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.
A popular General Overseer of a new generation Church, Elijah has been arrested by the Octopus (C41) Strike Force unit of Rivers State Police Command for investigation over homosexual allegations.
It was gathered that a video of the Pastor was leaked indulging in the homosexual act to the police by a member of his church.
The member who alleged that the General Overseer attempted sleep with him against his will.
The member who revealed his name simply as Patrick now a complainant said, he wanted to play along after the General Overseer made sexual advancement and captured the nude video of pastor attempting to have carnal knowledge of him.
Armed with the intelligence report, the police traced the General Overseer who is from Rivers State to one of his relaxation spots in Port Harcourt and arrested him.
Sources revealed to our correspondent that the General Overseer has reportedly confessed to other numerous acts of homosexuality involving both male adults and minors within and outside Port Harcourt.
Public Relations Officer for the Rivers State Police Command, SP Grace Iringe-Koko, confirmed the incident, adding that investigation was ongoing.
Against government ban on rallies and organised reception under whatever guise by Kogi State Government, constituents of the Central Senatorial District troop3d out enmasse to receive Senator Natasha Akpoti-Uduaghan on Tuesday in Okene.
According to the pictorials released by the Media office of Senator Natasha, creme-de-la creme could be seen waiting in a scorching sun, not minding the effect.
The massive turn out followed assurance from Senator Natasha ‘s media team that the lawmaker has arrived from overseas and would make it to Okene on Tuesday for Sallah celebrations with her constituents.
A statement obtained by CAPITAL POST in Lokoja on Tuesday, pointed out that the purported ban on rallies and the cancellation of the visit were mere rumours, hence, the embattled lawmaker would pay a visit her constituents.
Part of the statement read: “We are pleased to confirm that Senator Natasha Akpoti-Uduaghan’s Sallah visit to Kogi Central senatorial district will proceed as planned.
“Despite rumours circulating online, there has been no official announcement from our office regarding the cancellation of this visit.
“As the senator representing Kogi Central, Natasha Akpoti-Uduaghan remains committed to engaging with her community and fostering a spirit of unity and cooperation.
“Her dedication to the people of Kogi Central is unwavering, and she looks forward to celebrating Eid-el-Fitr with her constituents.
“We would like to assure the public that all necessary arrangements are in place to ensure a successful and joyous event. We invite all members of the community to join us in marking this special occasion.”
On Monday, CAPITAL POST reported that Kogi State Government issued a statement which was signed bybthe Commissioner for Information and Communications, Kingsley Femi Fanwo asserting security concerns, hence, the proposed homecoming of Senator representing Kogi Central Senatorial District should be put off.
He stressed that there security breaches in parts of Kohi West Senatorial District, thus the security was so volatile that Government cannot guarantee peace for now and abused that the proposed reception at Okene should be cancelled.
Also, Kogi State Police Command earlier on Tuesday issued a statement banning any rally within the State, stating that intelligence reports available to it indicated that crisis may spur.
The statement which was signed by Police Public Relation Officer, SP William Ovye Aya and made available to CAPITAL POST, stressed that intelligence reports was indicative of peace and the rally which was organised by Natasha’s constituents should be cancelled.
The statement said: “Following the intelligence report on security threats in Kogi State and the subsequent ban on all forms of Rally and procession by the Kogi State Government, the Nigeria Police Force, Kogi State Police Command has called on the organisers of planned rally at Okene to cancel such event in the interest of the peace in Kogi State.
“The call for cancellation becomes necessary, noting that intelligence reveals that some hoodlums plan to hijack the process and cause disturbance of peace in the State. The Command cannot afford to jeopardize the existing peace the State is currently enjoying.
“In view of the security threat received on the planned rally, the Kogi State Police Command is therefore advising the organisers to cancel the event so as to avoid any breakdown of law and order in the State. As the Command will not hesitate to apply the full wrath of law on any one who causes disturbance of peace and order in the State.”
Constituents trooped out displaying placards demanding justice for Senator Natasha.
It was recalled that Natasha was suspended from the Senate for six months over breach of Senate Standing Orders.
The lawmaker also alleged that the Senate President, Godswill Obot Akpabio was harassing her sexually.
TEHRAN, Mar. 30 (MNA) – The Yemeni Armed Forces Spokesman Yahya Saree said that Yemeni forces successfully hit the Israeli Ben Gurion Airport with ballistic missiles on Sunday.
Saree said that the Yemeni Armed Forces struck the Israeli Ben Gurion Airport in Tel Aviv using Zolfaqar missiles.
“By carrying out this operation, we proved that the US has failed to prevent Yemen from supporting the oppressed Palestinian people,” he stressed.
“American airstrikes do not prevent us from fulfilling our religious, moral, and human duties.”
“With the help of God Almighty, we will continue the anti-Zionist operations until the aggression and siege against the Gaza Strip stop.”
Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7 after the territory’s Palestinian Resistance movements carried out a surprise retaliatory attack, dubbed Operation Al-Aqsa Storm, against the occupying entity.
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