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Tag: Fidelity Bank

  • Fidelity Bank Donates Covid-19 Isolation Centre to Anambra State

    Fidelity Bank Donates Covid-19 Isolation Centre to Anambra State

    Consistent with its Corporate Social Responsibility (CSR) objectives, Fidelity Bank Plc has handed over a 50-bed capacity isolation centre at Ekwulobia General Hospital to the Anambra State Government.

    Equipped with medical equipment and other state-of-the-art facilities, the bank on Saturday donated the isolation centre to assist the Willie Obiano-led administration in the fight against the dreaded Coronavirus (COVID-19).

    Speaking at the handover ceremony on Saturday, Regional Bank Head (RBH), Awka, Fidelity Bank, Henry Asiegbu pointed out that the gesture was part of the bank’s CSR policy anchored on a commitment to enhancing the lives and wellbeing communities where the bank operates. “ The government and people of Anambra State have been very supportive of Fidelity Bank. It was therefore expedient that we rose to the occasion to fund this centre for the benefit of the people of Ndi-Anambra and Nigerias“ affirmed Asiegbu.

    Since the outbreak of the Covid-19 in Nigeria, Asiegbu noted that the bank had remained in the forefront of galvanizing requisite resources to support governments’ response to the Coronavirus pandemic as exemplified by monetary donations to other State governments including Plateau State, Kebbi State, Benue State, Kano State, amongst others. “This is in spite of our contributions to the Private Sector Coalition Against COVID-19 (CACOVID)” he said.

    According to him corporate philanthropy and social giving is at the core of the bank’s philosophy and outlook because bank believes that organisations and the societies where they does business are in a symbiotic relationships.

    In his remarks, the Governor of Anambra State, Obiano said the facility was to ensure that Covid-19 patients in the State received first-rate medical treatment. Obiano, who was represented by his Deputy, Dr Nkem Okeke, said though the number of Covid-19 cases in Anambra remained minimal, the facility was necessary to ensure the state’s readiness for any eventuality.

    Okeke also thanked the bank for its laudable contributions to the growth and development of Anambra State. Speaking in the same vein, Commissioner for Health, Dr Vincent Okpala, said the 50-bed capacity Isolation Center had the capacity to effectively cater to the needs of patients. Okpala commended the bank for the gesture, describing it as a demonstration of good neighborliness. He said the facility is equipped with oxygen concentrators, mobilizers and other machines that will help the fight against Covid-19.

  • Covid-19: Fidelity Bank partners ESLF to cater for less privileged in Benue

    Covid-19: Fidelity Bank partners ESLF to cater for less privileged in Benue

    In fulfilment of its promise to continually support communities where it currently operates, Fidelity Bank Plc has donated the sum of N10 million to Eunice Spring of Life Foundation (ESLF), a pet project of the Benue First Lady.

    The donation would enable the organisation, in no small measure implement its many humanitarian projects designed specifically for the people of Benue State. It would also cushion the effects of the COVID-19 pandemic on the less privileged in the state.

    Speaking during the presentation of the cheque, Fidelity Bank’s Executive Director, North, Hassan Imam, stated the bank was delighted with ESLF’s interventions in its four strategic areas of Education, Health, Governance and Economic Empowerment.

    According to Imam, ESLF boasts of unique and sustainable initiatives that would be most impactful in the lives of the vulnerable people in the society. Whilst disclosing that the Foundation’s laudable initiatives prompted the donation from the bank, he assured that the donation would not be a one-off support.

    Receiving the cheque on behalf of ESLF, the Founder of the organisation and First Lady of Benue State, Dr. Eunice Ortom, expressed gratitude to the bank for the gesture and promised that the foundation would make judicious use of the financial support.

    Earlier, the ESLF Programme Manager, Tine Agernor, pointed out that the Foundation had intervened in the areas of skills acquisition, economic empowerment for women and youths. Agernor said the Foundation was eager to partner with well-meaning individuals and organisations to carry out these humanitarian efforts.

    Also present at the event were Fidelity Bank’s Regional Bank Head, North Central, Sadi Zawayi; Branch Managing Director, Makurdi, Emmanuel Adukwu the bank’s Branch Head in Benue State University, Makurdi, Annet Olije Gyen.

  • Fidelity Bank announces N6.6bn profits in Q1, reassures commitment to safety of stakeholders

    Fidelity Bank announces N6.6bn profits in Q1, reassures commitment to safety of stakeholders

    Fidelity Bank Plc has reassured that it will continue to take measures that will ensure the safety of customers, staff and other stakeholders during this period.

    This reassurance was given on Thursday during the bank’s 32nd Annual General Meeting (AGM) in Lagos.

    Speaking at the annual shareholders meeting, Chairman, Board of Directors of Fidelity Bank, Mr. Ernest Ebi said the bank “remains committed to building a sustainable business, even in the midst of the challenges associated with the COVID-19 pandemic”. Mr. Ebi, who was a former Deputy Governor of the Central Bank of Nigeria (CBN), revealed that the Board, in line with its oversight responsibilities, has been meeting virtually, to strategize on new opportunity areas to cushion the impact of the pandemic and to sustain the growth trajectory of the bank in recent years.

    These views were also affirmed by Fidelity Bank CEO, Mr. Nnamdi Okonkwo who said Fidelity Bank’s greatest strength its ability to adapt to change. According to him, the bank would explore new prospects that are opening up in the retail market, continue to focus on customer-centricity, innovation and digitization, whilst keeping its eye on governance, risk and liquidity. “We place a high premium on risk management and will continue to review our risk acceptance criteria in reaction to new market realities” he assured.

    The meeting which was held by proxy, in compliance with the Corporate Affairs Commission’s (CAC) issued guidelines on holding AGMs within the period, had in attendance very few shareholders, on account of social distancing and restriction of movement in Lagos as a result of COVID-19 preventive and precautionary measures. Others joined remotely via live streaming.

    The shareholders who spoke on the occasion, gave kudos to the Board and management for the 2019 performance which saw the bank delivering double-digit growth across key performance indices. Gross Earnings grew by 14. percent to N215.5 billion, driven by a 15.8 percent growth in interest and similar income. The bank’s Profit Before Tax (PBT) rose by 21percent from N25.1 billion in 2018 to N30.4 billion in 2019.

    The shareholders unanimously endorsed the payment of a cash dividend of 20 kobo per share, which translates to N5.793 billion for the year ended December 31, 2019. Mr. Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria applauded the dividend growth from 11kobo paid in 2018 to 20 kobo in 2019. “From all the indices, this is a superlative performance. The achievement of over N30 billion in profits is indeed worthy of commendation”, Okezie stated.

    Chief Timothy Adesiyan, President of the Nigerian Shareholders’ Solidarity Association commended the improvements particularly in interest income, Non-Performing Loans (NPLs), Liquidity Ratio, Profit After Tax and Gross Earnings. Whilst lauding the bank for its digitization programme, he expressed optimism that the bank is truly positioned to take advantage of new and emergent opportunities on account of the bank’s comprehensive upgrade of its technology architecture.

    Meanwhile Fidelity Bank has begun the 2020 financial year on a positive note with the announcement of its unaudited results for the three months ended March 31, 2020. Gross Earnings for the first quarter of the year, grew by 5.7 percent to N51.2 billion from N48.4 billion in the previous year, whilst Profit before Tax (PBT) stood at N6.6 billion representing a marginal drop from N6.7billion recorded in the first quarter of 2019. Shareholders’ Funds the other hand grew by 3.6 percent from N234billion in 2019 to N242billion in the first quarter of 2020.

  • COVID-19: UK returnee staff of Fidelity Bank tests positive

    Fidelity Bank on Thursday revealed that one of its staff who returned from a holiday in the United Kingdom has tested positive for coronavirus.

    The bank noted that the individual had embarked on self-isolation upon his arrival in the country in line with its policy that mandates staff/family members who have travelled overseas in recent time to self isolate for 14 days and test for the virus before returning to work.

    “Fidelity Bank mandates staff or immediate family member(s) who travel out the country to self-isolate for two weeks and obtain medical clearance before returning to work as part of our COVID-19 preventive and precautionary measures,” the statement signed by Charles Aigbe, the bank’s divisional head for brand and communications, read.

    “This process was activated and strictly adhered to by one of our staff members who returned from holidays in the United Kingdom.

    “He was in self-isolation and underwent testing in line with the bank’s policy. The test results returned positive at the weekend and we quickly arranged for him to be moved to the Nigeria Centre for Disease Control (NCDC), where he is currently being attended to by health officials.”

    According to the bank, two other members of staff who received gifts from the individual have also been made to self-isolate and the office where they work has been temporarily closed.

    The bank said no customers were identified in the contact tracing that was carried out.

    Also, the bank said it has shut down its business office at the federal secretariat in Abuja and advised all staff/vendors to self-isolate and go for testing in line with its policy on COVID-19, on account of possible exposure of a vendor staff.

    The bank said it is carrying out other measures like reducing the number of staff expected to report physically at work and number of customers allowed at a time in the banking hall to a maximum of five to curb the spread of the virus.

  • Fidelity Bank Profit Rose By 24% As PBT Hits N30.4bn In 2019FY

    Fidelity Bank Plc has delivered another impressive full year result, sustaining the sterling financial performance that has been witnessed by the top lender in recent years.

    The bank’s FY 2019 results released on Monday at the Nigerian Stock Exchange (NSE), showed strong growth across key income and balance-sheet lines. Gross Earnings grew by 14.0% to N215.5bn from N189.0bn in 2018, whilst Profit before tax rose by 21.0% to N30.4bn compared with N25.1bn recorded in the previous year. Similarly net profits surged by 24% from N22.9bn from 2018 in 2018 to N28.4bn in 2019. Buoyed by the performance, the bank plans to pay a dividend of 20kobo translating to N5.8bn compared to the dividend of 11 kobo paid in 2018.

    In other indices, Net Interest Income increased by 13.2% to N83.1bn in 2018. Net Operating Income rose by 15.6% from N97.2bn to N112.3bn whilst Total Assets grew by 22.9% from N1,719.9bn to N2,114.0bn in the period under review.

    Commenting on the results, Fidelity Bank CEO, Mr. Nnamdi Okonkwo expressed delight with the performance “We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments”, he said.

    On Digital Banking he said the results were enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products. According to him “We now have 47.4% of our customers enrolled on the mobile/internet banking products, 82.0% of total transactions now done on digital platforms and 31.1% of fee-based income now coming from our digital banking business”.

    He further revealed that the efforts aimed at strengthening the bank’s foothold of the retail market, is yielding significant results with savings deposits rising by 20.7% to N275.2bn making it the 6th consecutive year of double-digit growth. “Savings deposits now accounts for about 22.5% of total deposits, an attestation of our increasing market share in the retail segment” stated Okonkwo.

    Just as was seen with deposit growth, there was also a corresponding increase in the bank’s retail assets. Specifically, Retail loans grew by 42.9% to N53.8bn driven by the bank’s new digital lending products and partnership with Fintechs. As at December 2019, the bank had disbursed over 70,000 micro-loans on our flagship digital lending product (Fidelity FastLoan) in partnership with Migo.

    Conversely there was a remarkable improvement in Non-performing loans (NPLs). The bank’s NPL ratio dropped to 3.3% from 5.7% in the 2018FY due primarily to the growth in the loan book and a 25.1% decline in absolute NPLs resulting from the loan write-offs of over N12bn.

  • Lagos Explosions: Fidelity CEO Commiserates With Victims, Assures Affected Traders of Support

    Lagos Explosions: Fidelity CEO Commiserates With Victims, Assures Affected Traders of Support

    The Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo on Monday commiserated with traders and others victims of Sunday’s tragic explosion in Abule Ado, Amuwo Odofin Local Government Area (LGA) of Lagos State.

    Accompanied by other Executive Management staff, Okonkwo who visited the affected market areas was received by the leaders of the Balogun Business Association (BBA), Auto Spare Parts and Machinery Dealers Association (ASPAMDA) and Association of Progressive Traders (APT).

    He prayed for the repose of the souls of those who died in the explosion and disclosed the bank’s readiness to make some token contributions to members of the traders’ associations whose shops and properties were destroyed. “We thought to come this morning to commiserate with you and see first-hand the damages caused by effects of the explosions” said Okonkwo.

    Responding, the market leaders thanked the bank for the gesture, noting that Fidelity Bank has been a true supporter and remains the most responsive of all financial institutions in the market. “Fidelity is not the only bank in this market. Coming here barely 24 hours after this incidence and offering financial support in addition, is quite commendable. We are still evaluating the extent of damages and the number of our members affected” said President BBA, Chief Anthony Obih.

    The Presidents of ASPAMDA and APT also expressed gratitude to Fidelity Bank. “You have indeed demonstrated to us that we are indeed partners. We will reciprocate this kindness and will continue to do everything within our powers to support the bank” stated President ASPAMDA, Chief Daniel Oforkansi. On his part the APT Market Association President Chief Eric Ilechukwu called on other corporate entities to emulate Fidelity Bank saying “it is people and organizations like you that we want. If others are like you, things will be better for it”.

    Several residential and commercial buildings as well as cars were destroyed in the explosion that rocked Abule Ado to its core. The resulting fire, from the explosion, later spread to the Nigerian National Petroleum Corporation (NNPC) oil pipeline passing through the area, although the pipeline was shut down as a precautionary measure. The explosion caused widespread panic among Lagos residents after it shook many houses in Ijegun, Festac Town and other communities outside Amuwo Odofin.

  • Fidelity Bank Restates Support for Women-Owned Businesses

    Fidelity Bank Restates Support for Women-Owned Businesses

    Fidelity Bank Plc has reaffirmed its readiness to assist women entrepreneurs in the country take their businesses to the next levels of growth by making available to them, low-cost intervention funding and transactional platforms, and tailored business advisory and capacity building services.

    The Managing Director/CEO, Fidelity Bank Plc, Nnamdi Okonkwo, disclosed this Friday at “Giving her Wings”; a platform to mentor, build and connect young women entrepreneurs with role models held at its Private Banking Office in Lagos. The event was organized as part of activities marking the 2020 International Women’s Day.

    He said the bank’s long-running support for the growth and development of small businesses in Nigeria stems from its recognition of SMEs as critical agents of economic development and transformation in Nigeria and the world at large.

    Whilst reiterating the bank’s passion for women empowerment, Okonkwo stated that the bank has built structures/systems to channel low cost intervention funding to MSMEs including women entrepreneurs to tame the ‘high-cost-of-funds’ challenge currently plaguing the segment.

    Managing Director, Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo; Founder / Chief Executive Officer, House of Tara International, Tara Fela-Durotoye; Chief Executive Officer, Linda Ikeji TV, Linda Ikeji at the forum organized by the bank to mentor young female entrepreneurs in Lagos.

    Okonkwo also revealed that as at February 2020, the bank had disbursed about N1.7 billion to SMEs from the SME on-lending line it obtained from the Bank of Industry (BOI). According to him, the bank also got a N28 billion on-lending line from the Development Bank of Nigeria (DBN) in 2018 for on-lending to MSMEs playing in critical sectors of the economy.

    He said, “As at February 2020, about N18 billion has been disbursed to SMEs on the on-lending line from DBN and an additional N6.8 billion is already approved, awaiting completion of documentation by concerned customers.”

    Okonkwo also disclosed that the African Development Bank (AfDB) had approved a $50 million line of credit to Fidelity Bank Plc to support small and medium and women-owned enterprises in Nigeria. “Thirty percent of the line is dedicated to financing women-owned enterprises. We have also continued to expand the frontiers of funding for our SMEs through our Fidelity SME Funding event series which is packaged to focus totally and completely, on funding for SMEs through the provision of a platform for various categories of financiers to meet and engage SMEs amongst other things.”

    While speaking on Business Structure and Governance for small businesses, Founder, House of Tara International, Tara Fela-Durotoye, expressed concern about the dearth of thriving small businesses in Nigeria. Durotoye blamed the current development in part, on the lack of the requisite knowledge and experience on the part of several entrepreneurs, to the right business models cum structures and accompanying support systems and policies to adopt, to run their businesses successfully and sustainably.

    She said, “Entrepreneurs today need to decide on businesses that would outlive them, enough to create an impact wherein by so doing, they are pulling people out of poverty. Only then would the international community stop looking at us as a country that cannot provide jobs for its people.”

    On her part, Chief Executive Officer, Linda Ikeji TV, Linda Ikeji, lauded Fidelity Bank Plc for organizing the women empowerment programme, explaining that more Nigerian women need platforms such as this to thrive and scale up their businesses.

    “This is commendable and, as you know, I am passionate about entrepreneurship, especially when it comes to supporting women who want to learn and be motivated and inspired. It is commendable that Fidelity Bank found it necessary to put something like this together for female entrepreneurs with an invitation to myself and Tara to come in as mentors to them.

    “Women need as many platforms like this as we can create and they need to start believing in themselves that they can achieve many things. I am happy that this happened. Another thing I would say is entrepreneurs, especially startups, need to innovate and weave their businesses around what people really need.”

    Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers that are serviced across its 250 business offices and various digital banking channels. The bank focuses on select niche corporate banking sectors as well as micro, small and medium enterprises (MSMEs). It is currently driving its retail banking business through its robust digital banking channels.

  • Photos: Popular CNN Anchor, Richard Quest visits Fidelity Bank

    Photos: Popular CNN Anchor, Richard Quest visits Fidelity Bank

    The CNN Anchor, Richard Quest on Monday paid a courtesy visit on the Management of Fidelity Bank Plc and engaged the team on several issues including SME lending and leveraging digital channels to deepen financial inclusion in Nigeria.

    See pictures from the visit below:

     

     

  • GAIM 4 DRAWS: 13 New Millionaires Emerge In Fidelity Bank’s Savings Promo, Begin 2020 On A Happy Note

    GAIM 4 DRAWS: 13 New Millionaires Emerge In Fidelity Bank’s Savings Promo, Begin 2020 On A Happy Note

    Thirteen lucky customers of Fidelity Bank Plc have started the new year on a strong note having emerged millionaires in the third monthly draw of the Get Alert in Millions (GAIM) promo season 4 in Lagos on Tuesday. The bank also rewarded loyal customers with cash prizes worth N16 million in the categories of N2 million and N1 million respectively.

     

    The electronic raffle draw, which was held at the bank’s Broad Street Branch, Lagos Island was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Consumer Protection Council (CPC). Lucky customers who emerged winners in the draw cut across all regions of the country.

     

    The winners include: Dare Abiodun Emmanuel; Ugwu Philomena Nneka; Chinenye Catherine Olunna; Egberi Agbarha Kelvin; Ivang Stanley Oham; Chinelo Loveth Egbuchunem; Dare Abiodun Emmanuel; Itabiyi Gbolahan Olakunle Hassan & Adejoke Jokotade; Larei Chindo; Chigozie Darlington Emoka; Khadijah Umar; Muazzam Ad Maizare; Isabella Chekwube Uche; Omolade Bamitale Olatawura.

     

    Others are Joseph James Abah; Oghenetega Emmanuel Erus; Blessing Chidinma Okafor; Loveline Uche Okonkwo; Nafisat Ali Lawal; Comfort Ita Asuquo; Mohammed Halima Sadiya, amongst others. The bank doled out 19 consolation prizes in form of fridges, television sets and power generating sets.

     

    Speaking during the event, Managing Director/CEO, Nnamdi Okonkwo, noted it is the bank’s 9th promo in 12 years whilst adding that a total of N16 million and 19 consolation prizes will be given out at the third draw. Okonkwo who was represented the Executive Director, Shared Services and Products, Chijioke Ugochukwu, further added that the draw will see a total of N50 million in cash and 54 consolation prizes to over 93 winners.

     

    “We would have given out a total of N50 million in cash and 54 consolation prizes to over 93 winners. We expect more winners to emerge at subsequent draws because the promo is still on and in addition to the N50 million that we will be giving out, we still have N70 million and several consolation prizes yet to be won”, he said.

     

    Shedding light on how people can qualify for the draw, Head, Savings group, Fidelity Bank Plc, Janet Nnabuko, stated that both existing and new customers can win by simply topping their account with N10,000 for existing customers or someone opening a new account and building it up to N20,000.

     

    She further disclosed that to qualify for the star prize of N3 million one needs to build his account to N50,000 while aspiring for the grand prize of N10 million, one only has to grow his account to N200,000.

     

    Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers that are serviced across its 250 business offices and various digital banking channels. The bank focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.

     

  • Fidelity Bank Orders Directors, Others to Stop Sale of Shares

    Directors, managers and other high-ranking members of staff of Fidelity Bank Plc as well as their related persons have been asked to stop the trading of the company’s equities on the floor of the Nigerian Stock Exchange (NSE) for now.

    These set of people have been prohibited by the financial institution to stop buying and selling of the stocks from Thursday, October 17, 2019 until the third quarter earnings of the bank are released to the NSE and the investing public.

    This is to prevent insider trading by these people because of the company’s vital information at their disposal, which they may use to affect the price of the stock at the exchange to the disadvantage of others.

    In a notice on Friday, Fidelity Bank said its board of directors was planning to have a meeting on Thursday, October 24, 2019 for the consideration and approval of its results for the nine months ended September 30, 2019.

    After the approval of the results by the board, the financial statements would be transmitted to the Central Bank of Nigeria (CBN), which would look into them and return to the bank before they are released to the public.

    “This is to inform the Nigerian Stock Exchange and the investing public that in line with Fidelity Bank Plc’s Insider Trading Policy and the extant Issuers’ Rules of the exchange, the board of directors of Fidelity Bank Plc shall meet on Thursday, October 24, 2019, to consider the Unaudited Financial Accounts for the third quarter ended September 30, 2019.

    “Consequently, all insiders and their connected persons are prohibited from trading (i.e buying, selling, transferring or otherwise dealing) in the bank’s shares from October 17, 2019 until the Unaudited Accounts for the quarter ended September 30, 2019 are released on the floor of the Nigerian Stock Exchange (NSE),” the disclosure from the lender today said.

    Meanwhile, shares of Fidelity Bank appreciated on Friday by 2 kobo or 1.18 percent to close at N1.72 per share.