Connect with us

News

Who is afraid of Fidelity Bank? By Udeme Etukeyen

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely 👍🏾

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

Advertisement

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

Advertisement

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

■ Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert.

Advertisement
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Day 4 of projects commissioning as President TInubu set to commission newly constructed Court of Appeal Building

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

 

President Tinubu will commission the newly constructed Court of Appeal (Abuja Division) Building today, 15/6/26 as FCT projects commissioning enters Day 4.

#FCTProjects2026
#RenewedHopeFCT

Continue Reading

News

Cholera Outbreak: Plateau Records 5 Deaths, 11 Confirmed Cases

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Plateau State commissioner for Health, Dr Nicholas Baamlong, has revealed that the state recorded 11 confirmed cases of cholera, five deaths and 53 suspected cases.

Baamlong, who disclosed this to journalists yesterday in Jos, said the confirmed and suspected cases were reported in Pushit, Mangu 1 and Mangu 2 communities in Mangu local government area (LGA).

According to him, the state Ministry of Health is intensifying public health interventions to contain the outbreak, prevent further spread and reduce its impact on affected communities.

He explained that the state had taken decisive actions to control the outbreak and protect its citizens via the deployment of additional Response Teams (RRTs) to the affected wards, scaling up of treatment centres and isolation capacity and the emergency procurement of Rapid Diagnostic Tests Kits, intravenous fluids and essential drugs.

Advertisement

The Commissioner further said that the ministry had activated an Incident Management System (IMS), for a comprehensive and multi sectorial response to the outbreak.

“The activation of the IMS ensures a coordinated, efficient, and accountable response structure in line with national and international emergency response frameworks,” he said.

Baamlong explained that cholera was an acute diarrhoeal disease caused by consuming food or water contaminated with the bacterium Vibrio cholerae.

He urged residents of Mangu LGA and neighbouring communities to remain vigilant and take preventive measures, including drinking safe water, maintaining proper hand hygiene, avoiding open defecation, and ensuring proper waste disposal.

Advertisement

He also advised residents to promply report suspected cases of cholera to the nearest healthcare facility for immediate attention.

While reaffirming the state government’s commitment to safeguarding the health and well-being of residents, Baamlong called on development partners and other stakeholders to support ongoing response efforts.(NAN)

Continue Reading

News

South Africa says 2,745 foreigners sent home in a week

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

South Africa has repatriated 2,745 foreigners in the week after President Cyril Ramaphosa vowed tougher action against illegal immigration, the country’s home affairs minister said on Sunday.

One of Africa’s largest economies, South Africa has long attracted migrant workers from across the continent, both legally and illegally.

But saddled with an unemployment rate above 30 percent, it has experienced recurring spurts of anti-immigrant unrest, including fresh violence in recent weeks.

Mobs of South Africans carrying sticks, whips and shields have marched through parts of the country ordering foreigners with no residency papers to leave by June 30.

Advertisement

Growing security fears after businesses were looted and foreigners targeted have prompted citizens of Nigeria, Malawi, Ghana, Zimbabwe and Mozambique to accept voluntary repatriation organised by their governments.

“As of last night, the number we can report is 2,745 repatriations that have come in this period since the president spoke,” Home Affairs Minister Leon Schreiber told reporters.

“It is a moving target,” he said.

The government said most of those repatriated were in the country illegally.

Advertisement

They include Malawian nationals, about 7,000 of whom have been sheltering in an open field in the eastern port city of Durban, according to an inter-ministerial migration committee set up after the president’s address.

Eight buses commissioned by the Malawian government began moving its citizens on Sunday, with South Africa providing 10 additional buses to speed up deportations, the committee said.

Some 560 people, including about 200 children, took the journey on Sunday, Malawi Consul General Max Biwi said.

Among those boarding the first buses, some carried babies on their backs and small bags of belongings.

Advertisement

“I’m relieved we are finally leaving. It’s better than living in fear here,” said Fortunate Chilenje from Blantyre, Malawi’s commercial capital.

The 25-year-old had lived in South Africa for three years, she told AFP, adding that threats to leave had followed her even at the camp, one of the largest to emerge since the unrest began.

The government said on Sunday it did not operate refugee camps and had no intention of establishing them, even on a temporary basis.

Another passenger, Laina Nala from Mangochi in southern Malawi, said she simply wanted to be dropped as close to her home as possible, rather than continuing on to Blantyre.

Advertisement

“Blantyre is too far and expensive from there,” she said.

For Hassan Hasha, 27, a debt linked to his journey to South Africa still hung over his head.

He said he had barely stayed in South Africa for weeks before the anti-foreigner sentiment flared, but added: “I have resigned myself to going home”.

Last week, Ramaphosa acknowledged public concerns over illegal immigration but warned that the authorities would not tolerate anyone taking the law into their own hands.

Advertisement

Tensions escalated after two Mozambicans were killed following a May 29 march against illegal migrants in the Western Cape town of Mossel Bay. Mozambican authorities put the toll at five.

There are more than three million foreigners living in South Africa, or 5.1 percent of the population, according to the statistics agency.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News