Category: Business

About 800 workers from the Private Telecommunications and Communications Senior Staff Association have embarked on strike, threatening to cripple services nationwide. The union, largely contract staff, warned of massive disruptions to telecom operations if its demands were not met, as this would leave millions of subscribers to face a potential communication blackout. The strike began on Monday and the union’s demands include, among other things, reinstatement of some of its sacked workers, recognition of the union, improved working conditions, and remittance of membership dues. “The strike has become inevitable because…

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According to a financial statement published by the World Bank, Nigeria is the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024. According to the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the end of 2023. IDA is a key arm of the World Bank which provides concessional loans and grants to the world’s poorest countries. The loans are designed to promote economic…

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Our attention has been drawn to a news story titled, “NDPC Fines Fidelity Bank for Data Breach”. While the matter is a subject of an ongoing engagement with the regulator, we wish to assure the public that we have conducted ourselves to the highest ethical standards by ensuring full compliance with extant laws on data protection. Below is a breakdown of our dealings with the NDPC since we received their letter informing us about an alleged data breach: On April 30th, 2023, we received a notice of investigation from the…

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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. Head, Listings Regulation Department, NGX Regulation (NGXRegco), Mr. Godstime…

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Union Bank of Nigeria, one of Nigeria’s foremost financial institutions, has added to its growing list of qualified personnel with the recent graduation of the 2024 set of Management Trainees. The ceremony, which was held at the Bank’s multiple-purpose sports complex, ‘The Stable, ’ in Surulere, Lagos, included the financial institution’s senior management officials and other staff, as well as the 166 Management Trainees graduates who successfully concluded their training programme. After collecting their certificates, the newly graduated Management Trainees were encouraged to imbibe the technical and soft skills they…

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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…

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