’ deposits grew to N2.580 trillion, higher than N2.024 trillion the previous year.
Owing to this, the Board of Directors of the bank have proposed a final dividend of 40 kobo per share which in addition to the 10 kobo per share earlier declared as interim dividend amounts to N0.50 per Ordinary Share of 50 kobo (2021: Dividend of N0.35 per Ordinary Share of 50 kobo each amounting to N10,136,904,992.20) from the retained earnings account as of 31 December 2022.
On the back of an impressive first half 2022 results, Fidelity Bank had declared an interim dividend payment of 10 Kobo per 50 Kobo ordinary share, subject to appropriate withholding tax, to shareholders whose names appear in the Register of Members as at the close of business on September 12, 2022. The interim dividend payment was the first in the bank’s 34 years history.
Fidelity Bank had reported a remarkable 21.6 per cent growth in its half-year 2022 profit to N25.1 billion.
Since she assumed the position of the Managing Director/Chief Executive Officer of Fidelity Bank Plc in 2021, Nneka Onyeali-Ikpe has made it clear that her target is to deliver a financial institution that meets all stakeholders’ expectations, even as she continues to push the bank to rise to be among the tier-one banks in the country.
In August 2022, Fidelity Bank intimated the public of its proposed acquisition of Union Bank United Kingdom as part of its expansion plans and in line with regulatory stipulations. The bank’s plans to acquire a 100 per cent stake in Union Bank UK marked its first foray into the international market.
Commenting on the transaction, Onyeali-Ikpe stated, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”
Indeed, the Nigerian banking sector is evolving, with the changes being driven by competition, accelerated adoption of technology and the move by banks to meet the banking lifestyle of an evolving demography.
This has seen a lot of banks, including Fidelity, embrace innovative means to satisfy their customers.
It also organised the Fidelity International Trade and Creative Connect (FITCC), which is the largest trade exhibition by Nigerian-based businesses in the United Kingdom in recent times. It was a major move in increasing Nigeria’s foreign exchange earnings.
At the end of the maiden edition which held in London, it recorded pipeline deals of over $200 million, more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts and over 2,000 attendees over two days.
“In collaboration with our strategic partners, we have created this platform to connect Nigerian exporters with UK buyers. This inaugural edition of the FITCC hosts more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts.
“Fidelity Bank is a leading financial institution in Nigeria and a market leader in supporting small and medium scale enterprises and export-oriented businesses. This event is therefore an extension of the support that we provide to the business ecosystem in Nigeria as work to help them compete favourably on the global stage,” Onyeali-Ikpe said in her welcome remarks at the event.
It is expected that the impressive financial would continue to attract investors to the bank even as it continues to meet the expectations of its customers.
Rugby School Nigeria, the newest international school of the esteemed Rugby School Group, is set to open in September 2025 in Eko Atlantic City, Lagos.
To celebrate this significant milestone, an exclusive launch event was held at the British Deputy High Commissioner’s residence in Lagos, attracting over 100 distinguished guests and key stakeholders from the education, government, business sectors, and diplomatic communities.
At the official launch event on March 19, 2025, the British Deputy High Commissioner, Mr Jonny Baxter highlighted the significance of Rugby School Nigeria stating:
“Rugby School Nigeria exemplifies one of the best of UK-Nigeria collaborations, bringing another world-class British education institution to the heart of Lagos. Situated in the dynamic Eko Atlantic City, a symbol of Nigeria’s ambition and innovation, this school is poised to further shape future leaders in a rapidly evolving global landscape.”
Rugby School Nigeria will initially open its doors for Sixth Form students (ages 16-18) in September 2025, with boarding facilities set to be available from September 2026. The Senior School (ages 11-16) will launch in September 2026, offering a broad and engaging curriculum that prepares students for IGCSEs and future academic success.
Founding Principal of Rugby School Nigeria, Dr Adam England expressed his enthusiasm:
“Rugby School Nigeria will offer an exceptional education that nurtures both intellectual growth and character development guided by the Rugby School ‘Whole Person, Whole Point’ philosophy. Students will benefit from a comprehensive A-Level programme, preparing them for top universities worldwide, alongside the Rugby 360 programme, which fosters leadership, community engagement, and personal development.
Our state-of-the-art facilities will include science labs, creative arts spaces, and world-class sporting facilities.”
Founded in 1567, Rugby School is one of the world’s most prestigious UK boarding schools, renowned for its commitment to academic excellence, innovation, and character development. With established sister schools in Thailand, Japan, and now Nigeria, Rugby School continues to expand its global impact, offering transformative educational experiences to students worldwide.
Dr England added, “We are excited by the substantial interest we have already received, with numerous parents’ meetings taking place daily at our offices.”
Senator representing Ondo North Senatorial District, Olajide Ipinsagba Emmanuel has scored himself high in terms of constituency projects deliveries to his constituents.
Speaking in an exclusive interview in his office with journalists, he said “he facilitated Agricultural Training Programs for youths and existing farmers, equipping them with modern techniques to enhance productivity, distributed fertilizers to farmers to address critical agricultural challenges, ensuring increased output and improved local food security.
“Constructed and fully equipped a modern health centre in Akunnu-Akoko, ensuring access to quality healthcare for the community, distributed health equipments and materials to the State Specialist Hospital, Ikare-Akoko, thereby strengthening healthcare infrastructure and improving health outcomes.”
“Trained and Empowered Women and Youth in Confectioneries. He organised training in cake baking and other confectioneries, followed by the disbursement of start-up grants to empower beneficiaries to establish their businesses. Training of women on soap making with start-up funds.
In the same vein, he organized ICT training programs for youths, distributed HP Core i7 laptops, and provided start-up grants to promote innovation and employment in the tech sector.
“Trained youths in tailoring, provided sewing machines, and disbursed start-up grants to enhance self-reliance and job creation. Constructed a 1.5-kilometer road in Oka-Akoko, improving connectivity, facilitating economic activities, and easing transportation for farmers and traders. Spearheaded the construction of the Ikare Modern Civic Center, which serves as a hub for cultural, social, and civic engagements. Facilitated the construction of 28 lock-up shops in Oka -Akoko, providing a conducive environment for entrepreneurs and boosting local commerce.
Dist. Sen. Olajide who is passionate about education, distributed free JAMB forms to students across the Senatorial District, enabling many young people to pursue higher education without financial barriers.
Also, he sponsored a bill for the establishment of the Information and Communication Technology (ICT) University in Ikare-Akoko. A public hearing was successfully held on December 28, 2024, reflecting progress toward establishing this vital institution for skill development and education. Lighting up towns and villages with Solar Panels including Adekunle Ajasin University.”
These achievements underscore his commitment to fostering development in agriculture, education, health, and infrastructure. As Chairman of the Senate Committee on Public Procurement, he also prioritizes accountability and efficiency in national projects, which directly impacts the equitable allocation of resources to Ondo North Senatorial District and Ondo State at large.
Moreso, he empowered Small Businesses through skill acquisition programmes and provision of lock-up shops, he has laid the groundwork for entrepreneurship to flourish within the district. Strengthening Youth Engagement, by bridging the gap between education, technology, and employment. He is equipping youths with the tools necessary to thrive in the modern economy.”
Edo State Government has lashed at the factional chapter of the caretaker committee of the Peoples Democratic Party and the appointed publicity secretary, Chris Nehikhare, for rushing to the press without first understanding the subject at hand.
In a statement issued by the Chief Press Secretary to the Governor, Fred Itua in Benin and made available to journalists said, Nehikhare’s latest press release was another embarrassing display of ignorance, completely missing the point Governor Monday Okpebholo raised.
The Governor was referring to the $10 million that Godwin Obaseki budgeted for The Observer Newspaper shortly before the 2024 governorship elections in Edo State, not the refurbished equipment bought from ‘Ogbete Market’ in Enugu State.
Obaseki, a portfolio scam artist, who presided over the looting of Edo’s commonwealth, hurriedly siphoned $10 million, using The Observer Newspaper as a conduit, barely a few days to the governorship election in Edo State in late 2024.
Nehikhare’s desperate attempt to twist the conversation is not just misleading but exposes the habitual dishonesty of the PDP.
On the issue of the so-called “sophisticated machines,” Nehikhare conveniently ignores the real concern—these overused and inefficient machines now require billions of naira to function properly. Obaseki may have procured them at a roadside market, but he left behind a financial burden that the present administration must now clean up.
More troubling is Nehikhare’s confused outrage about the sacking of Observer staff. How does he expect those no longer employed to be available at the premises? His logic is as flawed as the policies of the administration he blindly defends.
Instead of this laughable attempt at deflection, Nehikhare should explain why, in his final days, Obaseki found it necessary to allocate a staggering $10 million to a State-owned newspaper that is practically invisible on newspaper stands across the State and country—at a time when critical sectors like education and healthcare remained underfunded.
If Nehikhare wishes to debate the facts, he should do so with accuracy, not fiction. But then again, fiction seems to be the PDP’s favourite tool.
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