Leading financial institution, Fidelity Bank Plc, has extended its Fidelity Food Bank initiative to residents of Osogbo, Osun State as it recently distributed 2,000 food packs at Asubiaro State Hospital in Osogbo.

The outreach, which was executed in partnership with the Esther Adeleke Foundation, saw the distribution of essential food items to individuals, women and other vulnerable groups in the society.

Speaking at the distribution event, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, who was represented by the bank’s Regional Head Southwest (II), Morenike Olabisi noted that, “The gesture is part of the bank’s ongoing food distribution program, initiated by Dr Nneka Onyeali-Ikpe to provide relief and ensure food security for vulnerable households across the country.

Her words, “This is not the first time we are doing this in Osun State. Last year, we distributed 1,500 food packs to vulnerable households. Today, we are distributing 2,000 packs of raw food materials. We understand the symbiotic relationship we have with the communities where we operate and this initiative is part of our CSR efforts to give back to society in impactful ways.

“We have implemented the food bank project across the six geopolitical zones in Nigeria and among the beneficiaries are the Persons Living with Disabilities (PWDs), widows, senior citizens, children from schools with special needs among others,” she added.

Appreciating the gesture from the bank, the Osun State Governor, Senator Ademola Adeleke represented by the Secretary to the State Government, Teslim Igbalaye, noted that, “The Fidelity Food Bank Initiative reflects the core values of service and empathy to humanity that the administration holds dearly while noting that getting Nigerians out of the present economic situation demand collective efforts.

His words, “The active participation of individuals, foundations, and private organizations remains very critical and as a government, we are deeply committed to implementing policies and programs that alleviate poverty and provide opportunities for every citizen to thrive.

“Government’s efforts alone cannot achieve the desired results and initiatives like the Fidelity Food Bank will serve as a perfect example of how partnerships between the Government and private entities can transform lives.” He added.

Reiterating her support for the Food Bank Project, the First Lady of Osun State, Erelu Ngozi Adeleke noted that, “It has always been my wish and desire to help Osun State indigenes and the Fidelity Food Bank initiative has provided the platform to make a meaningful impact on the lives of individuals and families.

” Fidelity bank is doing a lot of humanitarian service and my state will fully support the bank massively. I want to encourage other banks to emulate this initiative”, she stated.

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023

Leading financial institution, Fidelity Bank Plc, has emphasized its commitment to the development of Nigeria’s creative economy with the launch of the Creativerse.

Located in a dedicated wing at the recently unveiled Fidelity SME Hub in Gbagada Phase 2, Lagos, the Creativerse boasts of fully equipped music recording, podcast, content production and photography studios as well as co-working spaces designed to foster innovation, collaboration and capacity development amongst operators in the Creative industry.

“We thought it is very important to have touchpoints for people who don’t have the capacity to do what they dream about. That is what this hub is about. We believe that everybody has a God-given skill- all we want you to do is to develop it and we are here to support you. And once you have developed the skill into a bankable transaction, you can rest assured that Fidelity will be there to help you take it to the next level.

“This is an incubator, we expect you to incubate your skills. The people on the finance side will help you with your accounting and all of that. And then it becomes bankable and you will become the next Burna Boy, the next Davido, the next Wizkid, Tems or Flavour”, noted the Fidelity Bank Chief Executive Officer and Managing Director, Dr. Nneka Onyeali-Ikpe when she took a select group of dignitaries and creative entrepreneurs on an exclusive tour of the facility recently.

The Fidelity SME Hub is a comprehensive resource center offering training programs, capacity-building workshops, business mentorship, industry networking opportunities, and business advisory services to small business owners.

Explaining the vision of the Creativerse and what the bank wants to achieve with the facility, Onyeali-Ikpe said, “We want the next Dangote to come out of here, the next BUA, the next Nestoil. We want you to grow and the most we can do is to support you. And most of this is pro bono. We want a situation that you can come and you are not scared of anything. Fidelity will take care of it.”

On his part the honourable Minister of Youth Development, Comrade Ayodele Olawande lauded the bank saying, “I want to see a bank that truly supports young people, and Fidelity Bank is doing just that. This initiative reflects a commitment to equipping Nigerian youth with the skills, resources, and opportunities needed to turn their business ambitions into profitable ventures”.

Similarly, the Lagos State Governor, Babajide Sanwo-Olu, who was represented by the Secretary to the State Government (SSG), Barr. ‘Bimbola Salu-Hundeyin, lauded the initiative as a game-changer for Lagos’ entrepreneurial ecosystem, noting, “SMEs contribute about 84 per cent to Nigeria’s GDP, and in Lagos, our dynamic business environment thrives on initiatives like this. This hub is a world-class package that moves businesses from survival to sustainability and from growth to greatness”.

The Creativerse currently hosts a range of masterclasses, trainings and networking events; and can be accessed at www.fidelitybank.ng/smehub.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

A customs and tax expert, Mr Okey Ibeke, says the duties of the Nigeria Customs Service (NCS) is not only limited to revenue collection but involves highly technical operations.

Ibeke stated this on Thursday in Abuja, following a public hearing on tax reform bills organised by the Special Committee on Tax Reform Bills on Wednesday.

He described the NCS as a specialised agency requiring advanced skills to effectively carry out its functions, adding that the proposed tax reforms could undermine its other specialised and critical operations.

Reports has it that the proposed reform bills include the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.

The Comptroller-General (C-G) of the NCS, Adewale Adeniyi, had stated that the proposed tax reforms aligned with President Bola Tinubu’s commitment to an efficient tax system for the country.

Ibeke, however, said that the reform if passed in situ could jeopardise the customs service’s ability to perform its core functions.

He expressed concern that designated revenue agencies may lack the technical expertise, specialised workforce and training to handle the assigned operation of the NCS.

According to him, these agencies might struggle to detect undervalued or misclassified goods, potentially leading to the acceptance of inaccurate importer declarations.

“Customs involves classifying cargo, understanding tariff classifications, and conducting customs valuations.

“Without the expertise to classify cargo and determine the applicable duty rates, there will be significant challenges. Only well-trained customs personnel can effectively perform these functions,” he explained.

He added that NCS operations require applying Rules of Origin (RoO), which is essential for determining a product’s original source.

RoO, he said, is critical for assessing the value of imports, calculating appropriate revenue, and identifying fraudulent practices.

He said that these are tasks that general tax administration systems could be ill-equipped to handle.

Ibeke warned that passing the bills without necessary adjustments could render the NCS redundant and negatively impact revenue generation.

“Is the Federal Government planning to dismantle the customs service? Will they employ customs officers to work in the new agency? Will they create offices for them within the agency?

“ This could lead to confusion. Ultimately, the government, which aims to maximise revenue, stands to lose the most,” he said.

Ibeke pointed out that the NCS has already made significant strides in modernising its operations through its Trade Modernisation Project.

“The deployment of the ‘B Odogwu’ software, for instance, has contributed to increased revenue collection and positioned the service to surpass its 2025 revenue target,“ he said.

He urged the Federal Government to increase funding for the NCS to address revenue collection challenges rather than repealing the 2023 NCS Act, which took over eight years to pass into law.

“The NCS has established infrastructure and is leveraging technology to facilitate trade. Repealing the Act now will undermine these efforts and hinder progress,” he said.

NAN reports that during the public hearing, the C-G emphasised the importance of ensuring that the final bills do not contradict the Act, thereby preserving the agency’s core functions and operational efficiency.

Ibeke called for a balanced approach that would strengthen Nigeria’s tax system without compromising the critical functions of the existing critical revenue agencies.