News
Fidelity Bank Records Stellar Performance in FY 2022

Lagos, Nigeria, April 27, 2023: Fidelity Bank Plc, a leading financial institution released its 2022 Audited Financial Statements on the Nigerian bourse today.
The results showed a 34.4% growth in Gross Earnings YoY to N337.1bn, driven by 45.2% growth in interest and similar income to N295.6bn.
The increase in Interest Income was led by a combination of improved yield on earning assets and 19.1% YoY expansion in earnings base to N2.64trn. This led to a Profit Before Tax of N53.7 billion representing 112.9% annual growth.
Commenting on the Bank’s impressive performance, Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. This validates our growth strategy and capacity to deliver superior returns to shareholders.”
Further review showed that Net Interest Income increased by 60.9% YoY to N152.7bn. The high yield environment had a positive impact on Net Interest Margin, which increased to 6.4% from 4.7% in 2021FY while average funding cost inched up slightly to 4.6% from 4.2%. Similarly, Total Deposits increased by 27.4% to N2.58trn from N2.02trn in 2021FY, in line with the Bank’s guidance for 2022FY published in its investor relations presentation.
READ ALSO: Fidelity Bank Records Stellar Performance In FY 2022
The increase was driven by 43.1% growth in low-cost deposits (Demand | Savings | Domiciliary), which resulted in improved margins.
Speaking on the contribution of Foreign Currency (FCY) deposits to its financial performance, Onyeali-Ikpe noted, “FCY deposits increased by $597m (63.4% YoY) to $1.5bn and now accounts for 27.5% of total deposits from 19.7% in 2021FY, as we continue to harness the benefits of our renewed drive in the export business and the diaspora banking space.”
Historically, Fidelity Bank has maintained high asset quality and a healthy balance sheet with its Regulatory Ratios well above the minimum regulatory thresholds. It reported a Liquidity Ratio of 39.6% and Capital Adequacy Ratio (CAR) at 18.1% compared to the minimum regulatory requirement of 30.0% and 15.0% respectively. Its Non-Performing Loans (NPL) ratio remained unchanged at 2.9% for the year.
“In 2023, we are committed to our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clientele”, explained Onyeali-Ikpe.
On the back of the impressive performance, the bank has declared a final dividend of 40kobo per share which brings its total dividend for FY 2022 to 50kobo per share.
Fidelity Bank is a full-fledged customer commercial bank operating in Nigeria with over 7.5 million customers serviced across its 250 business offices and digital banking channels.
The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
News
Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.

Justice Rahman Oshodi of a Lagos Sexual Offences and Domestic Violence Court, yesterday, sentenced 42-year-old Suleiman Usman to life imprisonment for defiling his daughter.
The judge sentenced him after he was found guilty as charged.
NaijaNews reports that the Lagos State government had arraigned Usman on a two-count charge bordering on defilement of his two daughters, who were eight and five years respectively, at his No.2 Bale Street, Onisewo in the Apapa area of Lagos State.
The defendant was 37 years when he committed that offence in 2018, while the survivors were eight and five years.
His offence contravened the provisions of section 137 of the Criminal Law of Lagos State 2015.
He had pleaded not guilty to the two counts charge.
Usman was first arraigned before Justice Sybil Nwaka, sometime in October 2019 before the judge was elevated to the Court of Appeal and the case file was reassigned to Justice Oshodi wherein he was re-arraigned on two counts of charge.
He also pleaded not guilty to the two counts and the prosecution commenced trial.
During the trial, the prosecution called four witnesses, among which, was the first survivor, the eight-year-old, the Investigative Police Officer (IPO), the defendant’s wife and mother of the survivors, and a medical doctor from Mirabel Centre.
In her testimony, the survivor identified the defendant as her father and narrated how she was repeatedly defiled by the father.
She further testified of informing her school teacher, who is close to her mother.
She told the court that she did not tell her mother because the defendant had warned and threatened that she would die if she did so.
In her testimony, the defendant’s wife narrated how she discovered that her two daughters were defiled when she took them to the hospital.
She described their house and noted they all sleep in a room, adding that their parlour is not attached to the room.
Under cross-examination, the survivor’s mother told the court that there was a night she met the defendant and her daughter in their parlour.
But the defendant told the court that his wife lied against him because he wanted to marry another wife and relocate her to the village.
However, Justice Oshodi in his judgment, yesterday, exonerated the defendant of the second charge.
The court held that the prosecution failed to prove the second charge against the defendant, as the second survivor did not testify to the second charge related to her defilement.
On count one, the court held that the testimony of the first survivor corroborated the medical doctor’s testimony.
The court said that he has considered the ingredients of the offences, the confessional statement, circumstantial evidence and the eyewitness account and therefore sentenced him to life imprisonment.
The judge also directed that his name be registered in the Sexual Offenders’ Register of Lagos State.
News
BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead

BREAKING: Raymond Dokpesi DAAR Communication Founder is Dead
The Chairman of DAAR Communications Ltd, High Chief Raymond Dokpesi, is dead.
He was aged 75. He was the founder of AIT/RAYPOWER, a leading media outfit in Nigeria. ROYAL NEWS reports that Dokpesi died on Monday in his Abuja residence.
News
Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest

Peter Obi Discusses Attending Tinubu’s Inauguration and Proposed Protest
The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has said he would not be attending the swearing-in ceremony of the President-elect, Asiwaju Bola Tinubu.
The former Governor of Lagos State would be sworn in as the 16th democratically elected President of the Federal Republic of Nigeria today at Eagle Square in Abuja.
Speaking to reporters in Abuja through his media aide, Tai Obasi, the LP flagbearer said it will be ‘extremely weird’ of him to attend Tinubu’s swearing-in when he is challenging his electoral victory in court.
Obasi noted that even though his principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs, he cannot act that weird and unreasonable.
The media aide, however, failed to confirm if the Labour Party leadership and Obi were sent individual invitations to the swearing-in ceremony.
He said, “My principal is a very humble and reasonable man who is always looking for peace and unity in the country at all costs. But it will be extremely weird for him to attend a ceremony of a man whose election victory he is challenging in court.
“My principal cannot act that weird and unreasonable. I can’t confirm if he receives an invitation to the swearing-in ceremony. But I am telling you that you can’t see him there.”
Speaking further, Obasi also denied rumuors that the former Anambra State governor is planning a demonstration ahead of today’s inauguration.
He said, “I don’t know where that report is coming from. We don’t know anything about it or who is behind the proposed protest. But I can categorically tell you that my principal is not aware of anything.
Get New DJ Mixes
“He is Obi and his followers are Obidient. I agree that on some occasions, they may act on their own, no matter how you tell them to keep calm. These guys are angry. They are not happy about how everything was manipulated against Obi who has given them so much hope. They followed him and waited for him all the way.”
-
News7 months ago
What Led Us To Choose Peter Obi As Our Candidate?-Middlebelt Forum
-
News8 months ago
Happy 62nd Anniversary of Nigeria’s Independence!
-
News3 months ago
David Alaba racially abused online after voting for Lionel Messi over his Real Madrid team-mate Karim Benzema at the FIFA Best awards
-
Politics3 months ago
Labour Party Wins Enugu Polls
-
News4 months ago
Naija News: CBN Extends Deadline For Use Of Old Naira Notes
-
News3 months ago
Ivorian Defender Moustapha Sylla Dies At 21
-
Entertainment4 months ago
Naija News: Whitemoney Breaks Heart, Unveils New Lover (Video)
-
News3 months ago
Peter Obi calls for calm after being spotted at Asaba Airport on Tuesday after Saturday’s presidential election