The shareholders of the Level One lender, Fidelity Bank, have applauded the Bank and Bank administration for offering pending performance in fiscal year 2024.
Speaking at the 37th Annual General Meeting (AGM) of the Bank, which is held virtually on Tuesday, April 2, 2025, the national president of the Association of Progressive Shareholders, Chief Bonifacio Okezie, praised the bank, saying: “This is a superlative performance and we shareholders are grateful for management and staff to give us a bank to be proud. In Nigeria.”
For his part, the president of the Zonal Shareholders Committee, Sir Tunji Okelana, recognized the exceptional leadership of the bank, which has seen the bank grow at unprecedented heights.
“The achievements of the current MD have exceeded those of all those who occupied that office before her. In addition, the personnel who work with her are active. They are truly 'loyalty, they maintain their word.' Without a doubt, I am very happy with the bank,” he said.
In his comments at the meeting, the president of the Board of Directors, Fidelity Bank PLC, Mustafa Chike-Obi, said: “Despite the winds against global economic winds, we demonstrate exceptional resistance, achieving record growth in all performance indicators, especially our profits before taxes (PBT).”
In addition, he added that the Bank's interested parties were pleased with the success of the first stage of the capital collection exercise. “The excessive sugar of 237.9% in the public offer and 137.7% in the issue of rights is a testimony of the strength of our brand and the confidence that the investment public has in us. Equipped with this vote of confidence, we will quickly proceed and we will conclude the second level of our capital collection exercise.”
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Managing Director/Executive Director, Fidelity Bank PLC, Dr. Nneka Onyeali -ikpe, in his statement to the shareholders, shared the strategic perspective to build the success of the Bank FY 2024, stating that “our priorities in 2025 financial year are to complete the next phase of our capital collection and more of strengthening of our asset base, improve the efficiency of the operation and digital innovation and digital innovation strategic of the strategic region.
According to Annual 2024 report of the Bank, available on its website and distributed to the shareholders, the Bank recorded an impressive growth of 210% in the profits before taxes to N385.2 billion. Gross gains increased by 87.7% to N1,043.4 billion, driven by a growth of 106.9% in interest and revenues similar to N950.6 billion. The bank also witnessed a growth of 47.9% in deposits, from N4.0 billion in fiscal year 2023 to N5.9 billion, while the advances grew from N3.1 billion in fiscal year 2023 to N4.4 billion in fiscal year 2024.
Several resolutions in the AGM were considered and approved, including the declaration of a final dividend of N1.25 Kobo; The choice of non -executive directors, Alhaji Abdullahi Sarki Mohammed and Mrs. Obiaku Augusta Okam; the choice of Mr. Sufiyanu Ibrahim Garba as executive director; and the re-election of non-executive directors, Mr. Mustapha Chike-Obi and Eng Henry Obih, among others.
Located among the best banks in Nigeria, Fidelity Bank PLC is a full commercial deposit money bank that serves more than 9.1 million customers through digital banking channels, its 255 commercial offices in Nigeria and its UK subsidiary, FidBank UK Limited.
The Bank received multiple local and international awards, including the Prize of Excellence in Digital Transformation and MSME banking by business banks and financial institutions (BAFI); the most innovative mobile bank application award in 2024 for its Mobile Fidelity application by Global Business Outlook; and the most innovative investment banking services award in 2024 by the Global Brands magazine. In addition, the Bank was recognized as the best bank for SMEs in Nigeria by the Euromoney Awards par excellence and as the export financing bank of the year by business banks and financial institutions (BAFI).
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