Author: Jasmin Ekua, Banking & Finance

Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the improved rating reflected the bank’s increased creditworthiness relative to other issuers in Nigeria, emphasizing that, “Fidelity’s Long- and Short-Term IDRs are driven by its standalone creditworthiness, as expressed by its…

Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages the latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year-old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors. Clearly, these…

Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria to Drive Financial Inclusion Leading financial institution, Fidelity Bank Plc, recently commissioned the newly renovated  Madrasatul Anwarul Islam school in Zaria,  Kaduna State as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria. Established over five decades ago by the emir’s father, late Maga in garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country. The bank also inaugurated a state-of-the-art…

For its contribution and support towards Environmental Sustainability, especially, in Lagos, the state government, awarded Heritage Bank with its 2022 Environmental Sustainability Award. The bank joined other corporate organisations and schools within the State, awarded for their efforts towards protecting nature and limiting the impact of climate change on Earth. The Award was given to the bank by the state government through the Ministry of Environment and Water Resources, Lagos State in the commemoration of 2022 World Environment Day Celebrations in which the bank was also a major sponsor.  Speaking…

African Export-Import Bank (Afreximbank) has announced the disbursement of a US$150 million finance facility to First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider. The funding was provided under Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA). Afreximbank’s US$150 million financial support will be accessible to FirstBank customers that are involved in the manufacturing and importation of products and equipment required to combat the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity. The loan will also be used for the…

One of Nigeria’s most respected bank holding companies, FBN Holdings announced its largest single shareholder Femi Otedola has sold down about 834 million shares of FBN Holdings in a deal valued at about N9.28 billion only. The transactions were reported by FBN Holdings as part of its  Insider Dealing notification to the exchange, a mandatory filing required to be disclosed whenever a significant shareholder is selling shares. Nairametrics first reported the back-to-back sales on Friday, June 3rd, and Monday, June 6th, 2022. with 274 million and 600 million respectively.  According to the series…

Access Bank PLC has announced the promotion of 800 employees following a transparent and robust performance management review in line with global best practices.  This announcement comes as the financial giant shores up its transition to a Holding Company (Holdco) starting May 1st, 2022. The bank’s consistent growth over the years has been due to the immeasurable effort and sacrifice of its employees.  The beneficiaries of this wholescale performance review exercise spanned the Bank’s senior, middle, and junior management levels even as the management strives to continuously put employees in…

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2022, with an impeccable growth of 22% in Gross Earnings from N157.3 billion reported in Q1 2021 to N191.5 billion in Q1 2022.   From the unaudited statement of account presented to the Nigerian Exchange (NGX) on Thursday, 28th April 2022, the strong double-digit growth in the topline culminated in an increase in the bottom line, as the Group recorded an 11% Year-on-Year (YoY) increase in profit before tax, growing from N61.02 billion in Q1 2021 to…

Leading financial institution, Fidelity Bank Plc, has introduced a bouquet of products designed to help schools run profitably and seamlessly. Specifically targeted at privately-run primary, secondary and tertiary educational institutions in the country, the collection of products include financial and non-financial products put together to help schools enhance the quality of services they render, scale their operations and increase revenue. In a chat with journalists, Divisional Head, Brands and Communications, Fidelity Bank Plc, Dr Meksley Nwagboh stated that: At Fidelity Bank, we recognize the importance of quality education in shaping…

Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Magazine’s Best Banks Awards 2022, retaining the award for a third consecutive year. The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 29th Annual Best Bank Awards Winners. The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Global Finance considered factors that ranged from the quantitative objective to the informed subjective in…

Guaranty Trust Holding Company Plc (“GTCO Plc” or “the Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦54.3billion, representing an increase of 1.1% over ₦53.7billion recorded in the corresponding period March 2021.FX translation of the FCY loan book led to a drop in the Group’s net loansby 4.7% from ₦1.80trillion recorded as at December 2021 to ₦1.72trillion in March 2022. Deposit liabilities however…

Governor Simon Lalong of Plateau state has lauded the RT200 FX Programme by the Central Bank of Nigeria’s (CBN), stating that the nation stands to gain a lot in terms of expanding its foreign exchange earning capacity through previously underutilised sectors. The governor made this declaration at the recently held CBN RT200FX Policy Sensitization seminar hosted by Fidelity Bank Plc in Jos, Plateau State capital for businesses in the north-central zone of the country. Represented by the Commissioner of Special Duties and Intergovernmental Affairs, Hon. Jerry Werr, Gov. Lalong said the State…

Global Money Week: Fidelity Bank to Empowers 4,000 Students In 36 Secondary Schools Fidelity Bank Plc has tutored 4,000 students in 36 schools across Nigeria on the value of managing financial resources effectively in order to improve their economic well-being. This initiative, organized in collaboration with Junior Achievement Nigeria (JAN), is part of the activities celebrating the Central Bank’s (CBN) annual Global Money Week (GMW), which promotes financial literacy on a global and local scale. The theme of this year’s GMW, “Build your future, be smart about money,” emphasizes the…

In its bid to strengthen its long-term competitiveness and growth prospects, Access Bank Plc has announced the successful completion of its restructuring into a Holding Company structure (Holdco) known as Access Holdings Plc. In a notification to the Nigerian Exchange (NGX) Limited on Monday, the company said, Mr. Bababode Osunkoya would be the chairman while Mr. Herbert Wigwe would remain as the group managing director and chief executive officer of Access Holdings Plc. For the banking subsidiary, Mr. Roosevelt Ogbonna has been appointed as the managing director/CEO, Mr. Victor Etuokwu as…

In furtherance of its role in promoting the sustainability and viability of the Small and Medium-sized Enterprises (SMEs), Nigeria’s premier and leading financial inclusion services provider, FirstBank will by 11:00am on Thursday, 24 March 2022 convene its SMEConnect webinar themed Leveraging Alternative Payment Methods (APMs) to drive revenue for your business. The virtual event is open to everyone, especially small business owners and attendees who are to register via https://firstbanknigeria.zoom.us/webinar/register/WN_hxkQXlKuSji6JDqaA6x34Q  to participate in the event. Guest Speakers at the event include Jeffrey Williams–Edem, Group Business Head, Merchant Acquiring, Interswitch Group and…

By Aniekan Ezekiel Have you seen the videos on this link: https://www.firstbanknigeria.com/home/impact/crs-week/? Piece of advice: Please hold your handkerchief or make sure there is a good supply of tissue paper while you view. The initiative that inspired the efforts and results seen in the videos is not a strange one but it has a way of surprisingly leaving people teary-eyed. Viewers tear up as they get to see the positive difference it has made in the lives of ordinary people in communities across Nigeria.   Many people across the country are familiar…

In a bid to deepen positive customer experience and create new opportunities for businesses to grow revenue, Fidelity Bank, in collaboration with OnePipe, launched payment gateway PayGatePlus on Wednesday, March 16, 2022, at the Eko Hotel & Suites in Lagos. PayGatePlus, which is an upgraded version of the legacy PayGate product by the bank, is a payment solution and a comprehensive embedded finance platform that empowers organisations in any sector to integrate financial services within their businesses and offerings. The payment solution offers services such as web payments, virtual accounts,…

Access Bank Plc has further demonstrated its commitment to making a difference through charity as the Bank successfully hosted its maiden Polo tournament held at the prestigious Val de Vie Polo Club in Cape Town, South Africa. The event held to further create awareness and raise funds to support the education of underprivileged children in Africa. In partnership with Fifth Chukker, through the Nelson Mandela Foundation, the initiative further deepened the Bank’s commitment towards impacting the environment and positively affecting the lives of underprivileged children in Africa. Group Managing Director, Access Bank PLC, Herbert Wigwe who led…

FirstBank, Nigeria’s leading financial inclusion services provider has urged its customers to take advantage of the Bank’s ongoing Verve Card campaign designed to reward customers for their continued usage of the Verve debit Card.  The Eight-week promo will end on Wednesday, 30 March 2022 as 2,601 customers will win various prizes. These prizes include N20,000 Cash Prize, N10,000 Cash Prize, N10,000 worth of airtime; power generating sets, refrigerator, cooking gas and the grand prize of a brand-new car. The promo will reward customers on a weekly and monthly basis. In…

with Financial Support to Women-Owned Businesses and Girls’ Academy •        Ezekwesili, Alakija, Shagaya, Chimamanda and others grace occasion In what has been termed a major push for breaking the gender bias in Nigeria, leading financial institution, Fidelity Bank Plc, in partnership with media entrepreneur-Linda Ikeji- celebrated the 2022 International Women’s Day (IWD) with an impressive networking event specifically for women to inspire one another, discuss pertinent challenges they face as well as proffer solutions on breaking the gender biases prevalent in the country. The high-profile event, held at the Civic…

Facility to strengthen FirstBank’s commitment to gender financing with US$30 million targeted to women-owned and led businesses Partnership will enhance funding to local SMEs to boost growth and promote financial and social inclusion across Nigeria The facility adds US$100 million to CDC/BII’s contribution to the 2XChallenge  First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced its partnership with CDC Group, the UK Government’s development finance institution on a US$100 million finance facility to FirstBank. This new facility will direct funding to women-owned and led…

In commemoration of International Women’s Day 2022, the foremost financial institution, Fidelity Bank Plc, has announced plans to celebrate leading women and female achievers at a networking event in partnership with media entrepreneur – Linda Ikeji – on Tuesday, 8 March 2022. Themed ‘Breaking the Bias’, this year’s International Women’s Day celebration is aimed at promoting gender equity across various sectors and spheres by celebrating women who have emerged pioneers in their respective fields. Speaking on the upcoming event, Fidelity Bank’s Chief Executive Officer, Mrs. Nneka Onyeali-Ikpe, said, “At Fidelity…

Sensitizes Customers in Emerging Opportunities in non-Oil Exports Fidelity Bank Plc, a leading Nigerian bank, has reaffirmed its commitment to actively support the Central Bank of Nigeria’s (CBN) efforts to achieve its goal of $200 billion in Foreign Exchange (FX) repatriation from non-oil exports over the next five years. The Executive Director, Northern Businesses, Fidelity Bank Plc, Hassan Imam made this known on Monday in Kano at a workshop for exporters and investors on the implementation and opportunities in the new CBN RT200 FX Policy. Imam stated that the financial…

Leading financial institution, Fidelity Bank has reiterated its commitment to enriching the lives of its customers as it announced the third set of 10 millionaires in its Get Alert in Millions Season 5 (GAIM 5) promo. The third monthly draw of the campaign which was held in Victoria Island, Lagos on Tuesday, 22 February 2022 had representatives of regulatory organisations in attendance include: Ms Oyinkan Kusamotu, Senior Legal Officer, Lagos State Lotteries & Gaming Authority. Genevieve Nwaoche, representative of the National Lottery Regulatory Commission and Onifade Abiodun, representative of the…

In recognition of the giant strides and efforts by Junior Achievement Worldwide – the parent body of Junior Achievement Nigeria and other Junior Achievement across 119 countries – in equipping young people to solve societal issues, whilst building an entrepreneurship mindset, Junior Achievement World Wide –– has been nominated for the 2022 Nobel Peace Prize. Asheesh Advani, CEO of JA Worldwide, shared his perspective in response to the nomination: “Peace is only possible when youth in all countries and regions have economic empowerment. JA Worldwide is honoured to receive this…

Customers of Fidelity Bank are in for a treat this Valentine as the Bank has announced plans to host a delightful evening of music, fun games and delightful experiences for its customers. Tagged The Euphoria and scheduled for Saturday, 19 February 2022, the event would be headlined by leading music acts, Johnny Drille, Chike, Fave and other guest artistes. There will also be numerous activities to make the night truly memorable for all invitees.  Admission is strictly by invitation. However, to stand a chance to be part of The Euphoria, intending guests must…

GTCO Plc acquires the Mutual Fund and Pension Subsidiaries of Investment One Financial Services Limited; Investment One Funds Management Limited and Investment One Pension Managers Limited. Guaranty Trust Holding Company Plc (GTCO Plc or the Group), a diversified financial services provider, today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or…