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As Fidelity Bank Remains Investors’ Toast

As Fidelity Bank Remains Investors’ Toast In an increasingly uncertain macroeconomic environment, Fidelity Bank Plc has remained appealing in the banking sector. This is evident in its full year 2022 financial results which showed a better-than-expected performance amid the headwinds in the economy.
Specifically, in the full year 2022 results, Fidelity Bank’s gross earnings increased to N337,050 billion as of December 31, 2022, significantly higher than the N250,776 billion recorded at the end of 2021. Also, Fidelity Bank’s Net Interest Income climbed to N152 billion in the year under review, up from N94.879 billion the previous year.
Also, its profit before income tax stood at N53.677 billion in the year under review, higher than N25.215 billion the previous year. Fidelity Bank’s profit after tax for the year under review stood at N46.724 billion, higher than the N23.104 billion it realised in 2021. Additionally, its total assets increased to N3.989 trillion in 2022, up from N3.278 trillion in 2021.
While its loans and advances to customers in the year under review stood at N2.116 trillion in the year under review, up from N1.658 trillion the previous year, customers’ deposits grew to N2.580 trillion, higher than N2.024 trillion the previous year.
Owing to this, the Board of Directors of the bank have proposed a final dividend of 40 kobo per share which in addition to the 10 kobo per share earlier declared as interim dividend amounts to N0.50 per Ordinary Share of 50 kobo (2021: Dividend of N0.35 per Ordinary Share of 50 kobo each amounting to N10,136,904,992.20) from the retained earnings account as of 31 December 2022.
On the back of an impressive first half 2022 results, Fidelity Bank had declared an interim dividend payment of 10 Kobo per 50 Kobo ordinary share, subject to appropriate withholding tax, to shareholders whose names appear in the Register of Members as at the close of business on September 12, 2022. The interim dividend payment was the first in the bank’s 34 years history. Fidelity Bank had reported a remarkable 21.6 per cent growth in its half-year 2022 profit to N25.1 billion.
Since she assumed the position of the Managing Director/Chief Executive Officer of Fidelity Bank Plc in 2021, Nneka Onyeali-Ikpe has made it clear that her target is to deliver a financial institution that meets all stakeholders’ expectations, even as she continues to push the bank to rise to be among the tier-one banks in the country.
In August 2022, Fidelity Bank intimated the public of its proposed acquisition of Union Bank United Kingdom as part of its expansion plans and in line with regulatory stipulations. The bank’s plans to acquire a 100 per cent stake in Union Bank UK marked its first foray into the international market.
Commenting on the transaction, Onyeali-Ikpe stated, “This transaction aligns with 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 clients.”
READ ALSO: ZENITH BANK RECORDS REMARKABLE 41% TOPLINE GROWTH IN Q1 2023
Indeed, the Nigerian banking sector is evolving, with the changes being driven by competition, accelerated adoption of technology and the move by banks to meet the banking lifestyle of an evolving demography.
This has seen a lot of banks, including Fidelity, embrace innovative means to satisfy their customers.
It also organised the Fidelity International Trade and Creative Connect (FITCC), which is the largest trade exhibition by Nigerian-based businesses in the United Kingdom in recent times. It was a major move in increasing Nigeria’s foreign exchange earnings.
At the end of the maiden edition which held in London, it recorded pipeline deals of over $200 million, more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts and over 2,000 attendees over two days.
“In collaboration with our strategic partners, we have created this platform to connect Nigerian exporters with UK buyers. This inaugural edition of the FITCC hosts more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts.
“Fidelity Bank is a leading financial institution in Nigeria and a market leader in supporting small and medium scale enterprises and export-oriented businesses. This event is therefore an extension of the support that we provide to the business ecosystem in Nigeria as work to help them compete favourably on the global stage,” Onyeali-Ikpe said in her welcome remarks at the event.
It is expected that the impressive financial would continue to attract investors to the bank even as it continues to meet the expectations of its customers.
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.
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“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.”
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