Economy
Fidelity Bank Secures New Capital Injection To Drive Global Expansion Initiatives
Fidelity Bank Secures New Capital Injection To Drive Global Expansion Initiatives....KINDLY READ THE FULL STORY HERE▶
Fidelity Bank is on track to join the ranks of leading global financial institutions, thanks to the growing confidence of investors and approval for its capital-raising initiative aimed at sustaining its remarkable performance in the first half of 2023 (H1’23).
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The bank’s financial results for H1’23, disclosed on the Nigerian Exchange Group (NGX), showcased an impressive 204.4 percent surge in Profit Before Tax (PBT), reaching N76.3 billion. These financial statements demonstrated robust performance across all metrics, reaffirming Fidelity Bank’s status as one of Nigeria’s fastest-growing and well-managed financial institutions.
During this period, gross earnings soared by 59.6 percent to N247.1 billion, a significant increase from the N154.8 billion reported in June 2022. Profit After Tax (PAT) stood at N61.9 billion, marking a remarkable 166 percent growth compared to the corresponding period, translating to an Earnings per Share of 194 kobo. The bank’s Net Loans & Advances expanded by 25.1 percent, from N2.1 trillion in December 2022 to N2.6 trillion in June 2023, alongside a corresponding increase in Customer Deposits, which surged by 23.2 percent to N3.2 trillion from N2.6 trillion in December 2022.
Fidelity Bank’s balance sheet remained robust, with a 27.4 percent increase in Total Assets, growing from N3.9 trillion in December 2022 to N5.1 trillion. The bank’s non-performing loans remained low and well within regulatory limits at 3.24 percent, with an ample coverage ratio of 111 percent. Return on Equity (ROE) and Return on Assets (ROA) closed at impressive rates of 34.9 percent and 2.8 percent, respectively.
In light of this strong H1’23 performance, the bank’s board approved an interim dividend of 25 kobo per share. This marks the second consecutive year that the bank has paid interim dividends, demonstrating its ability to provide sustainable value to shareholders.
Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, commented on the bank’s performance, emphasizing their commitment to helping individuals grow, businesses thrive, and economies prosper, despite global economic challenges. She noted the bank’s dedication to monitoring and managing evolving economic risks while fulfilling commitments to customers and shareholders.
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This impressive H1’23 performance follows a series of recent achievements for Fidelity Bank, including its reclassification from a small-price stock to a medium-price stock by the NGX and its emergence as the company with the highest earnings per share on the NGX for the second consecutive year.
Inspired by this stellar performance, shareholders unanimously approved a capital raising exercise during an Extraordinary General Meeting (EGM), consisting of a Public Offer for up to 10 billion Ordinary Shares and a Rights Issue of up to 3.2 billion Ordinary Shares, benefiting both new and existing shareholders. This move aims to support the bank’s growth in profitability, domestic and international expansion, and enhancement of its digital capabilities.
Fidelity Bank’s ambition is to become one of Nigeria’s top five banks by 2025 and expand globally by establishing a presence in six countries over the next three years. The bank recently acquired the London unit of rival Union Bank of Nigeria Plc and is in negotiations for another acquisition, aligning with its strategy to compete favorably on the global stage. The bank plans to use the funds raised, including N13.8 billion from a private placement, to facilitate these acquisitions and further expand its footprint. With an anticipated capital adequacy ratio of 19.1 percent and growing opportunities in trade and corresponding banking roles, Fidelity Bank is poised for substantial growth in the coming years.
According to Nivo News, the World Bank has projected that Nigeria’s economy will grow by 4.4 percent in 2026 and 2027, driven by new tax legislation, prudent monetary policies, and ongoing economic reforms. The announcement was made in the bank’s January 2026 Global Economic Prospects report, which described the anticipated growth rate as the fastest for Nigeria in over a decade.....KINDLY READ THE FULL STORY HERE▶
This latest projection represents an upgrade from the World Bank’s previous forecast of 3.7 percent published in June 2025. The bank highlighted that reforms in the tax system, combined with continued monetary prudence, are expected to stimulate economic activity, improve investor confidence, and reduce inflation. It also noted that increased oil production is likely to offset lower global oil prices, boosting fiscal revenue and strengthening Nigeria’s external balance.
The projection comes against the backdrop of Nigeria’s Gross Domestic Product (GDP) growth of 3.98 percent year-on-year in real terms during the third quarter of 2025, as reported by the National Bureau of Statistics.
Nigeria’s headline inflation rate eased to 14.45 per cent year on year in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The report showed that while consumer prices continued to rise on a monthly basis, annual inflation moderated significantly under the revised base year.....KINDLY READ THE FULL STORY HERE▶
The CPI increased to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month rise. Despite this, the headline inflation rate declined from 16.05 per cent recorded in October. The NBS highlighted that the November 2025 figure represents a 1.6 percentage point decrease compared with the previous month.
Monthly inflation, however, rose to 1.22 per cent in November from 0.93 per cent in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation. Headline inflation for November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise that reset the base year to 2024 from 2009.
Over the twelve months ending November 2025, the average CPI increased by 20.41 per cent, down sharply from 32.77 per cent in the corresponding period of 2024. Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points, and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, while education and health contributed 0.90 and 0.88 percentage points, respectively. On a month-on-month basis, food and non-alcoholic beverages drove price increases with a contribution of 0.49 percentage points.
Urban inflation declined sharply to 13.61 per cent year on year in November, down 23.49 percentage points from November 2024, while rural inflation remained higher at 15.15 per cent but fell 17.12 percentage points from the previous year. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent.
Food inflation moderated annually to 11.08 per cent in November 2025 from 39.93 per cent in November 2024. Monthly food inflation rose to 1.13 per cent, driven by price increases in items such as dried tomatoes, cassava tubers, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. Core inflation, which excludes volatile agricultural and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.
State-level data showed Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent. The NBS cautioned that interstate comparisons should be interpreted carefully due to differing consumption patterns and CPI weights across states.
The Nigerian National Petroleum Company Limited (NNPCL) has set a crude oil production target of more than two million barrels per day for 2026, citing strong collaboration with pipeline host communities as a key factor in sustaining increased output.....KINDLY READ THE FULL STORY HERE▶
Akponime Omojevwhe, Head of Field Operations, Eastern Corridor, Project Monitoring Office (PMO), disclosed the projection during a monthly stakeholders’ meeting with host communities along the Trans Niger Pipeline in Port Harcourt. The meeting was organized by Pipeline Infrastructure Nigeria Limited (PINL).
Omojevwhe revealed that the 2026 national production budget is pegged at 2.80 million barrels per day (mbpd), with a starting benchmark of 1.84 mbpd and a targeted achievable output of 2.06 mbpd. He affirmed that the Trans Niger Pipeline is currently operating efficiently, attributing its success to the active cooperation between local communities, stakeholders, and PINL.
He emphasized that community participation is critical to pipeline protection, stating, “No private security structure can succeed without grassroots involvement. The communities are a vital part of this job. Their continued support ensures uninterrupted flow along the pipeline.”
Edi Julius, representing the Minister of State for Petroleum (Oil), Heineken Lokpobiri, lauded the partnership between PINL and the communities, noting that local peace is essential for boosting national oil production. “We are confident that by 2026, Nigeria will exceed two million barrels per day, generating additional revenue and enabling greater support for host communities,” he added.
Dr. Akpos Mezeh, General Manager of Community and Stakeholders’ Relations at PINL, reviewed the year’s progress, highlighting achievements such as strengthened security along the TNP corridor, expanded stakeholder engagement, empowerment programs for women and students, zero incidence of illegal bunkering, and improved community-company trust. He also announced Christmas palliatives for the 215 TNP host communities.
Responding on behalf of the host communities, His Majesty King Philip Osaro Obele urged the federal government to channel more development projects into the region. He praised PINL for its transparency and consistent engagement, emphasizing that ongoing dialogue is essential to maintaining peace along the pipeline.
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