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Shareholders Endorse Fidelity Bank’s Recapitalisation Plan

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2 years ago

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Shareholders Endorse Fidelity Bank’s Recapitalisation Plan....KINDLY READ THE FULL STORY HERE▶

Shareholders, under the auspices of Nigeria’s leading shareholders’ associations, have expressed strong support and readiness to mobilize for the ongoing recapitalisation of Fidelity Bank Plc, commending its impressive performance over the years. The shareholders have indicated they would enthusiastically participate in any share offering, anticipating above-average returns……CONTINUE READING

 

 

 

With nearly 400,000 shareholders, Fidelity Bank boasts the most diversified retail shareholder base among Nigerian banks. Notably, no single shareholder holds up to 5% of the issued share capital. This diversification underscores the popularity and pricing efficiency of Fidelity Bank’s stock in the market.

Fidelity Bank’s performance over the past five years has been remarkable, with an average annual return of more than 81%, outpacing all major market indices and significantly exceeding returns in the overall market and banking sector.

The shareholders are confident in the bank’s potential for a significant leap in the emerging Nigerian financial services sector. National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, praised Fidelity Bank for its organic growth and consistent performance, urging the board to maintain good corporate governance.

Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), commended the bank’s corporate governance structure and financial strength, evidenced by the successful acquisition of Union Bank UK. He highlighted the appointment of Dr. Nneka Onyeali-Ikpe as Group Managing Director as indicative of the bank’s robust succession plan.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, highlighted Fidelity Bank’s impressive results and continuous growth, even amid economic challenges. She cited the 2023 business year, where the bank doubled its pre-tax profit to N124.2 billion and saw significant increases in deposits and total assets.

Mr. Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, expressed pride in Fidelity Bank’s balance sheet and strong fundamentals, emphasizing the bank’s good corporate governance and customer service as reasons for a promising future.

Fidelity Bank’s interim report for Q1 2024 showed robust growth, with gross earnings increasing by 89.9% to N192.1 billion and profit before tax doubling to N39.5 billion. The bank’s strong performance was driven by broad-based growth in both interest and non-interest income, with significant increases in deposits and net loans and advances.

In conclusion, shareholders are optimistic about Fidelity Bank’s recapitalisation plan and its future prospects, confident in the bank’s ability to deliver sustainable growth and returns.

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BACK TO LIFE: Benue Begins Closing IDP Camps As Thousands Of Returning Citizens Reclaim Their Homes!.

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10 hours ago

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August 8, 2026

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  • CAMP CLOSURES PLANNED: Benue State Governor, Rev. Fr. Hyacinth Alia, announced plans to close select Internally Displaced Persons (IDP) camps as improved security allows residents to return home.....KINDLY READ THE FULL STORY HERE▶

    • VISIT BY PRESIDENTIAL TEAM: The disclosure was made during a media interaction with the Renewed Hope Ambassadors Presidential Media Team, led by Special Adviser on Media and Strategy Bayo Onanuga, who are visiting Benue to inspect federal and state infrastructure projects across the 23 Local Government Areas.

    • IMPROVED SECURITY & FARMING: According to Governor Alia, federal interventions and enhanced security measures have restored relative calm, enabling displaced citizens to voluntarily return and resume agricultural activities.

    • COLLABORATION WITH GLOBAL BODIES: The state government is collaborating with international organizations, such as the United Nations and the International Organisation for Migration (IOM), to ensure safe, sustainable, and permanent resettlement rather than temporary relocations.

    • COMMUNITY REBUILDING: Alia noted that the declining camp populations and subsequent reconstruction of destroyed homes reflect a positive step toward reviving Benue’s agricultural sector and stabilizing livelihoods.

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POWERHOUSE APPOINTMENT: Industry Titan Bala Wunti Emerges As Pioneer CEO Of World Energy Council Nigeria!.

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10 hours ago

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August 8, 2026

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  • HISTORIC APPOINTMENT: Bala Wunti has been appointed as the inaugural Chief Executive Officer of the World Energy Council (WEC) Nigeria, establishing a dedicated executive leadership structure for the organization, which Nigeria first joined in 1960.....KINDLY READ THE FULL STORY HERE▶

    • DEEP INDUSTRY EXPERIENCE: With over 30 years across Nigeria’s petroleum sector, Wunti previously served as Chief Upstream Investment Officer at NUIMS, where he managed joint ventures, negotiated deep offshore PSCs, and spearheaded cost-optimization initiatives that drove production costs below $10 per barrel in key operations.

    • STRATEGIC LEADERSHIP AT NNPC: In his past leadership roles at NNPC, Wunti led transparency initiatives like ‘Operation White’ while heading PPMC, guided corporate strategy and sustainability through NNPC’s commercial transition, and helped establish a Command and Control Centre to combat crude oil theft and pipeline vandalism.

    • GLOBAL ENGAGEMENT: Nationally and internationally, Wunti has advocated for natural gas utilization, represented Nigeria on the OPEC Economic Commission Board, and participated in the Gas Exporting Countries Forum (GECF).

    • VISION FOR WEC NIGERIA: Holding executive credentials from Harvard Business School and Oxford’s Blavatnik School of Government, Wunti emphasized that Nigeria’s energy future must focus on security, affordability, and sustainability, pledging that WEC Nigeria will serve as an impartial platform connecting government, industry, and academia to drive actionable solutions.

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SCANDAL IN CUSTODY: Death Row Inmate’s Shocking TikTok Livestream Triggers Immediate Removal Of Prison Staff!

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10 hours ago

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August 8, 2026

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  • OFFICERS REMOVED: Following a security breach where a death row inmate allegedly hosted TikTok live sessions from custody, the Nigerian Correctional Service (NCoS) removed the Officer-in-Charge of the Ibara Medium Custodial Centre in Abeokuta, Ogun State, along with two other senior officers.....KINDLY READ THE FULL STORY HERE▶

    • INMATE DETAILS: The prisoner, Elijah Oyebode, received a death sentence by hanging in 2019 after an Osun State High Court found him guilty of murdering Rofiat Adebisi, a final-year student at Osun State University, based on medical evidence and trial materials despite his conflicting accounts and final denial.

    • SOCIAL MEDIA ACTIVITY: Despite being on death row, Oyebode allegedly kept an active TikTok presence—including an account that reached Level 20 gifting status to collect monetary gifts during livestreams—and was linked to another account impersonating a popular content creator and activist.

    • NCOS STATEMENT: In a Thursday statement, NCoS Public Relations Officer JN Osuji condemned the incident as a severe security and regulatory breach, confirming that the prohibited mobile phone used for social media access has been seized as evidence.

    • CURRENT STATUS: Oyebode has been moved to a different custodial facility under heightened security, while the ousted prison officials remain suspended pending the conclusion of the ongoing investigation.

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