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Tag: Fidelity Bank

  • EFCC arrests ex-Fidelity Bank MD over fresh $72.8m linked to former minister, Diezani

    EFCC arrests ex-Fidelity Bank MD over fresh $72.8m linked to former minister, Diezani

    The Economic and Financial Crimes Commission (EFCC), has uncovered an additional $72, 870,000 million linked to the former Minister of Petroleum Resources, Diezani Alison-Madueke.

    The sum was said to have been discovered in an account domiciled in Fidelity Bank Plc.

    Consequently, a former Managing Director of the bank, Nnamdi Okonkwo, has been arrested.

    Okonkwo, who is currently the Chairman of First Bank Holding, alongside others, had earlier been grilled over a sum of $153million and $115million by the Commission.

    While all the $153 million was recovered by the EFCC, the cases involving $115million, as it relates with the Independent National Electoral Commission, INEC, bribery matter, are in various courts.

    Okonkwo and Charles Onyedibe are currently being detained by the EFCC over the whereabouts of the new $72.8m.

  • Fidelity Bank grows PBT by 72.4% in 6 months

    Fidelity Bank grows PBT by 72.4% in 6 months

    Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

    The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

    Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.

    She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

    She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

    “We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

    Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

    She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.

    Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.

    The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.

    However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.

    Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.

    Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.

    “Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”

    She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.

    According to her, this is as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

    “We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.

    “This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,” Onyeali-Ikpe said.

  • [TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry

    [TNG Weekend Extra] Meet six women calling the shots in Nigeria’s banking industry

    The Nigerian banking industry has never had it this good in a long while having six women call the shots in a relatively male dominated industry.

    What started as a ‘one-off’ case is now gradually becoming the norm in the highly competitive industry.

    In just one week, two big industry players joined the list of commercial banks in Nigeria who have women in charge of affairs.

    TheNewsGuru.com, TNG in this report beam the lights on the women drivers in Nigeria’s banking industry from the newest entry to the last.

    Read on;

    1. Miriam Chidiebele Olusanya – MD/CEO GTBank

    Miriam Olusanya has over 23 years’ banking experience that cuts across Transaction Services, Asset and Liability Management, Financial Markets, Investment Banking and Investor Relations.

    She holds a Bachelor of Pharmacy (B. Pharm) degree from the University of Ibadan, Nigeria and a Master of Business Administration (Finance and Accounting) from the University of Liverpool, United Kingdom. She has also attended several executive management and banking specific developmental programs in leading educational institutions around the world.

    Miriam served as a Non-Executive Director on the Board of Guaranty Trust Bank (Gambia) Limited. She is also a member of the Financial Markets Sub-Committee of the Bankers’ Committee, the primary interactive policy platform made up of the Central Bank of Nigeria and banks.

    She joined the Bank as an Executive Trainee in 1998 and rose through the ranks until her appointment as Executive Director in 2018.

    Until her appointment as MD/CEO, she was the Group Treasurer and Head, Wholesale Banking Division, responsible for balance sheet and financial markets activities of the Bank and its African subsidiaries, Corporate Finance as well as Investor Relations.

    2. Yemisi Edun – MD/CEO FCMB

    Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

    She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

    She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities. She was also involved in audit of Banks and Other Financial Institutions. She joined FCMB in year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank.

    She is now the Managing Director of FCMB.

    3. Nneka Onyeali-Ikpe – MD/CEO Fidelity Bank

    Nneka Onyeali-Ikpe has been an integral part of the transformation team at Fidelity Bank in the last six years. She was formerly Executive Director, Lagos and South West, overseeing the bank’s business in the six states that make up the South West region of the bank. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth, across key performance metrics, including contributing over 28% of the Bank’s PBT, Deposits and Loans.

    She is a consummate professional of over 30 years’ experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank Limited, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking, Corporate Banking. She has been involved in the structuring of transactions in various sectors including oil & gas, manufacturing, aviation, real estate and exports.

    As an Executive Director at Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON) as a member of the management team that successfully turned around Enterprise Bank Plc.

    Onyeali-Ikpe holds Bachelor of Laws (LLB) and Master of Laws (LLM) degrees from the University of Nigeria, Nsukka and Kings College, London, respectively. She has attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others.

    She is also an Honorary Senior Member (HCIB) of The Chartered Institute of Bankers of Nigeria (CIBN).

    4. Halima Buba – MD/CEO SunTrust Bank

    Halima is a seasoned Banker with over 20 years cognate experience obtained from working in Allstates Trust Bank, Zenith Bank, Inland Bank Plc, Oceanic Bank Plc and Ecobank Nigeria Limited.

    She holds a Bachelor of Science (B.Sc.) degree in Business Management from the University of Maiduguri and an MBA from the same University.

    Halima is an Alumnus of the Lagos Business School Senior management programme. She is a senior Honorary Member of the Chartered Institute of Bankers and a Fellow of the Institute of Management Consultants.

    She sits on the Board of several reputable Institutions, including those of the Nigerian Sovereign Investment Authority (NSIA) as a Non-Executive Director and Anchoria Asset Management Company Limited.

    Halima is a Champion of youth and women empowerment, and consistently makes philanthropic contributions towards the girl child Education.

    5. Ireti Samuel-Ogbu – MD/CEO Citibank

    In August 2020, Citigroup announced Ireti Samuel-Ogbu as its first female Country Officer for Nigeria i.e MD/CEO Citibank Nigeria. Prior to assuming office in Nigeria, she served as managing director of payments and receivables, treasury and trade solutions for Europe, Middle East and Africa at the group’s office in London.

    She had been on the Board of Citibank Nigeria Limited since 2015 as a non-Executive Director.

    In the last 32 years, Samuel-Ogbu has held various roles across Citi’s businesses in the UK, Nigeria and South Africa, having worked in each of these countries twice. Previous roles have included Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, as well as TTS Sales, Corporate Finance and leading Citi’s TTS business in two of the largest markets in Africa.

    As a champion of diversity and inclusion, Samuel-Ogbu co-founded two impactful mentorship initiatives within Citi – the Sapphire Leadership Program for Middle East and Africa, and the Momentum Program in the UK. She is currently the EMEA co-Chair for Citi Women’s Affinity group and represents EMEA on the Global Affinity Steering Committee at Citi.

    She obtained a BA Hons Accounting and Finance from Middlesex University, UK and has an MBA from the University of Bradford, UK.

    6. Tomi Somefun – MD/CEO Unity Bank

    Prior to her appointment as MD/CEO in August 2015, Tomi Somefun served as the Executive Director overseeing the Lagos and South-West Business Directorates, the Financial Institution Division and Treasury Department of the Bank. She is a Member of the Board Finance & General Purpose Committee, Board Risk Management Committee, Board Credit Committee, amongst others.

    She a career professional with 35 years post qualification experience, over 26 of which were in the banking sector, spanning key segments including Treasury & Investment Banking, Corporate Banking, Retail, and Commercial Banking Operations. Tomi had a distinguished career with UBA group where she led 2 major subsidiaries of UBA as MD/CEO including a start-up company, UBA Pensions Custodian where she was the pioneer Managing Director.

    Prior to UBA, Tomi worked with two leading consulting firms: KPMG and Arthur Andersen (now KPMG). A Fellow of the Institute of Chartered Accountants of Nigeria and Chartered Institute of Bankers of Nigeria (CIBN), she graduated with a Second Class Upper degree from the Obafemi Awolowo University (formerly University of Ife) in 1981 with a Bachelor of Education in English Language. She was recently conferred an Honorary Degree of Doctor of Business Administration (D.BA) by the Redeemer’s University Nigeria (RUN).

    Tomi has extensive Executive Education in leading change and organization renewal, strategy formulation & execution, business analytics and development, and financial management from various esteemed business schools. She is an alumnus of the Columbia Business School, United States of America, and INSEAD, Fontainebleau, France, and holds a Certificate of Management Excellence from Harvard Business School (HBS). She is a member of various professional bodies including the Institute of Directors (IOD), Bank Directors Association of Nigeria (BDAN) and Chartered Institute of Bankers of Nigeria (CIBN). In addition, she has served on the board of several quoted and unquoted companies, and Non-Governmental Organizations (NGOs).

     

  • Onyeali-Ikpe’s Seven Point Agenda: Building A Future-Ready Fidelity Bank

    Onyeali-Ikpe’s Seven Point Agenda: Building A Future-Ready Fidelity Bank

    John C. Maxwell, an American author and speaker, is a widely acknowledged thought leader. Maxwell asserts in one of his most famous quotes, which encapsulates the true essence of leadership, “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails”.

    Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe is leading the financial institution through a significant evolution of business culture with the primary objective of improving operational efficiency and expanding market share. Mrs. Onyeali-Ikpe is adjusting “the sails” to ensure that her colleagues at Fidelity Bank have the wind at their backs as they work toward common goals and individual successes.

    Currently, Nneka has her sights fixed on positioning the bank as one of Nigeria’s leading financial institutions, which leverages automation and robotics to replace manual and repetitive processes. The global lockdown caused by the Covid-19 pandemic was a messenger unlike any other, signaling that Nigeria’s traditional and over-the-counter banking systems are no longer viable.

    Since assuming office in January 1 2021, the bank’s first female CEO and MD, has outlined a seven-point agenda to move the bank further in its quest to become a tier-1 bank that is well-positioned to outlive the competition and serve well into the future.

    Overview and timeline

     

    Fidelity Bank’s seven-point agenda focuses on brand architecture, brand building and refresh, talent development and transformation, product and service delivery, agility and performance discipline, digital transformation, and regulatory compliance.

     

    In accordance with this, here are the bank’s strategies for ensuring that it attains its objectives:

     

    1. The bank intends to embark on an Innovation Drive through the implementation of new processes, techniques. The bank is also executing fresh ideas to ensure continuous process improvement, reduce cost to serve, increase competitiveness, improve brand recognition and value, build new partnerships and relationships, drive turnover, and increase profitability.

     

    2. Brand refresh with the aim to increase top-of-mind awareness of the Fidelity brand by external and internal stakeholders.

     

    3. Workforce Transformation to create a future readily supported by a high performing and empowered workforce. This will be achieved by deepening the skills and competencies of staff across the bank, entrenching a culture of high performance, and embedding new ways of working in the bank. So far, the commencement of capacity building training for staff and senior management training are some of the initiatives implemented.

     

    4. Service Excellence which is intended to build brand loyalty through personalized and seamless customer experience delivery. This is already underway with the award-winning virtual assistant IVY. This revolutionary chatbot handles simple tasks like account opening to complex tasks such as complaint resolution, bill payment, transferring users to a live agent, loans, fixed deposit applications, and answering random questions.

     

    5. Digital Transformation involves an end-to-end digitization across all facets of the business. In line with this, the bank has launched a novel digital service —Pay Yourself —which revolutionized payday for salary earners and SMEs.

     

    6. Performance Discipline to ensure focus on strong fundamentals, asset quality, and strategic cost management. Initiatives already carried out in this regard include;

    – The Policy Familiarization Program —a capacity-building project geared towards building a knowledgeable and versatile staff network/raising subject matter experts in all business areas that kicked off in March.

    – The One Culture Project- which was initiated to reinforce enabling behaviours and value systems towards fulfilling the bank’s goals

    – Project Alpha- aimed at helping the bank develop a robust and holistic learning and development framework for all staff.

     

    7. Accelerated Growth which will drive aggressive market penetration and business diversification. This will be achieved through deeper penetration in key retail markets.

     

    Other initiatives geared towards deepening growth include; accelerated play in the SME segment, renewal of institutional banking, and drive for transaction-based propositions in corporate banking.

     

    With this seven pronged agenda, Fidelity Bank is well on its way to leading the sector while revolutionizing Nigeria’s financial landscape.

  • Kaduna seals four Fidelity Bank branches over N43.3m tax liabilities

    Kaduna seals four Fidelity Bank branches over N43.3m tax liabilities

    The Kaduna State Internal Revenue Service has sealed four branches of Fidelity Bank in the state for tax Liabilities amounting to N43.3 million.

    The branches are located at Ali Akilu Road, Ahmadu Bello Way, Polytechnic Road by Maimuna Gwarzo Junction, and Kachia Road, all in Kaduna metropolis.

    The Executive Chairman of the Revenue service, Zaid Abubakar, said the bank’s branches were closed based on a court order after the bank refused to settle outstanding tax returns of N43.3 million owed the state government from 2011 to 2020.

    According to her, the action taken against the bank is in line with Section (3) and (4) of the personal income tax Amendment Act 2011 and Section 37 (3l and (4) of Kaduna state Tax Codification And Consolidation Law, 2020 as amended.

    She said the management of the bank was served with notices of the tax assessment five times, but the notices were ignored.

    The move is part of efforts by the state government to encourage voluntary settlement of all tax liabilities by taxpayers.

  • Fidelity Bank clears air on alleged probe of immediate past MD/CEO, Nnamdi Okonkwo

    Fidelity Bank clears air on alleged probe of immediate past MD/CEO, Nnamdi Okonkwo

    The management of Fidelity Bank Plc has denied information making the rounds in some sections of the online media (TheNewsGuru, TNG not included) that it’s board has approved the probe of the bank’s immediate past Managing Director/Chief Executive Officer, Nnamdi Okonkwo.

    The bank in a statement on Tuesday by its Brand and Communications Manager, Ejike Ndiulo said the report is false while noting that Okonkwo served the financial institution to his best during his tenure as MD/CEO.

    Read full statement below:

     

    REBUTTAL OF FALSE INFORMATION

    Our attention has been drawn to false information posted on some online platforms alleging that the Board of Directors of Fidelity Bank Plc has approved a probe of our former Managing Director/CEO, Mr. Nnamdi Okonkwo.

    The story is entirely false, malicious and should be discountenanced

    Mr. Okonkwo served the bank meritoriously as Managing Director and Chief Executive Officer between 2014 and 2020 and led his team to achieve impressive results.

    For the avoidance of doubt, the Board of Directors continues to hold Mr. Okonkwo in high esteem and wish him well in his future endeavors.

     

    Ejike Ndiulo

    Brand and Communications

    For: Fidelity Bank Plc.

  • Fidelity Bank Receives Allied Food & Confectionery Services EXCO Members

    Fidelity Bank Receives Allied Food & Confectionery Services EXCO Members

    Fidelity Bank, as a purpose-driven financial institution, makes concerted efforts to forge alliances with forward-thinking companies, working together to grow the Nigerian economy.

    Just recently, EXCO members of the Bank led by Managing Director/CEO, Mrs. Nneka Onyeali-Ikpe received Mr. Antoine Zammarieh, Managing Director, Allied Food & Confectionery Services Limited (Franchisee of Burger King in Nigeria), who paid a courtesy visit to the bank.

    The purpose of Allied Food & Confectionery Services visit was to strengthen client relationship management with a view to creating long-term value. Allied Food and Confectionary Services had recently announced plans to launch and grow the Burger King brand in Nigeria, the largest country in Africa.

    Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021. The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026.

  • Fidelity Bank’s Executive Director/Chief Operating Officer, Gbolahan Joshua retires

    Fidelity Bank’s Executive Director/Chief Operating Officer, Gbolahan Joshua retires

    The Board of Director of Fidelity Bank Plc has announced the retirement of its Executive Director/Chief Operating and Information Officer, Gbolahan Joshua, with effect from June 11, 2021.

    This follows Joshua’s notification of his intention to retire and the subsequent approval by the board in its meeting.

    This disclosure is contained in a notification that was sent by Fidelity Bank to NGX Regulation Limited and the general public, and signed by the bank’s Company Secretary, Mrs Ezinwa Unuigboje, on June 25, 2021.

    Fidelity bank, in its press statement, also said that the development was communicated to the Central Bank of Nigeria (CBN), which they duly noted.

    The bank’s statement read in part: ‘’Fidelity Bank Plc hereby notifies NGX Regulation Limited and the General Public of the following change on its Board of Directors.

    ‘’Mr Gbolahan Joshua, Executive Director/Chief Operating and Information Officer, notified the board of his intention to retire from the services of the bank with effect from June 11, 2021. The Board approved his retirement at its meeting of April 16, 2021 and communicated same to the Central Bank of Nigeria, which formally noted the development.

    ‘’The Board and Management of Fidelity Bank seize this opportunity to acknowledge Mr Gbolahan Joshua’s significant contributions to the growth and development of the Bank during the period of his employment and tenure on the Board.’’

    Gbolahan Joshua joined Fidelity Bank in April 2014 as a General Manager and was appointed to the Board in September 2019.

    Whilst in the service of the bank, he had the responsibility of Corporate Strategy, Business Transformation, Investor Relations, Performance Management, Operations, Technology, Digital Banking and Digital Marketing.

    His retirement comes after seven years of meritorious service to the institution.

  • Fidelity GAIM Season 4 Final Draw To Hold On July 22

    Fidelity GAIM Season 4 Final Draw To Hold On July 22

    Fidelity Bank Plc, top Nigerian lender, has announced plans to enrich the lives of fifteen Nigerians with a total of 39 million Naira at the final draw of the Get Alert in Millions Campaign (GAIM) Season 4 savings promo, slated for July 22, 2021.

     

    The savings promotion, which is specifically aimed at promoting the culture of saving among Nigerians, is one of the bank’s many initiatives aimed at rewarding new and existing customers for their unwavering loyalty and patronage.

     

    Despite the fact that the promotion was halted in 2020 due to the Coronavirus (Covid-19) Pandemic and the resulting global lockdown, hundreds of Nigerians have benefited from this unique reward scheme in which lucky customers are credited with millions of naira and consolation prizes via a draw system.

     

    The Chairman, Promo Committee, Fidelity Bank Plc, Mr. Richard Madiebo expressed his delight at the resumption of the savings promotion, stating that the campaign seeks to reward customers for their loyalty and patronage. According to Mr. Madiebo, for the past twelve years, the bank has empowered new and existing customers, providing an avenue for many to change their fortunes through its savings Promo.

     

    He stated that the bank takes pride in keeping its promises, adding that the lender would continue to look out for innovative ways to satisfy and enrich its customers across the nation.

     

    “And as we wind down on the 4th season of the GAIM promo, we are elated at the prospect of not only driving financial inclusion across Nigeria, but also at the unique opportunity to enrich the lives of our customers especially in times of economic uncertainties”, noted Madiebo

     

    Over the years, the leading tier two Bank has continued to intensify its efforts and innovate ways towards ensuring customer and stakeholder satisfaction. Through this promo, Fidelity Bank has promoted financial inclusion through digital channels and enriched the lives of its customers even in times of economic uncertainties.

  • Fidelity Bank doles out N150,000 each to 62 children to mark Children Day

    Fidelity Bank doles out N150,000 each to 62 children to mark Children Day

    Fidelity Bank remains committed to putting smiles on its customers’ faces by enriching their lives through its ongoing savings loyalty program. To mark this year’s Children’s Day, the bank doled out N150, 000 to 62 Sweet Account (SWEETA) holders across the country, a whopping total of N9.3 million. As part of its efforts to deepen customer engagement, the bank readjusted its approach with respect to the loyalty scheme.

     

    Under the auspices of the loyalty scheme, the bank presented cheques to the beneficiaries of the loyalty scheme at various children’s events organised by Bounty Kiddies Bites & Event, Katsina; Zeelove Event Management; Pamvilla Primary & Secondary School; Refiner School; Ilupeju Junior & Senior Secondary School; Orphanage Home, IDP camp throughout Katsina, Niger, Abuja, Lagos, and so on.

     

    Commenting on this initiative, Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe pointed out that all round quality education remains a strong anchor in raising tomorrow’s children and breeding exceptional children who can compete globally. “This is why we have decided to contribute our quota as a bank by offering school fees support to select Nigerian children.

     

    Mrs. Onyeali-Ikpe urged well-meaning Nigerians and corporate entities operating in the country to continue to support positive causes that would ensure a secure future for children. In the same vein, Richard Madiebo, Head of Product Development, encouraged prospective and existing customers to open SWEETA accounts for their children and wards to participate in this initiative.

     

    It is worthy to note that the bank has given out N4.1bn to 10,280 customers (7,367 FPSS & 2,913 SWEETA) from the inception of the loyalty scheme to date. In keeping to its promise of rewarding N500,000 “extra income” and N150,000 “School Fees Support” to all active FPSS and SWEETA holders every quarter, the bank conducted random electronic selection of the loyalty beneficiaries across Regional banks/branches for quarter ended March 31, 2021.

     

    During the week, the bank conducted a virtual cluster loyalty selection for Fr. Hillary Group of St. Peters Catholic Church, Awka, and Mrs. Ngozi Cynthia was the recipient of N500, 000 in “extra income.”