Banking and Finance
Fidelity Bank’s Consistent Strong Growth Excites Investors
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 accounts of Fidelity Bank between 2023 and 2020 showed double-digit growths over the years with cumulative average annual growth rate (CAGR) in earnings, profitability and assets significantly above average industry rate and within the best performance among publicly quoted companies.
Average annual profit growth rate of 64 per cent underscores Fidelity Bank’s fundamental strength as an inflation-hedging investment. The operational growth strengthens the overall return outlook of the bank, which share price has delivered an average annual capital gain of more than 100 per cent in five years at the stock market.
Several experts’ reviews have said the bank’s strong historical performance is a major attraction for its ongoing combined rights and public offer.
Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.
The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.
Fidelity Bank’s gross earnings rose successively from N206 billion in 2020 to N251 billion, N337 billion and N556 billion in 2021, 2022 and 2023 respectively, representing average annual growth of 39 per cent. Profit before tax has grown consecutively from N28 billion in 2020 to N124 billion in 2023. Profit after tax jumped from N26.65 billion in 2020 to N99.45 billion in 2023. Earnings per share has also grown from 92 kobo in 2020 to N3.11 in 2023, showing the headroom for increased dividends to shareholders.
The bank’s profitability has been driven by continuous increase in market share, a strong commitment to national economic growth with supports for businesses and high customer trust.
Fidelity Bank’s total assets has grown successively from N2.11 trillion in 2019 to N2.76 trillion in 2020 and consecutively to N3.28 trillion, N3.99 trillion and N6.23 trillion in 2021, 2022 and 2023 respectively. Shareholders’ funds have also grown successively from N234.03 billion in 2019 to N273.53 billion, N285.29 billion, N314.36 billion and N437.31 billion in 2020, 2021, 2022 and 2023 respectively.
Total deposit has grown by an average annual growth of 33 per cent from N1.7 trillion in 2020 to N4.02 trillion in 2023. A breakdown underlined a strong customer confidence with low-cost deposit accounting for 97.4 per cent of total deposit.
Low-cost deposit has grown at a faster CAGR of 44 per cent over the period, rising from N1.31 trillion in 2020 to N3.91 trillion in 2023. Savings accounts had also doubled over the period from N424 billion in 2020 to N881 billion in 2023, representing average annual growth rate of 28 per cent.
Fidelity Bank has more than 8.0 million customers, with 5.1 million of these customers on digital channels, underlining the strength of the bank’s robust information and communication technology.
As customers increasingly entrust the bank with their funds, Fidelity Bank has also shown equally aggressive commitment to national economic growth with average annual growth of 32 per cent in net loans.
Net loans have grown successively from N1.32 trillion in 2020 to N1.66 trillion, N2.12 trillion and N3.09 trillion in 2021, 2022 and 2023 respectively. The above average growth in loans shows Fidelity Bank’s famed supports for Nigerian businesses. The bank’s loans portfolio is the fifth largest in the Nigerian banking industry.
A frontline industrialist and a customer of the bank, Dr Kamoru Yusuf, Founder of KAM Holding, said Fidelity Bank has been exceptional in supporting the development of Nigerian companies.
Yusuf, whose group has metamorphosed into a global business conglomerate operating in three countries across two continents, confirmed that KAM Holding has benefited immensely from financial supports from Fidelity Bank.
He said investing in Fidelity Bank will be an investment in the growth of Nigerian economy and companies like KAM Holding, the nation’s largest wholly indigenous metal and steel production company.
He underlined the relationship between increased capital for a business-focused bank like Fidelity Bank and the overall development of the Nigerian economy.
There are strong indications that the bank will sustain its impressive growth record in the years ahead. Already, interim report and account of the bank for the first quarter ended March 31, 2024 showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.
The three-month report showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.
Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023.
The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.
Mrs. Pamela Shodipo, Executive Director, South, Fidelity Bank Plc (2nd L); Mrs. Amaka Onwughalu, Chairman, Board of Directors, Fidelity Bank Plc (4th L); Dr. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc (6th L); and Dr (Mrs.) Nonye Soludo, First Lady of Anambra State (2nd R), with the beneficiaries at the Fidelity Bank Empowerment Programme organized in partnership with Healthy Living with Nonye Soludo Foundation, held in Awka, Anambra State recently.
Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to sustainable social impact and economic inclusion through the empowerment of women and schoolchildren in Anambra State.
The landmark intervention, held recently in Awka during the 2026 Fidelity Empowerment Programme, featured the distribution of 200 sewing and grinding machines to women entrepreneurs, N25 million in seed capital support, 1,500 food packs to vulnerable households, and 250 solar-powered school bags to schoolchildren. The initiative was implemented in partnership with Healthy Living with Nonye Soludo, a Non-Governmental Organisation led by the Wife of the Governor of Anambra State, Dr. Mrs. Nonye Soludo.
Speaking at the event, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, described the programme as a reflection of the Bank’s enduring commitment to empowering individuals, strengthening communities, and creating opportunities for sustainable growth.
According to the bank’s CEO, the initiative marked the first time that three of Fidelity Bank’s flagship social impact initiatives—the Fidelity Food Bank Initiative, Lighting Young Minds Programme, and Give Her Power Initiative—were brought together under a single intervention platform; and Anambra State is the first beneficiary.
“Today is more than an empowerment event; it is a demonstration of our belief that meaningful progress begins when people are given the tools and opportunities to succeed. At Fidelity Bank, our purpose goes beyond banking. We are committed to helping individuals realize their aspirations, overcome challenges, and build better lives. When communities thrive, businesses thrive; when families prosper, societies become stronger; and when people are empowered, possibilities become endless,” she stated.
Dr. Onyeali-Ikpe further noted that the Fidelity Food Bank Initiative continues to provide critical support to vulnerable households across Nigeria, particularly during a period of economic challenges affecting many families.
“Access to food remains a basic human need. By supporting vulnerable families, we are restoring dignity, strengthening resilience, and fostering greater social inclusion within our communities,” she added.
Speaking on the Lighting Young Minds Programme, Dr. Onyeali-Ikpe explained that the solar-powered school bags distributed to pupils are designed to enhance learning outcomes by providing a reliable source of light for studying after dark, especially in communities with limited access to electricity.
The programme also featured the Give Her Power Initiative, through which women received vocational tools and financial support aimed at promoting entrepreneurship, enhancing household income, and advancing women’s economic participation.
In her remarks, the Wife of the Governor of Anambra State, Dr (Mrs.) Nonye Soludo, commended Fidelity Bank for its unwavering commitment to uplifting vulnerable groups and investing in community development.
“We gather today, not merely to distribute items or celebrate another social impact initiative, but to reaffirm a simple truth: when we invest in people, we invest in the future. Every woman supported, every child empowered, and every family assisted represents a step towards building a stronger, healthier, and more prosperous Anambra State,” she said.
Mrs. Soludo expressed appreciation to Fidelity Bank for aligning with the vision of empowering communities and improving lives through impactful interventions.
“Beyond the empowerment items being distributed today, Fidelity Bank is investing in human potential, family stability, and community development. This partnership demonstrates the important role socially responsible organisations can play in advancing sustainable development and improving the quality of life of the people they serve,” she added.
The Fidelity Empowerment Programme forms part of Fidelity Bank’s broader commitment to driving positive social impact across Nigeria through targeted interventions in education, economic empowerment, food security, health, and community development.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Caption:Polaris Bank Financial Literacy Session at Community Day Secondary School, Tsaski Yan’albasa, Charanchi LGA, Katsina State, during Global Money Week 2026.
Lagos, Nigeria — As part of its ongoing commitment to youth empowerment, financial inclusion, and building a financially responsible generation, Polaris Bank Limited held an impactful Financial Literacy Day session at Community Day Secondary School, Tsaski Yan’albasa, in Charanchi Local Government Area of Katsina State. The event, which took place on June 9, 2026, formed part of the Bank’s activities to commemorate Global Money Week (GMW).
The interactive session reached and impacted 90 students and 10 teachers, providing practical insights into savings, budgeting, responsible spending, banking essentials, financial goal-setting, peer influence, and informed decision-making from an early age. It forms part of Polaris Bank’s sustained participation in Global Money Week, a global campaign that equips pupils and young people with knowledge on money management, savings, entrepreneurship, literacy and economic citizenship, while supporting the Central Bank of Nigeria’s (CBN) financial and inclusion goals.
The Managing Director/CEO of Polaris Bank, Mr. Kayode Lawal, emphasised the strategic importance of these initiatives: “At Polaris Bank, we believe financial literacy is one of the most important foundations for building a responsible and economically empowered generation. When young people understand the value of savings, budgeting and responsible financial choices early in life, they are better positioned to manage opportunities, avoid poor money decisions and contribute meaningfully to the economy.”
He added that the Bank’s involvement in Global Money Week underscores its long-term dedication to financial inclusion, youth development, and community impact: “For us, this is not just about teaching students how to save money. It is about helping them understand the relationship between discipline, planning, financial responsibility and future success. We will continue to support platforms that take financial education closer to young people, especially in communities where early exposure can make a lasting difference.”
The session at the Polaris CEO adopted school, featured expert-led modules. It began with an overview of Global Money Week and the importance of a strong savings culture, anchored by Mr. Patrick Sule. Topics included the role of the CBN in the financial sector, financial discipline, goal-setting, and smart spending habits.
The session continued with focused discussions on banking essentials and managing peer influence, highlighting how banks help individuals protect, manage, and grow their money, while encouraging young people to make independent and responsible financial choices amid lifestyle pressures. Another segment addressed financial responsibility and legitimate ways young people can earn and manage money, stressing that building strong financial habits early significantly supports their personal and educational goals.
Representing the Polaris Bank MD/CEO at the advocacy outreach, Mr. Dahiru Tukur, Group Head, Kano Group, Polaris Bank, delivered regulatory insights in simple and accessible terms. He also led an interactive “Smart Money Talk” session to reinforce the key lessons from the day.
“The decisions you make with money today, no matter how small, can shape your future. Learning how to save, spend wisely and avoid negative financial pressure is a major step toward becoming responsible and independent adults. Polaris Bank is proud to be part of this journey with you,” he said.
To connect theory with practice, the session featured an introduction to the Polaris Young Achievers account, outlining its benefits for fostering early savings habits, along with account-opening requirements and suitable product options. The programme concluded with a lively question-and-answer (Q &A) segment, where students showed keen interest, followed by the distribution of branded gift items to reinforce the learning experience.
Samaila Umar Sanda, Principal of Community Day Secondary School, praised the Bank’s practical and relatable approach: “Programmes like this help student connect classroom learning with real-life financial decisions. By engaging them early, Polaris Bank is helping to build a generation that understands money, values savings and can make better economic choices. We are grateful to Polaris Bank for bringing this important programme to our school. The lessons shared today are practical and timely. Our students have learnt that money management starts with discipline, planning and the right attitude.”
This engagement reinforces Polaris Bank’s role as a responsible corporate citizen dedicated to education, youth development, financial inclusion, and sustainable community impact. Through Global Money Week and similar initiatives, the Bank continues to advance national efforts to equip young Nigerians with essential skills for informed financial decisions and active participation in the formal economy.
This initiative aligns with Polaris Bank’s commitment to the UNEP-FI (United Nations Environment Programme Finance Initiative) Principles for Responsible Banking, particularly Principle 3 (Clients & Customers) and the dedicated Commitment to Financial Health and Inclusion. By promoting financial literacy and education among young people, the Bank supports universal financial inclusion, helps individuals build financial resilience, and contributes to a more financially healthy and empowered society.
-END-
Banking and Finance
Wema Bank’s 5 for 5 Rewards Delivers ₦17.96 Million to 273 Customers in One Month
One month after launching Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities. Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.
Insecurity: Governor Dauda Lawal Commends Troops for Recovering Ammunitions, Rustled Cattle
Governor Dauda Lawal Approves Payment of Allowance to NYSC Members Serving in Zamfara
MAGGI Strengthens Stakeholder Understanding of Food Quality and Safety Through Immersive Value Chain Engagements
Regberegbe 1986, 87 and 88 Appoints Deputy Speaker As Adviser Okunrin
