Global Attendance Confirmed For ASIS 2024

The Africa Social Impact Summit (ASIS) 2024 is set to be a truly global event, with delegates registered from over 50 countries from across the world. This diverse representation underscores the summit's worldwide appeal, as wee las its significance as the premier platform for sustainable development in Africa. The event will take place on July 25th and 26th at the Eko Convention Centre, Lagos.

This wide participation highlights the summit's role in promoting international collaboration to address the continent’s critical issues. From West Africa, delegates include participants from Nigeria, Ghana, Senegal, Côte d’Ivoire, Gambia, Togo, Burkina Faso, Sierra Leone, and Guinea. East Africa will see participation from Kenya, Uganda, Tanzania, Rwanda, Ethiopia, and Somalia. Central Africa will be represented by Congo - Kinshasa, Congo - Brazzaville, Chad, and Cameroon. Southern Africa will have delegates from South Africa, Botswana, Namibia, Zambia, Malawi, Madagascar, and Lesotho, while North Africa will be represented by Morocco and Algeria.

Fidelity Bank’s Consistent Strong Growth Excites Investors

Fidelity Bank Plc has recorded an average annual profit growth of 64 per cent over the past three years, underlining its resilience as one of Nigeria’s fastest growing companies.

The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.

A review of the audited reports and accounts of Fidelity Bank between 2023 and 2020 showed double-digit growths over the years with cumulative average annual growth rate (CAGR) in earnings, profitability and assets significantly above average industry rate and within the best performance among publicly quoted companies.

Court reinstates Shaibu as Edo deputy governor

A Federal High Court in Abuja reinstated Philip Shaibu as the deputy governor of Edo State three months after the Edo House of Assembly impeached him.

The judge, James Omotosho, declared on Wednesday that Mr Shaibu’s impeachment by the state assembly was illegal, Channels Television reported.

Mr Omotosho ordered the inspector general of police to restore Mr Shaibu’s security details. He directed that his salaries and allowances be paid since April when he was removed from office.

The Edo Assembly has appealed the judgment and filed for a stay of its execution pending the determination of the appeal.

Adaora Umeoji Highlights Zenith Bank’s Robust Financial Metrics: Says Bank Is Poised To Cross The N1 Trillion Mark In Profit In 2024

 

Zenith Bank Plc, Nigeria’s leading financial institution, held its Capital Markets Day last week to showcase the bank’s inherent values as it embarks on its recapitalisation journey. The event, which brought together key market players, focused on the bank’s growth trajectory, strategic objectives, market performance, and consistent, robust dividend payout over the years. It also provided an opportunity for the bank to inform capital market stakeholders about its robust risk management culture, adherence to regulations, capital adequacy, and maintenance of low non-performing loan levels.

Sterling One Foundation Announces Afreximbank as Strategic Partner for Africa Social Impact Summit 2024

To foster more private sector participation in the drive towards the achievement of the Sustainable Development Goals (SDGs) in Africa, the Sterling One Foundation has announced African Export-Import Bank (Afreximbank) as its strategic partner in hosting the third edition of the Africa Social Impact Summit (ASIS) to be held from July 25 -26, 2024 in Lagos, Nigeria. 

The event will focus on identifying strategies to mitigate risks in the continent’s investment opportunities to boost impact investment flows, drive policy-influencing conversations, and foster effective partnerships for sustainable growth.

Fidelity Bank eyes oversubscription to N127.1 billion combined offers

Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity Bank Plc has started preparations to allow the bank absorb oversubscriptions.

With investors rallying behind the bank’s N127.1 billion combined rights and public offer, market pundits had indicated that the bank would raise more than initial size of the combined offer.

Reports have shown high subscription levels for the offers early weeks of the offer period, riding on the back of acceptances by existing shareholders and demand by the general investing public.

PDP Wins All 21 LG Seats In Adamawa

The Peoples Democratic Party (PDP) has won all 21 council seats in the just-concluded Local Government (LG) election in Adamawa State.

According to the results just released by the State Independent Electoral Commission, all the councillorship seats were also won by the ruling PDP in the 226 wards in the North-East state except the Demsa Ward of the Demsa Local Government Area where the New Nigeria People’s Party (NNPP) won one councillorship seat.

NNPC no longer owns 20% of Dangote Refinery, says Aliko Dangote

The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation now owns only 7.2 per cent stake in the refinery.

He said the figure reduced from the initial 20 per cent.

Dangote said this while briefing journalists in Lagos State on Sunday.

He said, “NNPC no longer owns a 20% stake in the Dangote refinery. They were met to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.”

Sterling One Foundation, United Nations Nigeria Announce Africa Social Impact Summit (ASIS 3.0) 2024

The official press conference for the Africa Social Impact Summit (ASIS 3.0) 2024, hosted by the Sterling One Foundation and the United Nations Nigeria, was held on Tuesday, July 9th, at the Lagos Oriental Hotel. 

Present at the press conference were Olapeju Ibekwe, CEO, Sterling One Foundation; Mohammed M. Malick Fall, Resident and Humanitarian Coordinator, United Nations in Nigeria and Abubakar Suleiman, MD/CEO, Sterling Bank.

Others are Odunayo Sanya, Executive Director, MTN Foundation; Hauwa Adeeyo, Senior Special Assistant to the Lagos State Governor on Commerce, Cooperatives, Trade and Investments, and Dr. Mories Atoki, CEO, ABC Health, among other key stakeholders and partners.

Fear Grip Residents As Hyena Escapes From Jos Wildlife Park

There was anxiety within Dong Community in Jos North Local Government Area of Plateau State on Monday following the escape of a hyena at the wildlife park.

The General Manager of the Plateau State Tourism Corporation, Chuwang Pwajok, confirmed the development in a voice message sent to our correspondent in Jos on Monday.

Pwajok who assured residents that efforts were being made to track down the wild animal said, “I received a report yesterday of the escape of a hyena from its enclosure at the Jos Wild Life Park and immediately directed all our staff members especially the park rangers and animal keepers on hand to take an immediate step to locate the animal.

Zenith Bank Retains Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024. The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices.

Commenting on the dual honours, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, remarked: "These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations."

Dr. Umeoji expressed her delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank's customers for choosing Zenith as their preferred bank.

EFCC asked to probe Zenith Bank’s Chairman, Jim Ovia over an alleged N3.5Billion Fraud

An anti-corruption organisation, Global Integrity Crusade Network (GICN), has given the Economic and Financial Crimes Commission (EFCC) seven days to arrest and prosecute the Chairman of Zenith Bank, Jim Ovia, for alleged N3.5 billion money laundering and other alleged fraudulent activities.

The organisation in a petition signed by its Publicity Officer, Leticia Omeiza, accused Ovia of committing various wrongdoings as the Managing Director/Chief Executive Officer (CEO) of Zenith Bank Plc, including laundering the sum of N3.5 billion for the Rivers State Government in 2008.

Also, GICN accused Ovia of illegally using Seaforce Shipping Limited's accounts to trade and misappropriate funds for personal use.

GICN in the petition called on the EFCC to arrest and prosecute Ovia and his associates.

Fidelity Bank Affirms Industry Leadership with Publication of Its ISSB-Compliant Sustainability Report

In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.

Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.

£2.6bn Fraud: Petro Union Directors Lose Bid to Stop Trial

A Federal High Court in Lagos on Wednesday dismissed a No-Case-Submission application filed by three Directors of an oil firm, Petro Union Oil and Gas Limited, who are currently standing trial over an alleged £2.6bn fraud.

The trial judge, Justice Mohammed Liman, held in his ruling over the application that the Federal Government had made out a prima facie case against the company and its directors, which requires them to enter a defence.

Justice Liman, however, ruled that the company’s Financial Consultant, Abayomi Kukoyi, has no case to answer as his involvement in the series of incidents leading to the alleged crime was in a professional capacity.

Court orders popular cleric Daddy Hezekiah to pay bank manager N10m for human rights abuse

A Federal High Court in Abuja has ordered popular Anambra cleric and founder of Living Christ Mission, Rev. Onokogu Hezekiah (also known as Daddy Hezekiah), to pay N10 million to Polaris Bank manager, Hezekiah Duru, for violating his fundamental human rights.

The cleric had filed a petition against Duru, accusing him of financial misappropriation and breach of trust, which led to Duru’s arrest and detention by the police.

Union Bank Announces Employee Promotions, Celebrating Dedication, Excellence

Union Bank of Nigeria has announced the promotion of 337 employees across various departments. This significant milestone underscores the bank’s commitment to recognising and rewarding the hard work, dedication and outstanding contributions of its employees.

At a recent town hall meeting, the Managing Director/Chief Executive Officer (MD/CEO) of Union Bank, Yetunde Oni, reaffirmed the bank’s commitment to fostering a culture of excellence and growth.

She said these well-deserved promotions reflect this commitment and the bank’s continuous efforts to empower its workforce and drive organisational success.

Development Bank of Nigeria Announced as Partner for the Africa Social Impact Summit 2024

Sterling One Foundation, co-conveners of the Africa Social Impact Summit are pleased to announce the Development Bank of Nigeria (DBN) as one of its partners for the third edition of the Africa Social Impact Summit to be held from July 25 - 26, 2024 in Lagos, Nigeria.

With this partnership, DBN joins an impressive list of partners, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.

Established in 2014, the Development Bank of Nigeria is a wholesale finance institution that focuses on addressing the financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries.

Stop Diezani from using my name, estranged husband urges court

A former Chief of Naval Staff, Admiral Alison Madueke, has filed a petition in the Lagos State High Court, seeking a legal declaration to end his marriage to Diezani and requesting that she stop using his last name.

He is asking the court to order the former Minister of Petroleum Resources to revert to her maiden name, Agama.

Polaris Bank Partners NCF on Land Restoration, Tree Planting

In pursuit of its Corporate Social Responsibilities (CSR), Polaris Bank Limited, is partnering the Nigeria Conservation Foundation (NCF), on land restoration through tree planting initiative.

The bank’s initiative, kicked off on Monday with a tree planting project at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.

At the event held in front of the university’s council chamber, the institution’s Vice Chancellors, Prof. Olumide Banjo, represented by his deputy, Prof. Adekunle Adeogun, was full of praises for the bank’s support for the school.

Speaking at the event, the Polaris Bank Executive Director, Chris Ofikulu, said the tree planting initiative, was borne out of the institution’s commemoration of the World Environment Day in June 2024.

EFCC Chairman Orders Arrest Of His Men Who Broke Into Hotel Rooms In Lagos

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has ordered the arrest of two officers of the Commission allegedly involved in the manhandling of a female staff of Regional Hotel, Ojo, Lagos.

The officers were sighted in a viral video assaulting the staff of the hotel in an early morning sting operation in Lagos. The operation yielded a sizable number of suspects who are still being profiled.

The EFCC’s boss has also ordered detailed investigations of the operation carried out at the hotel and assured that appropriate disciplinary measures would be taken against any of the officers found to be culpable.

Fidelity Bank Reaffirms Support for Digital Innovation in Africa

Leading financial institution -Fidelity Bank PLC -has restated its devotion to support the development of the African technology sector to actualize its potentials. This was revealed at the Africa Technology Expo (ATE 2024) which took place over the weekend.

Held at the Landmark Event Center, Victoria Lagos, the well-attended event provided an avenue for African businesses to display their creativity and gain opportunities in the competitive tech industry.

In her keynote speech at the event, Dr Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc, stated that Fidelity Bank is rapidly implementing a digital-based retail-banking strategy by creating an SME business hub to facilitate networking and collaboration among startups, content creators and other digital entrepreneurs.

Sterling HoldCo Delivers To Shareholders

 

...Receives Commendations At Inaugural AGM

Lagos, Nigeria: Major shareholders of one of Nigeria’s leading financial conglomerates, Sterling Financial Holdings Company PLC., expressed their delight with the leadership and financial performance of the group at its recently held inaugural annual general meeting. The comments came as a result of the group’s continued abilities to post impressive growth numbers in its first full year of operations, despite a challenging macro-economic environment.

The holding company delivered a 36% increase in its assets size, growing to N 2.5 trillion, and a 26.6% rise in its earnings to deliver N 221 billion. Both figures represent a significant increase in the group’s performance as contained in its annual report and financial statements for the 2023 financial year. 

Two U.S Astronauts are stranded in Space after Spacecraft breaks down

Two 🇺🇸 NASA astronauts have been stuck in space after riding a faulty Boeing capsule into orbit.

Crews on Earth are scrambling to diagnose the issue as Butch Wilmore and Suni Williams remain stranded at the (ISS) International Space Station.

The astronauts were originally scheduled to return to Earth on June 13 after spending no more than a week on the ISS.

But Boeing's Starliner spacecraft encountered numerous problems during the 25-hour flight, triggering a two-week extension to their stay.

Why investors will buy Fidelity Banks offers, by capital market stakeholders

Fidelity Bank Plc started its N127.1 billion combined rights and public offers to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Banks impressive growths and investor-friendly disposition over the years.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Banks N127.1 billion combined rights and public offer was the right way for the nations banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 per cent at the stock market, has strong appeal to the investing public.

Federal High Court Nullifies Reappointment of Sanusi as Emir of Kano

A Federal High Court in Kano has set aside all steps taken by Kano state government to repeal the Kano Emirates Council Law.

The Kano House of Assembly had repealed the law after which Governor Abba Kabir Yusuf implemented it by dethroning Alhaji Aminu Ado Bayero as Emir of Kano.

Naomi Campbell reveals billionaire Umar Kamani is son's godfather

Naomi Campbell, 54, stunned the world in May 2021 when she announced she had welcomed a baby daughter - and she then revealed in June last year that she had welcomed a son. In a new interview with Bloomberg, the supermodel revealed that the PrettyLittleThing founder, Umar, 36, is the godfather to her young boy. The pair revealed in February that they were launching a talent agency in Dubai together. Speaking about their joint business venture to the publication, Naomi said.

Osimhen not banned from Super Eagles – NF

The Nigeria Football Federation, NFF has described as outright falsehood, reports that the football-governing body has slammed a ban on Super Eagles forward Victor Osimhen from the team, for his social media outburst few days ago.

The federation issued the disclaimer in a statement on Wednesday.

NFF General Secretary, Dr. Mohammed Sanusi expressed amazement at the reports, saying the Federation has neither instructed a process nor has a process been concluded to ban the player from the National Team.

“The NFF hereby implores the media to join hands with the body to positively resolve issues and then focus on the big picture all the time, rather than needlessly escalate certain matters. There was no official communication from the NFF, yet some persons have gone to town to talk about a ban on Osimhen from the National Team. This is not good at all.

Africa needs to be competitive, says Chike-Obi, Fidelity Bank's Chairman

Africa needs to be competitive and efficient in its area of strength, according to Mustafa Chike-Obi, the Chairman of Fidelity Bank, who spoke with CNBC Africa's Kenneth Igbomor on the sidelines of the AFREXIMBANK Annual meetings in Nassau, the Bahamas. 

Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent's strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive advantage in producing goods and services efficiently to unlock its full potential. 

Fidelity Bank: Here’s the perfect opportunity to grab your slice

By Iheanyi Nwachukwu

On Thursday June 20, Nigeria’s 6th largest bank, Fidelity Bank Plc will open its public offer and Rights Issue.

According to an article on the Businessday website and authored by Iheanyi Nwachukwu, the bank is raising a total of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer).

Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share.

Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

 Union Bank, one of Nigeria’s foremost financial institutions, has reemphasised the need to preserve and restore the global habitat through sustainable environmental practices. This clarion call was made during an event organised in partnership with the Nigerian Conservation Foundation to commemorate this year’s World Environment Day.

The program, held on June 5th, 2024, at the Lekki Conservation Centre in Lagos State, brought together various stakeholders, including environmental rights activists, international partner agencies, corporate institutions, government agencies, and students of select secondary schools, to deliberate and engage in activities marking World Environment Day.

Fidelity Bank public offer, rights issue to open Thursday June 20

Nigeria’s 6th largest bank, Fidelity Bank Plc will on Thursday, June 20, 2024 open its public offer and Rights Issue.

As part of this capital raising process, Fidelity Bank will same Thursday, June 20, 2024 at the NGX hold a Facts Behind the Offer presentation.

According to an article posted on the Businessday website and authored by Iheanyi Nwachukwu, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at N9.25 per share under the Rights Issue,

Fitch Upgrades Fidelity Bank’s Rating to ‘Positive’

Fintech Ratings has revised the outlook on Fidelity Bank PLC's LongTerm Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at 'B-'.

The credit rating agency has also affirmed Fidelity Bank’s National Long-Term Rating at 'A(nga)' with a Stable Outlook.

In a statement released on Friday, Fitch said that the outlook revision reflects its, “expectations that the bank's capitalisation will strengthen in the near term as a result of core capital issuances, including to meet the new paid-in capital requirement of N500 billion for banks with an international licence effective by end-1Q26.”

According to the statement: “Fidelity's IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of 'b-'. The VR balances the concentration of operations in Nigeria's challenging operating environment, very high credit concentration and high Stage 2 loans against a growing franchise, sound profitability metrics, good capital buffers and reasonable foreign-currency (FC) liquidity coverage.

“Fidelity's National Ratings are driven by its standalone creditworthiness. They balance a growing franchise and good capital buffers against weaker profitability than higher rated peers.”

The rating agency said that Fidelity is Nigeria's sixth-largest bank, as it accounted for 5% of domestic banking system assets at end-2023, adding that strong balance-sheet growth in recent years has increased bank’s market shares and that it expects these to increase further but remain below those of the five largest banking groups.

On factors that could lead to negative rating action/downgrade, the agency said: “A sovereign downgrade could result in a downgrade of Fidelity's VR and Long-Term IDR if Fitch believes that the direct and indirect effects of a sovereign default would be likely to have a sufficiently large effect on capitalisation and foreign-currency liquidity to undermine the bank's viability. However, this is unlikely considering the Positive Outlook on Nigeria's Long-Term IDRs.”

Sterling Bank Implements Blockchain Solution for SPPG

Staring Bank, a leading financial institution committed to driving innovation and progress, has partnered with the School of Politics, Policy, and Governance (SPPG) to revolutionize credential verification through blockchain technology. This collaboration marks a significant milestone in enhancing the efficiency, security, and accessibility of academic credentials in Nigeria. 

Acknowledging the pressing need for an effective solution, Sterling Bank has taken the initiative to back the implementation of VX Technologies' innovative blockchain-based digital certification program. This initiative arose from the necessity for a transformative solution to address the difficulties faced by SPPG in managing and verifying academic credentials through paper-based systems.

 

LP Crisis: Party Party renames Obidient directorate

Following a backlash over the naming and composition of the leadership structure of the “Obidient Directorate,” the leadership of the Labour Party (LP) has renamed the directorate.

The National Publicity Secretary of the party, Obiora Ifoh, announced the party’s decision in a tarse statement in Abuja on Thursday.

According to him, the Obidient Directorate will now be known and referred to as the Directorate of Mobilisation and Integration.

Ifoh said, “Following the controversies arising from the creation of the Directorate of OBIDIENT Affairs, in the party, the Directorate is hereby renamed the Directorate of Mobilisation and Integration.

Fidelity Bank undertakes ₦29.6 billion rights issue, ₦97.5 billion public offer

 Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by way of a Rights Issue to existing shareholders and a Public Offer (the “Combined Offer”). The Combined Offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (“CBN”) on 28 March 2024. Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.

The Signing Ceremony with respect to the Combined Offer was held at the Board Room of the headquarters of Fidelity Bank in Lagos on Wednesday, 5 June 2024. The Bank's shareholders had already approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the Rights Issue, 3,200,000,000 (Three Billion Two Hundred Million) ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at ₦9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at ₦9.75 per share.

Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The Acceptance and Application lists for the Rights Issue and Public Offer are expected to open on Thursday, 20 June 2024 and close on Monday, 29 July 2024.

At the Signing Ceremony, Managing Director and Chief Executive Officer, Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe, disclosed that the proceeds of the Combined Offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.

The Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer. He lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks. While thanking the Bank for trusting Stanbic IBTC Capital to lead and advise on this landmark transaction, Dele expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.

The rights circular for the issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Bank. Printed copies of the Public Offer Prospectus can be obtained at the offices of Fidelity Bank and the Issuing Houses during the Public Offer Application Period.

All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

Fidelity Bank outperforms banks, stock market with 507% gain in 5 years

Investors in Fidelity Bank Plc have earned more than 507 per cent in capital gains over the past five years, ranking above all other major return benchmarks at the Nigerian stock market and the entire banking sector.

Trading reports at the Nigerian stock market for the five-year period between May 31, 2019 and May 31, 2024 showed that Fidelity Bank outperformed all key indices at the stock market.

Fidelity Banks share price rose by 507.14 per cent over the period, representing average annual capital gain of 101.43 per cent.  

CBN revokes Heritage Bank’s licence

The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc with

immediate effect.

This is according to a statement from the Acting Director, Corporate Communications

at the CBN, Mrs Hakama Sidi Ali on Monday.

The statement read: 

“The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a sound financial system in Nigeria and in the exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect. The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of Heritage Bank, following the Banks and Other Financial Act 2020'.

Fidelity Bank gets Highest Corporate Governance Rating on Stock Market

Fidelity Bank Plc complies with the highest corporate governance standards as the leading commercial bank adheres promptly to all full disclosure requirements and global best practices.

Fidelity Bank is awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

A review of the latest compliance report showed that Fidelity Bank sustains its highest-ranking rating of CG+, with shareholders and market pundits commending the high corporate standards of the bank.

Shareholders Throw Weight behind Fidelity Bank’s Recapitalisation Plan

-Investors delighted with bank’s impressive performance

Shareholders have expressed readiness to massively support and mobilise for the ongoing recapitalisation of Fidelity Bank Plc amid commendations for the impressive performance of the bank over the years.

Shareholders were unanimous that Fidelity Bank has shown strong resilience over the years and demonstrated its investors’ friendliness with significant dividends and capital gains.

Stakeholders to Discuss Customer Service Experience at ACAMB Conference

The Association of Corporate Affairs Managers of Banks (ACAMB) is pleased to announce its third National Stakeholders’ Conference with the theme: Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience. The conference, where end-to-end customer service issues in Banks and other financial institutions will be explored by top-tier select Speakers and subject experts’ panel, is scheduled for Thursday, May 30th, 2024, at the prestigious Bankers House, CIBN, Adeola Hopewell Street, Victoria Island, Lagos. This conference aims to foster significant dialogue and collaboration within the financial sector.

As the umbrella body for all Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) across Nigeria, ACAMB is dedicated to advancing the interests of its members; the banking community, and that of financial services customers and the Nigerian public at large.

Fidelity Bank Renovates Nasarawa PHC Clinic, Donates Water Facility

As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.

The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.

Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.

Democratic Republic of Congo army says it stopped attempted coup

 

The Democratic Republic of Congo's (DRC) armed forces repelled an attempted coup d'etat involving Congolese and foreign fighters on Sunday (May 19) morning, a DRC army spokesman said in a televised address.

Tina Salama, a spokeswoman for President Felix Tshisekedi, also confirmed to Reuters that the presidential palace had been attacked on Sunday morning but the army had retaken control.

Earlier, two guards and an assailant were killed in an attack on the nearby home of Vital Kamerhe, a member of parliament who is tipped to become speaker, Kamerhe's spokesman and the Japanese ambassador said in posts on X.

The United States embassy issued a security alert on Sunday warning of "ongoing activity by DRC security elements" and reports of gunfire in the area.

Court Denies Binance Executive, Tigran Gambaryan Bail

Federal High Court sitting in Abuja has denied the bail application of Tigran Gambaryan, an executive of Binance, a cryptocurrency trading company.

Delivering the ruling on Friday, the presiding judge, Justice Emeka Nwite held that the bail application was rejected after carefully reviewing the document.

Nwite said he resolved that the defendant will jump bail if granted.

Analysts place “buy” on Fidelity Bank

Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

AltBank, Sterling One Foundation, Foodbank combat hunger, champion education

The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, "Educate and Skill Africa for the 21st Century."

Hassan Yusuf, the Managing Director of The Alternative Bank, unveiled this plan in a press release, highlighting the forthcoming AltWalk event as a pivotal fundraising platform. "Through this initiative, we aim to mobilize contributions from both internal and external stakeholders, reaffirming our commitment to education and societal welfare," stated Yusuf.

Union Bank Achieves Another Milestone; Attains MSECB ISO 27001:2022, 20000-1:2018 and 22301 Certifications

 

Union Bank, one of Nigeria’s foremost and most trusted financial institutions, has announced another significant achievement with its attainment of the MSECB management system certifications in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018. 

The Bank was awarded these three noteworthy certifications by MSECB, a leading international provider of audit and certification services, after being rigorously assessed and found to be in accordance with the management system requirements covering Information Security, IT Service Delivery, and Business Continuity standards under the combined Information Management Systems (IMS) standards.

𝐅𝐨𝐫𝐦𝐞𝐫 𝐁𝐚𝐧𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐫 𝐉𝐚𝐢𝐥𝐞𝐝 𝟏𝟐𝟏 𝐘𝐞𝐚𝐫𝐬 𝐟𝐨𝐫 𝐍𝟏𝟏𝟐𝐦 𝐅𝐫𝐚𝐮𝐝

Former First City Monument Bank manager, Nwachukwu Placidus, has been sentenced to 121 years in prison by Justice S. N. Odili of the Anambra State High Court in Onitsha, Anambra state.

Placidus was found guilty of diverting N112,100,000 of a customer's fixed deposit funds for his own personal use.

Residents across India swelter as intense heatwave breaks records

Residents across India grappled with searing temperatures on Wednesday (May 1) as a record-breaking heatwave scorched parts of the country amid a general election.

Eastern India experienced its hottest April on record as the state of West Bengal recorded the most number of heatwave days for the month in the last 15 years, followed by the neighbouring coastal state of Odisha where heat conditions were the worst in nine years.

"Despite our efforts to keep cool by pouring water on ourselves, and on the ground, nothing is working. We can feel steam rising from the ground," said local resident Bharti Das outside her home in a Kolkata slum.

The weather office said rainfall in May is likely to be normal and that it expects more showers during the second half of the monsoon season in August and September as compared to June and July due to the La Nina climate pattern, which typically brings higher rainfall to India.

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy). Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Chairman of Victoria Garden City Lagos, Mbelu found dead in his car

The incident occurred on Friday, April 26, 2024, according to the Lagos State Police Command.

The incident occurred on Friday, April 26, 2024, according to the Lagos State Police Command.

The police said the matter was reported to the command by General Manager of the Victoria Garden City Estate.

The 42-year-old was found unconscious in his C300 4Matic ash-coloured car around 10am on Friday with the ignition on and the vehicle glass rolled up around the VGC area.

Police detectives were deployed to the scene and Mbelu was rushed to Lagos University Teaching Hospital (LUTH) where he was confirmed dead.

His corpse was subsequently deposited at the hospital morgue for preservation and autopsy.

The police in the state said preliminary enquiry had commenced and further development would be made known. 

Leadership Means Always Believing in Better - CEO, Sterling Bank

Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Limited, delivered an enlightening discourse on leadership during the prestigious Lagos Leadership Summit 2024, powered by the Lateef Jakande Leadership Academy, shedding light on the profound essence of effective leadership and its transformative impact on society. 

At the heart of Suleiman's message was the concept of leadership as a catalyst for change—a force that propels individuals and organizations towards a shared vision of progress and prosperity. He eloquently articulated that leadership transcends mere management; it is about inspiring others to embrace a compelling vision of the future and empowering them to contribute meaningfully toward its realization.

This robot can predict a smile before it happens

This AI-integrated robotic face can predict a smile before it happens.

It's called Emo and it can anticipate and mimic human facial expressions.

Engineers at Columbia University’s Creative Machines Lab say they believe it is a significant advance in improving interaction quality and fostering trust between humans and robots.

Fidelity Bank: Improved Share Price as Growth Indicator

When the management of the Nigerian Exchange Limited (NGX) in July 2023 announced that it was reclassifying Fidelity Bank Plc from small-price stock to medium-price stock, financial analysts concluded that the road to attaining Tier1 status by the bank is closer than ever imagined.

In full year 2022. Fidelity Bank briefly fell into the Tier 1 category and saw the highest gross earnings of N337.10 billion and profit before tax of N53.68 billion. The bank’s higher interest income relative to interest expense led to a net interest margin of 7.70 per cent, ahead of other similar banks.

Regarding its financial position, the bank had the highest total assets at N3.99 trillion in 2022. The bank’s relatively low-risk asset exposure kept non-performing loans (NPLs) at 2.90 per cent, the second lowest in the Tier 2 category ahead of Wema Bank.

Fidelity Bank Commends Air Peace’s Performance

 

Celebrates Airline For The Commencement of the Lagos-London Route

Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

ARISE News Channel Goes Live in South Africa, Angola, Botswana, 7 Others

 Press release

Anayo Ezugwu 

The management of ARISE News Channel has announced that the cable news network has

gone live in South Africa, Angola and Botswana, and seven other countries in Southern Africa, on Multichoice/DSTV Channel 416.

The other countries are Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia and Zimbabwe.

AltBank, Sterling One Foundation, Lagos Foodbank combat hunger, champion education

The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African Union Summit 2024, "Educate and Skill Africa for the 21st Century."

Fidelity Bank grows Profit by 131.5% in FY 2023

Lagos, Nigeria, April 16, 2024: Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion.

According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth.

Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”