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FY 2024: Fidelity Bank records a 210.0% growth in PBT to N385.2bn

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…Declares a total dividend of N2.10 per share

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Lagos, Nigeria, March 29, 2025: Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.

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According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.

Commenting on the results, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.

Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.

It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively. The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%. The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

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.

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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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