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Tag: Fidelity Bank

  • Fidelity Bank posts impressive Q3 results as profits hit N21.3bn

    Fidelity Bank posts impressive Q3 results as profits hit N21.3bn

    Fidelity Bank Plc has recorded impressive results posting N20.4 billion Profit After Tax, PAT for the third quarter ended September 2020, Q3’20, representing a growth of seven per cent as against N19 billion in the corresponding period of 2019, Q3’19.

    The bank has also disbursed over N50 billion in intervention funds to customers in the last three months. Details of the results submitted to the Nigerian Stock Exchange, NSE show improvements in key indices though gross earnings dropped marginally by 3.7 per cent to N155 billion from N161.1billion in 2019.

    Profits were however up by 3.6 percent, closing at a Profit Before Tax (PBT) of N21.3billion. In other indices, customer deposits, net loans and total assets grew in double digits.

    Total assets grew by 21 percent to N2.5 trillion from N2.1 trillion in 2019; customer deposits were up by 22.3 per cent to N1.5 trillion from N1.23 trillion whilst net loans rose by 12 per cent to N1.27billion from N1.12billion.

    Commenting on the results, Group Chief Executive Officer, Mr. Nnamdi Okonkwo said: “Our 9 months results reflect our resilient business model, particularly in a very challenging operating environment. We worked closely with our customers to gradually recover from the economic impact of the pandemic and the attendant effect of the lockdown.”

    He explained that the drop in gross earnings was due to the decline in interest and similar income caused by lower yields and drop in fee income.

    “Net fee income declined by N1.3 billion largely due to a reduction in FX related income on account of the revaluation gains recorded in H1 2020. Digital Banking however continued to gain traction as we now have 52.3 per cent of our customers enrolled on the mobile/internet banking products from 47.4 per cent in 2019 full year and 88.2 per cent of customer-induced transactions are done on digital platforms.”

    Similarly, digital banking income increased by 20.0 per cent quarter on quarter due to improved adoption by customers and new services migrated to our digital channels” he stated.

    Fidelity Bank has over the years implemented a retail digital banking strategy and that has continued to deliver, with the bank on course to achieving the 7th consecutive year of double digits growth.

    “The growth in savings deposits accounted for 40.2 per cent of total growth in customer deposits and savings deposits now represent 25.7 per cent of total deposits, up from 22.3 per cent in 2019” he enthused.

    He further disclosed that the bank has disbursed over N50 billion in intervention funds to customers in the last three months, in critical sectors to kick-start the economy after the lockdown and was quite optimistic about finishing the year strongly.

    “We will continue to monitor and pro-actively manage evolving risks as business activities improve and look forward to delivering another set of resilient results in the remaining quarter of 2020FY” Okonkwo noted.

  • #EndSARS: Fidelity Bank shuts three Lagos branches for repairs

    #EndSARS: Fidelity Bank shuts three Lagos branches for repairs

    At least three branches of Fidelity Bank Plc in Lagos State have been shut down by the management to allow for repairs.

    The affected branches of the financial institutions are located in Ibeju Lekki, Lagos Business School and Lekki Phase 1. They were touched by some youths in the aftermath of the Lekki Toll Gate shooting of #EndSARS protesters by soldiers last Tuesday.

    The destruction of properties belonging to both the government and private organisations led to the imposition of a 24-hour curfew on the state by Governor Babajide Sanwo-Olu.

    Last Friday, the Governor announced that from Saturday, October 24, 2020, the curfew would be relaxed to 4pm – 8am and on Sunday, he further announced that the movement restriction would be eased from Monday, October 26, 2020, to 6pm to 8am.

    In view of this, many businesses in the metropolis resumed today and Fidelity Bank, in a notice sent to its customers via an email on Monday, disclosed that its branches in the state would operate from 9am to 2pm.

    The lender in a notice issued to customers said the three branches earlier mentioned will not be open to customers, advising them to use other branches nearer to them.

    “Following the update on the partial curfew imposed by Lagos and other state governments, our branches in these locations will operate during the hours of 9am and 2pm commencing from tomorrow, Monday, October 26, 2020, pending further announcements by any of these state governments.

    “Please note that our branches at Ibeju Lekki, Lagos Business School and Lekki Phase 1 are unavailable during this period to allow for repairs.

    “Kindly visit branches at Victoria Garden City, Ikota, Oniru or any Fidelity Bank branch close to you to carry out your banking transactions.

    “Alternatively, you can make use of our digital channels (*770#, online banking channels – mobile and web, POS, Ivy on Facebook and WhatsApp via 0903 000 0302), available 24/7 for all your banking transactions.

    “Please note that our branches in locations on round-the-clock curfew remain closed until the curfew has been lifted in those locations.

    “For further assistance, please contact our customer care team, Fidelity TrueServe, on 070034335489 (0700FIDELITY); from abroad, call 09087989069,” Fidelity Bank, which also prayed for the “healing of our great nation” and urged customers to “please stay safe,” said in the notice.

  • Fidelity Bank appoints two new directors

    Fidelity Bank appoints two new directors

    The Board of Directors of Fidelity Bank Plc has announced the appointment of Engr. Henry Ikem Obih as an Independent Non-Executive Director with effect from September 21, 2020 and Dr. Kenneth Onyewuchi Opara as an Executive Director. The appointments have been approved by the Central Bank of Nigeria (CBN).

    Dr. Opara will assume office as the Executive Director in charge of the Lagos & South West Directorate on January 1, 2021, taking over leadership of the Directorate from Mrs. Nneka Onyeali-Ikpe who was recently appointed Managing Director/CEO – Designate.

    Mrs. Nneka Onyeali-Ikpe will succeed Mr. Nnamdi Okonkwo who retires as Managing Director/CEO on December 31, 2020, upon the completion of his contract tenure in line with the internal policies of the Bank.

    “Both appointments are in furtherance of our positioning for the next growth phase. We welcome Henry and Ken to the Board and believe they will make significant contributions that will sustain the performance trajectory of the Bank in line with our strategic intent” said Mr. Mustafa Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc.

    Engr. Obih was the Group Executive Director/Chief Operating Officer (GED/COO), Downstream, Nigerian National Petroleum Corporation (NNPC) until his retirement in 2019 and was subsequently appointed to the Board of Nigeria Liquefied Natural Gas Limited (NLNG) in July 2020.

    He joins the Board of Fidelity Bank Plc with significant cross-functional work experience and exposure spanning over three (3) decades, across different climes including Africa, Europe, Asia and the Americas. He has extensive experience in project and performance management, manufacturing and operations management, sales and marketing, strategy and business planning/analysis, business development/re-engineering, general management, corporate governance and risk management.

    Prior to joining NNPC as GED/COO in 2016, Engr. Obih had a stellar 22-year career at Mobil Oil Nigeria (ExxonMobil Nigeria Downstream) and held several high-profile positions in the company including being Executive Director, Retail and Executive Director, Operations, Customer Service and Logistics.

    His recent leadership roles include board positions at Nigeria Gas Marketing Company Limited, Pipelines and Products Marketing Company Limited, NNPC Retail Limited, NIDAS Marine Limited (a subsidiary of NNPC in joint venture with Daewoo Industries South Korea), NIKORMA Limited (a subsidiary of NNPC in joint venture with Hyundai Heavy Industries South Korea) and Duke Oil Company Inc.

    Engr. Obih holds a Bachelor’s Degree in Mechanical Engineering from the University of Nigeria, Nsukka (UNN) and an MBA in Financial Management from the University of Bradford, Yorkshire, England.

    His professional affiliations include membership of the Institute of Directors, Society for Corporate Governance and Council for the Regulation of Engineering in Nigeria (COREN); Nigerian Institution of Mechanical Engineers; Institute of Credit Administration and Fellow of the Nigerian Society of Engineers.

    He has attended executive programs in leadership, strategy, finance, corporate governance, and business management at some of the world’s leading institutions including Columbia Business School, New York, Massachusetts Institute of Technology (MIT), IMD Lausanne, Switzerland, London Business School and Lagos Business School, Nigeria.

    Dr. Opara who currently serves as General Manager/Regional Bank Head, Ikeja Region, has over 29 years’ experience in banking and worked at various financial institutions including legacy Omega Bank Plc, Equatorial Trust Bank Plc and Manny Bank Plc, before joining Fidelity Bank Plc in 2006, following its merger with Manny Bank Plc.

    He has core-banking experience in diverse areas of banking including Credit, Treasury, Retail, Consumer and Commercial Banking, International Operations and Corporate Banking and has held senior management positions in the industry including Divisional Head, Managed SMEs, Multilateral Agencies & Trade Missions; Division Head, SMEs, Electronic & Consumer Banking; Head, Private & Consumer Banking, Head, Affinity Banking & Corporate Consumer Banking; and Head Consumer & Commercial Banking.

    “The appointment of Ken is well deserved and in line with our succession planning policy. He has made significant contributions to the growth of the Region as well as the various Divisions he has headed in the Bank” said Fidelity Bank’s MD/CEO, Mr. Nnamdi Okonkwo.

    Dr. Opara has attended executive management programs at Harvard Business School, Kellogg School of Management, Wharton, INSEAD and Lagos Business School amongst others. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and an active member of the Institute’s Governing Council, where he currently serves as 1st Vice President, having previously served as 2nd Vice President and National Treasurer of the Institute.

    He holds a Bachelor of Science (B.Sc.) degree in Finance and Master of Business Administration (MBA) from the University of Nigeria, Nsukka and a Ph.D. in Credit Management from International University of Panama.

  • H1 2020: Fidelity Bank Posts Impressive Half Year Results

    H1 2020: Fidelity Bank Posts Impressive Half Year Results

    Despite the economic challenges occasioned by the COVID-19 pandemic, Fidelity Bank has sustained the financial performance trajectory of recent years, with another set of impressive financial results. Details of the Audited Half Year results ending June 30, 2020 for the top Nigerian lender, released on the Nigerian Stock Exchange (NSE) on Thursday September 3, 2020, show strong growth in profits and other indices.

     

    The bank recorded a surge in Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. Net profits for Fidelity Bank grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices Total Assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits rose by 14.8% from N1.2trillion to N1.4trillion during the same period.

     

    Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo said the performance for the period, reflects the resilience of the bank’s business model. “Due to the global and domestic headwinds witnessed in H1 2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal” he stated.

     

    According to him, Fidelity Bank, re-stated its H1 2019 figures from N15.1bn to N9.8bn to reflect the impact of IFRIC 21- Levies, which was adopted for the first time on the H1 2020 financials. “The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1 2020 Accounts rather than been amortized over 12 months as was done previously on our financials” said the Fidelity CEO”. He further revealed that, without implementing IFRIC 21, profit for the period would have been N17.9bn compared to the N15.1bn reported in H1 2019.

     

    Fidelity Bank has been implementing a digital-led retail strategy and digital banking gained further traction during the period with 87.3% of the bank’s customers now transacting on digital platforms. The figures are up from 82.0% in 2019FY while 51.2% of the bank’s customers are now enrolled on the bank’s mobile/internet banking products.

     

    “Though digital banking income dropped by 29.1% due to the downward fee revisions for electronic transactions in line with the new bankers’ tariff, we have continued to receive positive reviews on our digital channels. IVY, the bank’s chat box is rated as the clear leader, among virtual assistants in the industry, just as our flagship instant banking product (*770#) was also rated in the top tier category in the recently released 2020 KPMG Digital Channels Scorecard” he explained.

     

    Retail Banking in Fidelity Bank has continued to also deliver impressive results. Savings Deposits in H1 2020 increased by 32.2% to N363.9bn with the bank on course to achieving the 7th consecutive year of double-digit growth in savings. Savings Deposits accounted for 49.1% of the total growth in customer deposits and now represents 25.9% of total deposits compared to 22.5% in 2019FY.

     

    In reflection of the bank’s early conservative assessment of the sectors that were affected by the COVID-19 pandemic, the bank’s Non-Performing Loans (NPL) ratio increased to 4.8% from 3.3% in 2019FY. Regulatory Ratios however remained above the required thresholds with Capital Adequacy Ratio increasing to 18.8% from 18.3% due to the capitalization of H1 2020 Audited Profits while Liquidity Ratio stood at 32.1%.

     

    Buoyed by the H1 performance, the bank is optimistic about the remaining part of the year. “We believe the new phase of normalcy will unveil some growth opportunities. We will continue to monitor and pro-actively manage any evolving risks as the Nigerian economy gradually reopens and economic activities pick-up in key sectors” Okonkwo stated.

  • Fidelity Bank Announces Gross Earnings of N105.8bn in H1 2020

    Fidelity Bank Announces Gross Earnings of N105.8bn in H1 2020

    The gross earnings of Fidelity Bank in the first half of 2020 rose to N10.5.8 billion from N103.7 billion in the same period of 2019.

    This was as the interest income rose to N87.1 billion from N84.3 billion, while the interest expense reduced to N39.3 billion from N48.9 billion, leaving the net interest income at N48.3 billion in H1 2020 as against N36.9 billion in H2 2019.

    In the results released on Thursday, the fee and commission income decreased to N9.5 billion from N13.1 billion, while the fee and commission expense increased to N2.8 billion from N2.4 billion.

    In the period under consideration, the lender had N8.6 billion as other operating income compared with N4.8 billion in the corresponding period of 2019, while the personnel expenses jumped to N12.2 billion from N11.8 billion, with the other operating expenses rising to N31.6 billion from N29.2 billion.

    However, the profit before tax increased to N12.0 billion from N9.8 billion, while the profit after tax increased to N11.3 billion from N8.5 billion, with the earnings per share closing at 39 kobo versus 29 kobo in H1 2019.

  • Fidelity Bank announces date to release H1 result

    Fidelity Bank announces date to release H1 result

    Fidelity Bank Plc is to publish its financial statement for half year ended June 30 on or before Sept. 28.

    The bank’s Company Secretary, Mrs Ezinwa Unuigboje, made this known in a notice posted on the Nigerian Stock Exchange (NSE) website on Tuesday.

    Unuigboje said that the audited financial report had been completed and sent to the Central Bank of Nigeria for approval.

    “The NSE has granted a 30-day extension time to file the bank’s audited half year financial statements for the period ended June 30, 2020.

    “The bank expects to publish the 2020 H1 Audited Financial Statement on or before Sept. 28,” she said.

    Unuigboje said that the trading window for dealings on the bank’s shares would remain closed to insiders until 24 hours after the release of the H1 2020 financials.

  • UBA, First Bank, Fidelity, others cut offshore monthly spending limit on Naira Card to $100

    UBA, First Bank, Fidelity, others cut offshore monthly spending limit on Naira Card to $100

    The United Bank for Africa (UBA), First Bank of Nigeria (FBN) and Fidelity Bank have joined the list of Nigerian banks that have reduced international spending limits for their customers as the foreign exchange situation in the country continues to bite harder.

    As they face tightening forex liquidity, it will be difficult for banks to meet their dollar commitments, particularly for debit card usage, hence, the need to cut down the spending limits.

    In a message sent to its customers and sighted by TheNewsGuru.com, TNG First Bank announced that it has now limited the amount its customers can henceforth spend for offshore transactions in a month, $100.

    “Spend now and pay later with your Naira Credit Card. Enjoy up to N3,000,000 credit facility, $100 monthly spend limit on international transactions, 45 interest-free days, flexible repayment plan, access to over 29 million channels worldwide, card control and protection using the Card Services feature on FirstMobile App,” the bank said in the notice.

    Equally, fellow tier-one lender, UBA, also announced that it was following the path due to the uncertainties surrounding the forex market which had forced its hand to review its international spending limits.

    The company, in a notice to its customers, said, “In light of the uncertainties in the Foreign Exchange Market, we have had to review international card spending limits.

    “The new applicable limit on your Naira card is $100 (or its equivalent in other foreign currencies) monthly effective August 21, 2020.

    “Whilst we note this significant reduction from your previous spend limit, we would like to reassure that this limit will be revised upwards as the market continues to improve.”

    Also, Fidelity Bank took the same step, putting $100 cap on international transactions via its Naira card.

    The bank stated, “Please be informed that the spending limit for international transactions on our Fidelity Naira Visa and MasterCard is now $100 monthly.

    “This means that your card can be used on Point-of-Sale (POS), WEB and ATM for a cumulative transaction value of $100 monthly.”

    In similar vein, Ecobank Nigeria also confirmed that a $100 monthly limit has been placed on international spending using its cards.

    TNG recalls that Guaranty Trust Bank (GTBank) had two weeks ago slashed the international spending limit on its Naira Mastercard by 80 per cent to $100 per month from $500 it first reduced it to earlier in the year.

    It was also reported that Stanbic IBTC Bank said its customers will only be able to spend $500 per month in terms of offshore card transactions and placed a monthly limit of $100 on withdrawals.

    Another tier one bank, Zenith Bank Plc, announced a temporary suspension of the use of debit cards for cash withdrawals abroad while it slashed the monthly spending limit for international card users to $200.

  • Fidelity Bank appoints Onyeali-Ikpe, MD/CEO designate as Okonkwo retires in December

    Fidelity Bank appoints Onyeali-Ikpe, MD/CEO designate as Okonkwo retires in December

    The Board of Directors of Fidelity Bank Plc wishes to announce the impending retirement of Mr. Nnamdi J. Okonkwo, the Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank Plc. He will be stepping down from the Board of Directors of the Bank, with effect from December 31, 2020, upon completion of his contract tenure, in line with the bank’s governance policies.

    In compliance with the succession policy of the Bank, the Board has approved the appointment of Mrs. Nneka Onyeali-Ikpe, the current Executive Director, Lagos and South West Directorate as the MD/CEO Designate. The approval of the Central Bank of Nigeria(CBN) has been obtained for the appointment.

    The Board has also approved the appointment of Mr. Kevin Ugwuoke, the current Chief Risk Officer of the Bank, as Executive Director, Chief Risk Officer, subject to the approval of the CBN.

    “To ensure a smooth and successful transition, Nnamdi Okonkwo will continue in his role as the MD/CEO until December 31, 2020, while Nneka Onyeali-Ikpe will assume office as the substantive MD/CEO by January 1, 2021” said Chairman Board of Directors of Fidelity Bank Mr. Ernest Ebi.

    He commended the MD/CEO for his significant contributions to the growth and development of the bank. “Fidelity Bank has enjoyed a very stable leadership since inception. These appointments underscore the bank’s robust human capital capabilities, governance and succession policies. We thank Nnamdi not only for his sterling performance but also for nurturing the new team and current crop of leaders to continue to steer the bank on its growth trajectory” he stated.

    Mr. Nnamdi Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 01, 2014. He implemented a Digital-led Strategy which led to significant growth across key performance matrix and increased market share, with the Bank currently ranked 6th amongst Nigerian Banks on most performance indices. Some of his key achievements include PBT growth of 236% from N9.0bn to N30.4bn; RoE increase from 5.5% to 13.3%; Customer Deposits growth of 68% from N806.3bn to N1,352.3bn and Savings Deposit growth of 275% from N83.3bn to N312.1bn.

    Other notable achievements include Net Loans and Advances growth of 174% from N426.1bn to N1,165.8bn; Customer Base increase by 121% from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0% to 50.1%, accounting for 28.4% of total fee income. In addition, the Bank successfully accessed the local and international markets through the issuance of N30bn Corporate Bonds in 2015 and $400million Eurobonds in 2017 under his leadership.

    Mrs. Onyeali-Ikpe was appointed to the Board of Fidelity Bank in 2015 as an Executive Director and currently oversees the Lagos and Southwest Directorate. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth across key performance metrics. Nneka has been an integral part of the current management team, responsible for the remarkable increase in the Bank’s performance in the last 5 years, with the area under her direct responsibility, contributing over 28% of the Bank’s PBT, Deposits and Loans.

    Nneka has over 30 years of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking. As an Executive Director at legacy 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.

    She holds Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London and has attended executive training programs at notable global institutions including; 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.

    Kevin Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer. Under his supervision, the Bank’s Total Loan Book has grown by a Compound Annual Growth Rate (CAGR) of 17% from N559.1bn to N1,218.9bn with Cost of Risk averaging 0.7% within the period and Non-Performing Loans Ratio below the regulatory threshold at 4.8% in Q1 2020.He has over 29 years of banking experience across various banks namely Citi Bank, Access Bank Plc, United Bank for Africa Plc and legacy Mainstreet Bank Limited, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management. Prior to joining Fidelity Bank, he was Chief Risk Officer at United Bank for Africa Plc and Mainstreet Bank Limited.

    Kevin holds a First Class Honors degree in Civil Engineering from the University of Nigeria, Nsukka and a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University. He has attended several executive trainings at Harvard Business School and other world-class institutions of learning.

  • Fidelity Bank announces changes to its Board

    Fidelity Bank announces changes to its Board

    Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi (MFR) who has been serving as Chairman, Board of Directors and Mr. Seni Adetu who has been serving as an Independent Non-Executive Director, having successfully completed their tenure in accordance with the Bank’s internal governance policy, will be stepping down from the Board.

    Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period.

    The Board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi who is currently the Executive Vice Chairman at Alpha African Advisory. He has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division.

    Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Government backed institution, established to resolve the problem of non-performing loan assets of Nigerian Banks after the 2008 global financial crisis. Mr Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.

    Mr. Ebi will however continue in the role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition. The changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.

    The outgoing Chairman expressed pride in the results that the Bank achieved during his time as Chairman. ‘I feel that the management team has consolidated on our plans to become one of the fastest-growing Banks in the country strongly rooted in technology only comparable with the best in the world. I am confident that my successor will continue on that path to take the Bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.

    Adetu, the outgoing Independent Non-Executive Director, said, “It has been an honor to be part of the Board over the last few years. Throughout this time, I have been humbled by the commitment and hard work of the Board and Management, and their passion for creating a truly global bank. I am very grateful to them, as I am to Fidelity Bank’s many other stakeholders, with whom we have worked to build a long-term, sustainable business”.

    The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi John Okonkwo, commended the contributions of the outgoing Board members, saying that the Board and indeed the bank has benefited immensely from their experiences and looks forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.

  • Fidelity Bank lauds NNPC, Oilserv, pledges support for $2.8bn AKK Gas project

    Lagos Nigeria, June 30, 2020: Top Nigerian lender, Fidelity Bank Plc, Tuesday commended the Nigerian National Petroleum Corporation (NNPC) and Oilserv, contractors to the $2.8bn Ajaokuta – Kaduna – Kano (AKK) Gas Pipeline Project, which was flagged off Tuesday, June 30, 2020, with the ground breaking ceremony at Ajaokuta, Kogi State.

    Designed in line with the key objectives of the Federal Government of Nigeria’s Gas Masterplan, the AKK Project was borne out of the need to not only boost domestic gas utilization in the country, but reduce the infrastructure deficit plaguing the oil and gas Industry.

    Speaking during the ground breaking ceremony, President Muhammadu Buhari said the landmark project was being developed at a critical time in Nigeria’s history, particularly now when it has become imperative to improve the country’s infrastructure asset. The AKK Gas Pipeline Project, he said will provide gas for generation of power, facilitate the development of new industries and revive moribund industries along transit towns in Kogi State, Abuja (FCT), Niger State, Kaduna State and Kano State.

    “When operational, the cascading effect and impact of the project will be immeasurable. It has significant job creation potential both direct and indirect, while fostering the development and utilization of local skills and manpower, technology transfer and promotion of local manufacturing” the President said.

    The Managing Director of NNPC, Mallam Mele Kyari commended the Nigerian President for the governments push and support to jumpstart the project which he said, is critical to national development. Kyari explained that the project, when completed, will create an enabling environment for development, adding that NNPC has the capacity to deliver and create opportunities for the growth of other industries in Nigeria.

    Also speaking at the ceremony, Fidelity Bank CEO, Mr. Nnamdi Okonkwo stated that that the bank was delighted to be associated with the laudable initiative to improve gas supply, enhance power generation and boost the productive capacity of the Nigerian Industrial sector. Okonkwo who was represented by the Executive Director, North, Mr. Hassan Imam pledged Fidelity Bank’s commitment to Oil Serv, the contractor of this project.

    “As partner/banker to Oilserv, we are happy to meet all the financial obligations and other funding needs, required to successfully execute this project” he added. Leveraging on its know-how and capacity, Fidelity Bank Energy Desk provides support to businesses in the oil and gas value chain. The bank’s support for local content development, according to Fidelity Bank’s Executive Director, Corporate Bank, Mr. Obaro Odeghe “underscores our support for the key infrastructure initiatives of the Federal Government, and our customer, Oilserv Limited; a market leader in the oil servicing space”.

    Oilserv Limited is an indigenous Engineering Procurement, Construction and Installation (EPCI) company. The Company provides EPCI services to Power and Oil & Gas Companies /Industries and have executed several landmark pipeline and gas infrastructure projects including OB-3 Pipeline Contract, OB-OB Project and currently the AKK pipeline project.

    Chairman & CEO, Oilserv Limited, Mr. Emeka Okwuosa assured Nigerians that the project would be delivered within the contractual terms, adding that the company has the capacity to handle such a monumental project. “We are ready for it and what we are doing today is the official flag off which is ground breaking. We are already working and laying the lines”, he stated. According to him the company had already employed over 600 employees, stating that this will be increased to 1000 or 15000 in due course.