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As Fidelity Bank Remains Investors’ Toast

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In an increasingly uncertain macroeconomic environment, Fidelity Bank Plc has remained appealing in the banking sector.

This is evident in its full year 2022 financial results which showed a better-than-expected performance amid the headwinds in the economy.


Specifically, in the full year 2022 results, Fidelity Bank’s gross earnings increased to N337,050 billion as of December 31, 2022, significantly higher than the N250,776 billion recorded at the end of 2021.

Also, Fidelity Bank’s Net Interest Income climbed to N152 billion in the year under review, up from N94.879 billion the previous year.


Also, its profit before income tax stood at N53.677 billion in the year under review, higher than N25.215 billion the previous year.

Fidelity Bank’s profit after tax for the year under review stood at N46.724 billion, higher than the N23.104 billion it realised in 2021. Additionally, its total assets increased to N3.989 trillion in 2022, up from N3.278 trillion in 2021.


While its loans and advances to customers in the year under review stood at N2.116 trillion in the year under review, up from N1.658 trillion the previous year, customers’ deposits grew to N2.580 trillion, higher than N2.024 trillion the previous year.


Owing to this, the Board of Directors of the bank have proposed a final dividend of 40 kobo per share which in addition to the 10 kobo per share earlier declared as interim dividend amounts to N0.50 per Ordinary Share of 50 kobo (2021: Dividend of N0.35 per Ordinary Share of 50 kobo each amounting to N10,136,904,992.20) from the retained earnings account as of 31 December 2022.


On the back of an impressive first half 2022 results, Fidelity Bank had declared an interim dividend payment of 10 Kobo per 50 Kobo ordinary share, subject to appropriate withholding tax, to shareholders whose names appear in the Register of Members as at the close of business on September 12, 2022.

The interim dividend payment was the first in the bank’s 34 years history. Fidelity Bank had reported a remarkable 21.6 per cent growth in its half-year 2022 profit to N25.1 billion.


Since she assumed the position of the Managing Director/Chief Executive Officer of Fidelity Bank Plc in 2021, Nneka Onyeali-Ikpe has made it clear that her target is to deliver a financial institution that meets all stakeholders’ expectations, even as she continues to push the bank to rise to be among the tier-one banks in the country.


In August 2022, Fidelity Bank intimated the public of its proposed acquisition of Union Bank United Kingdom as part of its expansion plans and in line with regulatory stipulations.

The bank’s plans to acquire a 100 per cent stake in Union Bank UK marked its first foray into the international market.


Commenting on the transaction, Onyeali-Ikpe stated, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”


Indeed, the Nigerian banking sector is evolving, with the changes being driven by competition, accelerated adoption of technology and the move by banks to meet the banking lifestyle of an evolving demography.


This has seen a lot of banks, including Fidelity, embrace innovative means to satisfy their customers.


It also organised the Fidelity International Trade and Creative Connect (FITCC), which is the largest trade exhibition by Nigerian-based businesses in the United Kingdom in recent times.

It was a major move in increasing Nigeria’s foreign exchange earnings.


At the end of the maiden edition which held in London, it recorded pipeline deals of over $200 million, more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts and over 2,000 attendees over two days.


“In collaboration with our strategic partners, we have created this platform to connect Nigerian exporters with UK buyers.

This inaugural edition of the FITCC hosts more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts.


“Fidelity Bank is a leading financial institution in Nigeria and a market leader in supporting small and medium scale enterprises and export-oriented businesses.

This event is therefore an extension of the support that we provide to the business ecosystem in Nigeria as work to help them compete favourably on the global stage,” Onyeali-Ikpe said in her welcome remarks at the event.


It is expected that the impressive financial would continue to attract investors to the bank even as it continues to meet the expectations of its customers.

Source: Thisdaylive.Com

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Opinion

Let’s Save Our Democracy from this Axis Of Evil, by Hassan Gimba

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Let’s Save Our Democracy from this Axis Of Evil, by Hassan Gimba

Several people, including Nigerian leaders, have said that democracy, as a form of government, has no better alternative. And why not, if democracy is all about a system of government in which the governed freely participate in electing their representatives?

Nigeria has had a go at practising democracy even before its independence from Britain. From independence, we practised it fully for six years, though it was the Westminster system, bequeathed to us by the colonisers. It got its name from the central London area hosting the Parliament of the United Kingdom.

The Westminster model, which Nigeria started with, is a system in which there is a head of state (or president), a prime minister who heads the government, and an elected parliament (made up of one or two houses) from which the head of government emerges.

Then, there was a thirteen-year military interregnum, during which the men in khaki and jackboots ran the country’s affairs by decree and instituting a unitary form of government, the top-to-bottom command structure they knew all too well.

Fully aware that democracy is more in tandem with human nature, the Khaki Boys organised a constitutional conference in 1979 to usher in a democratic government, opting for a presidential system fashioned after the American model.

However, it did not last as long as the parliamentary system because, four years later, the jackboots returned. It was only 15 years later, in 1999, that the starched khaki-wearing leaders freed Nigeria from their grasp after seeing that stratocracy was globally going out of fashion.

In all of our adventurism with the forms of democracy, it is only in the current dispensation that one sees politicians holding the reins of their party’s leadership, yet sabotaging it.

In the First Republic, for instance, Obafemi Awolowo was the chairman of the Action Congress (AG), while Anthony Enahoro, and later Bola Ige, were its secretaries-general. The National Council of Nigeria and the Cameroons (NCNC) had Herbert Macaulay and Nnamdi Azikiwe as chairman and secretary-general, respectively.

The Second Republic’s National Party of Nigeria (NPN) had Augustus Akinloye as its chairman, and the Peoples Redemption Party (PRP) had Alhaji Falalu Bello. In this dispensation, we have had the All Progressives Congress (APC) with Bisi Akande and Tijjani Musa Tumsah as chairman and secretary-general, respectively.

Despite the average man’s inordinate desire for worldly gains, these chairmen of the opposition political parties never took part in any subterfuge against their parties. History will surely be kind to them as those who endured being in opposition for the sake of democracy and integrity.

There is no integrity where a citizen is playing politics for his stomach. It becomes worse when he willingly sells himself to the devil so that he can own mansions, choice plots, and hefty bank accounts in various currencies. These are the sorts of people that history consigns to the dirty bin it keeps for villains and the immoral.

We may not sound the alarm over the heinous acts of the unprincipled and “long-throat” politicians if not for their desperate—and, from all indications, succeeding—shenanigans involving the judiciary that could jeopardise our democracy.

They are bent on making a mockery of the judiciary, compromising those they can compromise and shopping for favourable judgements from “understanding” or “sympathetic” judges.

As a result of this unholy romance between a triumvirate of monied politicians (whose source of wealth can lead to capital punishment in a sane country), the perfidious, unscrupulous party chieftains, and mercenary judges, Nigeria’s democracy is at risk from this “axis of evil!”

This repugnant alliance, apart from casting the courts in a bad light, is threatening to give them a role never envisaged for them by the framers of our constitution—a power superseding even that of the constitution. Now, courts are managers of political parties, telling them when to meet, who their leaders should be, who their members should be, etc. This is why those who defected from their party—whom the constitution says cease to be party members—remain in their seats courtesy of the courts. Some judgements even turn established precedents and Supreme Court rulings on their heads.

Many lawyers, too, have become willing tools in the hands of the “axis of evil,” as they have no qualms defending the indefensible under the cover of the Constitution, which deems one innocent until proven otherwise. Ordinarily, they know, we know, and everyone knows that the culprits are guilty as charged.

The law must be applied common-sensibly. As the late Gani Fawehinmi, SAN, would say, legality should be guided by morality. Any law or court that sides with the wrongdoer is not helping the country.

This is why law and order are breaking down because the criminal-minded know that even if arrested, they can meander their way out as there are clever lawyers ready to take their rotten briefs for the money and judges who would set them free for a pot of porridge. The rotten lawyers know the houses and haunts of the rotten judges… birds of a feather, they say, flock together.

Is it any wonder that the wicked no longer fear the law or the authority doling it out, or that the innocent citizen fears the outlaw more than the custodian of the law? For one, the lawbreaker knows his atrocities might go unpunished, while the law-abiding fears the law cannot protect him since he may not be able to afford it.

This is why, among many others, the sit-at-home agenda of separatists in the Southeast will continue to be obeyed.

But like almost everything, there must be a way out. Oh, sure, there must be.

The Judicial Service Commission must intervene. They must remove the rug from under the feet of renegade judges who have become turncoats. The Legal Practitioners Disciplinary Committee (LPDC) must start punishing lawyers who engage in forum shopping and other ethical breaches.

But before that, the Nigerian Law School must incorporate subjects into its curriculum to teach the importance of morality and loyalty to the Constitution and the nation.

Then the judiciary must truly be independent in all ramifications; therefore, houses, cars, and any other welfare should not be doled out to its members by the executive. These are not favours and should not be made to be so or to look like one.

Hassan Gimba, anipr, is the publisher and CEO of Neptune Prime.

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Opinion

UN in Nigeria: Charting a Path Towards a Brighter Future, By Mohamed Malick Fall

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UN in Nigeria: Charting a Path Towards a Brighter Future, By Mohamed Malick Fall

The indescribable destruction caused by the first and second world wars led many to desire an international organization dedicated to maintaining world peace.

The United Nations (UN) was therefore established on 24 October 1945, to maintain international peace and security and to achieve cooperation among nations on economic, social, and humanitarian challenges.

As we commemorate the ‘birth’ of the UN, we are reminded of its enduring legacy in promoting peace, development, and humanitarian relief across the globe.

The creation of the UN, nearly eight decades ago was a pivotal moment in international history – anchored in the vision of a world united to prevent conflict, protect human rights, and ensure dignity for all.

The values enshrined in the UN Charter resonate strongly in Nigeria, a nation that joined the UN on 7 October 1960, just days after gaining its independence.

Some will argue that the need for the UN has never been greater than it is today, at a time when multilateralism and interstate collaboration is under threat in an increasingly divided world. Not only is the spectre of conflict rearing its ugly head, but pandemics have also killed millions of people in the last few years.

Most importantly, humankind is facing an existential challenge through climate change. If we are to survive, we will need to put our own interest aside for that of humanity and common survival.

The UN’s engagement with Nigeria has been deep and transformative, spanning development initiatives, and humanitarian responses to the challenges faced by vulnerable people. Through decades of partnership, the UN has played a central role in support of the Government of Nigeria, positively impacting the lives of millions through its wide-ranging interventions.

First, humanity is at the heart of the UN’s work in Nigeria. Across Nigeria, each region faces distinct humanitarian challenges. The UN, through its agencies, in collaboration with local and international partners, with the Nigerian Government taking the lead, has acted as a beacon of hope for those in crisis. Interventions have ranged from providing life-saving food and medical supplies, to addressing the long-term needs of displaced people, including education, and psychosocial care.

The UN supports resilience building, agricultural recovery, food security, and livelihoods in affected communities, as well as reproductive health and protection services against gender-based violence. Furthermore, the UN aids displaced people and refugees, providing shelter and basic needs, while also supporting child protection, education, health, and nutrition programmes.

In Borno, Adamawa, and Yobe states, where conflict and displacement have left millions vulnerable, UN-coordinated humanitarian responses have been crucial. Over the past decade, at least five million people have received aid annually, courtesy of the UN and partners, ensuring their access to food, water, healthcare, and protection services.

Beyond emergency responses, the UN has continued to support Nigeria’s development. It has been pivotal in fostering sustainable development through a focus on capacity building, governance reform, and the empowerment of women and youth. Over the years, the UN has supported numerous educational and vocational programmes that have enabled thousands of Nigerians to rise above poverty and build better futures for themselves and their families.

More so, the UN has supported the implementation of projects aimed at enhancing the resilience of communities. Initiatives in agriculture, renewable energy, and economic diversification have been particularly impactful in promoting food security and mitigating the effects of climate change. Similarly, its support for the fight against gender-based violence and human trafficking is helping protect vulnerable people and upholding human rights.

Despite these successes, the road has not been without challenges.

Conflict, displacement, food insecurity, malnutrition, natural disasters, and climate change impacts remain significant hurdles in Nigeria’s path to sustainable development.

The humanitarian crisis in the north-east persists, with violence continuing to disrupt lives and livelihoods. The northwest struggles with escalating banditry and communal clashes, displacing thousands.

The north-central region faces recurrent farmer-herder conflicts, threatening food security and livelihoods. The south-west grapples with violence and kidnapping, posing risks to safety. The south-south is grappling with environmental degradation affecting both livelihoods and ecosystems. In the south-east, rising insecurity has disrupted local economies and essential services, intensifying the humanitarian needs of affected communities.

Moreover, rising inflation and the global economic downturn have compounded the struggles faced by Nigeria’s most vulnerable people.

As we celebrate the UN’s impact in Nigeria, let us remember that the journey continues.

Let all hands be on deck!

Mohamed Malick Fall is the UN Resident and Humanitarian Coordinator in Nigeria.

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Opinion

Remembering Iyalode of Yorubaland

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Remembering Iyalode of Yorubaland

By Dimeji Kayode-Adedeji

Precisely 365 days today at about 6. 45am, a telephone call I first received came from the home of Alaba Oluwaseun Lawson. My heart skipped…and listening to the voice from other end of the phone, It was sad news… Mama has gone to the Lord.

Honestly, I was immediately confused and still on my Jalamia, (Pyjamas) I drove straight to her private residence at Quarry Road in Abeokuta. Reality dawned on me on arrival and I couldn’t hold back tears which rolled down my face and I became speechless.

It was a Saturday I used to appear on live radio program on fresh F.M between 9-11am. When I regained my consciousness, I put a call across to management of the station, that I can’t make it because I was bereaved. As I was still trying to comport myself and further regain my strength as a man, there were torrential phone calls from my colleagues in the pen profession, knowing that I was her media adviser, trying to confirm authenticity of the sad news.

 I had no choice I had to issue a press statement early enough to avoid speculations and wrong news dissemination. I must confess in my career as journalist of over three decades that was my first time I will be writing a press statement on a demise of any individual.

 I must again openly say this, late Iyalode Alaba Lawson, Iyalode of Yorubaland, I knew for over 30 years was my great benefactor and I will continue to appreciate her even in death. She was there for me all time, a reliable mother, a sister and aunty from another womb.

 I have no regret knowing her, if there is opportunity to keep relationship in heaven, I will keep that relationship with Alaba Oluwaseun Lawson (Omo Jiboku Tanatana). Its exactly a year today you left this sinful world to rest in the arms of the Lord. The legacies you left behind speak volume. I pray you continue to rest in perfect peace. Adieu

Prince Dimeji Kayode-Adedeji is founder of Penpushing Media and Media Adviser to late Iyalode of Yorubland, Iyalode Alaba Lawson

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