News
Fidelity Bank grows Profit by 131.5% in FY 2023
…Declares a final dividend of 60kobo per share
Naijanewsngr reports that 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.”
A review of the financial performance showed that the bank grew Net interest income by 81.6% to N277.4bn driven by a 55.5% increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4% due to increased low-cost funds that grew from 83.6% in 2022FY to 97.4% in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1% from 6.3% in 2022FY.
Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6% from N2.6tn in 2022FY. The increase was driven by 81.1% growth in low-cost funds.
Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.
Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3% from 39.6% in 2022FY and capital adequacy ratio (CAR) at 16.2% compared to the minimum requirement of 15.0%.
“We recognize the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks.
The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” explained Onyeali-Ikpe.
Fidelity Bank has consistently paid dividend since 2006. With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
News
ASUU Threatens Strike Over Non-Constitution Of Varsities Governing Councils
ASUU Threatens Strike Over Non-Constitution Of Varsities Governing Councils
…Warns Tinubu Academic Staff Dying Over Cost Of Living
…NEC Reconvenes In Two Weeks To Take Decisive Action
ABUJA – The relative peace in the university system may once again come under jeopardy, following a fresh strike threat coming from the Academic Staff Union of Universities (ASUU).
The academics gave Tinubu two weeks ultimatum to address all outstanding demands including delay in constituting governing councils for the universities since assumption of office as president.
ASUU’s fresh threat of industrial action is the first since the Tinubu admintion took over power on May 29, 2023.
The last time the union went on strike was in 2022 shortly before the end of the Muhammadu Buhari’s administration.
ASUU’s President, Emmanuel Osodeke, took to a briefing at its headquarters in Abuja on Tuesday, to lament their predicament, saying the living conditions of academics is getting worse.
Osodeke noted that the leadership of ASUU received alarming reports on failed promises of the federal and state governments towards addressing the lingering issues that forced the union to embark on the nationwide strike action of February to October 2022.
Speaking further, Osodeke noted that the National Executive Council of ASUU observed that there were no serious efforts to redress the ugly situation.
“Reports available to NEC indicate that an increasing number of Nigerian academics died while thousands of others are nursing life-threatening ailments occasioned by work-related stress, absolute pauperization and multidimensional insecurity,” Osodeke said.
Osodeke who faulted the salary increment approved by the Federal Government recently for academics, said, “Even with paltry salary award, the current take-home pay of a professor at bar is about $500 per month. In the face of a heightened tax regime, what a professor earns is about $400 per month which is a scandalous under-valuation of the scholarship.”
The body said it is immediately calling on the government to immediately set in motion the process that will lead to the review and signing of the Nimi Briggs-led renegotiated draft agreement as a mark of goodwill and assured hope for Nigerian public universities.
Speaking on the dissolution of the governing councils by the Federal Government 11 months ago, Osodeke urged the citizens to hold the government responsible, “if the matter of the Governing Councils is allowed to snowball into an avoidable industrial crisis.”
Osodeke also noted that the position of the union remains unchanged over the issue of the Integrated Personnel and Payroll Information System popularly known as IPPIS.
In conclusion, Osokode said, “NEC condemns in strong terms the seeming refusal of the federal and state governments to decisively address all outstanding issues with the union; NEC rejects all the ongoing illegalities and flagrant violation of university autonomy in public universities as a result of non-reinstatement of Governing councils and NEC shall reconvene after two weeks from the date of the NEC meeting to review the situation and take a decisive action to address the issues.”
News
Aliko Dangote Foundation, WEF Announces 2024 Class of Dangote Fellows
Aliko Dangote Foundation, WEF Announces 2024 Class of Dangote Fellows
Aliko Dangote Foundation (ADF), in conjunction with the World Economic Forum (WEF) and Forum of Young Global Leaders (YGL), has unveiled gifted and high calibre individuals for the esteemed 2024 class of the World Economic Forum Young Global Leaders (YGL) Dangote Fellows.
ADF and WEF, in a release, said, “With great excitement and anticipation, ADF and WEF announce this year’s cohort, a group of visionary leaders poised to make impactful contributions to global development, innovation, and leadership.
The WEF YGL Dangote Fellowship, a partnership between the Aliko Dangote Foundation and the World Economic Forum, identifies, engages, and supports outstanding individuals under the age of 40 who demonstrate exceptional leadership potential in various fields.
This year’s class, according to ADF and WEF embodies the diverse talents, expertise, and commitment to positive change that characterise the YGL community.
The selected young leaders are: Alloysius Attah, Co-Founder & CEO of Farmerline, Ghana; Angela Oduor Lungati, Executive Director of Ushahidi Inc., Kenya; Judy Sikuza, CEO of the Mandela Rhodes Foundation, South Africa; Lelise Neme Sori, Commissioner at the Ethiopian Environmental Protection Authority, Ethiopia, and Nomasonto Motaung, Deputy Minister in the Presidency Government of South Africa, South Africa.
Others include: Oluwatosin Olaseinde, Founder & CEO of Money Africa, Nigeria; Veda Sunassee, CEO African Leadership University, Mauritius, and Thabile Ngwato, CEO & Co-Founder of Newzroom 405, South Africa.
A statement jointly released by ADF and WEF, indicated that “For the first time, the newly inducted Fellows will convene for a transformative three-day retreat in Geneva, Switzerland, organised by the World Economic Forum Foundation. The retreat aims to provide an unparalleled opportunity for the new class of Young Global Leaders to connect with their peers, deepen their understanding of the YGL community, and align themselves with its core values.
“This gathering underscore the commitment of the Forum of Young Global Leaders to foster collaboration, innovation, and sustainable leadership among the world’s most promising young change-makers.
“We are thrilled to welcome the exceptional individuals who make up the Class of 2024 Aliko Dangote Fellows,” said Fatima Aliko Dangote, Aliko Dangote Foundation Board Trustee member. “Their diverse backgrounds, bold ideas, and unwavering commitment to driving positive change will undoubtedly enrich our community and contribute to shaping a more inclusive and sustainable future for all.
“We believe that these remarkable individuals will not only benefit from the resources and opportunities provided by the WEF YGL Dangote Fellowship but will also leverage their talents and expertise to address some of the most pressing challenges facing our world today,” she added.
Young Global Leaders are selected from a variety of sectors such as business, government, academia, media, non-profit organisations and arts and culture, and from all regions of the world. Young Global Leaders engage in initiatives that address specific challenges of public interest with the objective of shaping a better future
The honour, bestowed each year by the Forum, recognises young leaders from around the world for their professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
The 2024 honourees will become part of the broader Forum of Young Global Leaders that convene at an Annual Summit, which are integrated into events organised by the World Economic Forum, and organise events of their own, as well as launch and lead their own innovative initiatives and task forces.
These activities enable YGLs to learn from and with each other; build knowledge and engender a better understanding of global challenges and trends, risks and opportunities; and further enhance their unique role as leaders within their own organisations, the World Economic Forum and the broader global community.
Past YGLs include: Uche Pedro, Founder & CEO Bella Online Media, Tokini Peterside, CEO Art X Collective, Oluseun Onigbinde, Co-founder BudgIT, Adebola Williams, CEO Red Media Africa, Dr. Tolu Oni, Associate Professor University of Cape Town & University of Cambridge
Others are: Iyinoluwa Aboyeji, (ex-)CEO Flutterwave (now CEO Fund for Africa’s Future), Lois Auta, Founder & ED Cedar Seed Foundation, Ada Osakwe, Managing Partner Agrolay Ventures, Cynthia Mosunmola Umoru, Founder Honeysuckles PTL Ventures, Simon Kolawole, Founder & CEO Cable Newspaper, Tara Fela-Durotoye, Founder & CEO House of Tara, among many others
Since its inception in 2011, the partnership between the Forum of Young Global Leaders and the Aliko Dangote Foundation has been instrumental in nurturing Africa’s next generation of leaders. Over the past decade, the Foundation’s support has empowered over 115 YGL Dangote Fellows, enabling them to accelerate their impact and catalyse lasting change across the continent and beyond.
The Aliko Dangote Foundation Fellows join a prestigious network of over 1,400 Young Global Leaders from diverse fields including business, government, academia, and civil society. Together, they represent a powerful force for driving positive change and addressing the world’s most pressing challenges.
The Forum of Young Global Leaders, established by the World Economic Forum in 2004, is a unique, multistakeholder community of more than 1,400 outstanding young leaders from around the world. Each year, the Forum recognises the most innovative, enterprising, and socially minded individuals under the age of 40 who are pushing the boundaries of global leadership and making a positive impact on society.
The Aliko Dangote Foundation, established by foremost Nigerian industrialist and humanist Aliko Dangote, is committed to improving the quality of life for people across Africa by supporting initiatives in health and nutrition, education, and economic empowerment.
The World Economic Forum is the International Organisation for Public-Private Cooperation. The Forum engages the foremost political, business, cultural, and other leaders of society to shape global, regional, and industry agendas.
News
Money laundering: Access Bank staff member testifies against Yahaya Bello’s nephew, others
Money laundering: Access Bank staff member testifies against Yahaya Bello’s nephew, others
The Federal High Court sitting in Abuja, on Monday, adjourned an amended money-laundering charge instituted by the Economic and Financial Crimes Commission (EFCC) against a nephew to ex-governor Yahaya Bello of Kogi State, Ali Bello, and co-defendant, Dauda Sulaiman.
Bello, who is currently the Chief of Staff to Kogi State Governor, Usman Dodo, and others were sued by the EFCC over alleged misappropriation of state funds and money laundering.
But the defendants pleaded not guilty to the amended charges.
What transpired in court
At the resumed hearing, EFCC counsel, Rotimi Oyedepo (SAN), presented a representative of Access Bank, Olom Otane Egoro, as its witness for today.
The witness narrated how multi-million naira was deposited into Kogi State bank account and was simultaneously withdrawn by cash, at different times, in 2019.
Egoro said the cash withdrawals, which happened several times on the same day of deposit, were mostly N10 million at each withdrawal.
The bank worker told the court that his testimony was based on bank statements of the Kogi State Government House in Access Bank, between 2019 and 2021.
Oyedepo urged the court to admit the documents as exhibits in evidence.
Counsels to the defendants, Abubakar Aliyu (SAN) and Olusegun Jolaawo (SAN), unanimously agreed to delay their objection to the documents till their final written addresses.
“Case adjourned 19 and 20 June for continuation of hearing,” Justice Omotosho ruled.
What you should know
The EFCC is prosecuting the defendant in other similar cases.
The sister cases are before Justice Obiora Egwuatu and Justice Emeka Nwite.
Nairametrics reports that the charges before Justice Emeka Nwite listed the former Kogi governor as a defendant.
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