Category: Business

Shareholders Throw Weight behind Fidelity Bank’s Recapitalisation Plan -Investors delighted with bank’s impressive performance

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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. Shareholders, under the auspices of Nigeria’s leading shareholders’ associations, said they would buy into any share offering by Fidelity Bank as the bank holds exciting future for above-average returns. The sundry shareholders’ endorsements underlined market pundits’ expectations…

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Jobs at risk as Microsoft plans shutting down Lagos centre

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Microsoft, United States-based multinational technology giant, has considered closing one of the operations in Nigeria, known as African Development Centre located in Lagos. Microsoft’s ADC is located in Ikoyi, highbrow area of Lagos, the commercial headquarters of Nigeria, Africa’s biggest economy. Without giving any reason, Microsoft, it was learnt, revealed to its members of staff on Monday about shutting down operations in its African Development Centre in Lagos. It was learnt that the affected employees would receive salary payments till June and continue to be covered by health insurance. While…

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BDC operators arrested as naira sells 1,416/$

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The Economic and Financial Crimes Commission operatives on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday. This came as traders also said some BDC operators resisted the arrest during a sting operation. The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading. But this move was resisted on Tuesday leading to gunshots and damage to the operative’s vehicles, two currency traders who witnessed the incident confirmed it. One of the traders who asked…

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

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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. The information security management systems…

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

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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)…

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FCMB manager jailed 121 years for stealing customer’s N112m

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A former manager at First City Monument Bank in Onitsha, Nwachukwu Placidus, has been handed a total of 121 years in prison for fraudulent activities. The court found him guilty of diverting N112.1m from a customer’s fixed deposit funds for personal gain. A statement by the Economic and Financial Crimes Commission on Saturday indicated that Placidus was arraigned before Justice S. N. Odili of the Anambra State High Court on Tuesday, March 27, 2018. He faced 16 charges, including forgery, stealing, obtaining by false pretence, and uttering. The case stemmed…

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Fidelity Bank Commends Air Peace’s Performance . Celebrates Airline For The Commencement of the Lagos-London Route

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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…

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Olusegun Alebiosu becomes new First Bank MD/CEO

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First Bank of Nigeria Limited (FirstBank Group), has appointed Olusegun Alebiosu as the Acting Managing Director/Chief Executive Officer effective April 2024. Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022. Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and…

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Fidelity Bank’s profit soars by 131.5% in FY 2023 -Declares a final dividend of 60kobo per share

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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,…

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WOMEN LEADERS MEET FOR INTERNATIONAL CONFERENCE IN KENYA

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Strong indications have emerged that this year’s international women’s day conference will be the biggest gathering of international women leaders across the globe. This is because of the enthusiasm the conference has recorded in the last few months. The conference which is being organised in conjunction with the Centre for Black Arts and Civilisation CBAC is a transformative event celebrating women’s achievements and addressing barriers to their progress. It is scheduled to take place from April 17 to 20, 2024, at the prestigious Weston Hotel in Nairobi, Kenya and expected…

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