By Seun Ibiyemi
Shareholders of Fidelity Bank, a leading tier-one lender, have commended the institution’s board and executive leadership for delivering a standout performance in the 2024 financial year.
During the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, 29 April 2025, Chief Boniface Okezie, National Chairman of the Progressive Shareholders Association, lauded the results.
“This is an exceptional performance, and we, the shareholders, are sincerely grateful to management and staff for building a bank we can take pride in,” he said. “It’s also worth noting that Fidelity has secured its position among the top three dividend-paying financial institutions in Nigeria.”
Echoing this sentiment, Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, acknowledged the bank’s remarkable leadership and the progress it has made under the current management.
“The current Managing Director has achieved more than any of her predecessors. The staff under her leadership are invaluable – they truly represent the Fidelity ethos of keeping their word. I am thoroughly impressed with the bank,” he stated.
Chairman of the Board of Directors, Mr Mustafa Chike-Obi, addressed the meeting with optimism, noting that Fidelity Bank had managed to achieve unprecedented growth across all key performance metrics, despite the global economic challenges.
“We have shown remarkable resilience, with record-breaking growth, particularly in our Profit Before Tax (PBT),” he remarked.
He also pointed to the successful completion of the first phase of the bank’s capital-raise programme as a positive indicator of investor confidence.
“The 237.9 per cent oversubscription in the Public Offer and 137.7 per cent in the Rights Issue reflect the strength of our brand and the level of trust investors place in us. With this strong backing, we are moving quickly to finalise the next phase of our capital raise,” Chike-Obi said.
In her message to shareholders, the Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, laid out the bank’s strategy to build on its 2024 success.
“Our priorities for the 2025 financial year are to complete the next phase of our capital raise, further strengthen our asset base, enhance operational efficiency and digital innovation, and pursue strategic regional expansion into select African markets,” she explained.
According to the bank’s 2024 Annual Report, which is available on its website and was circulated to shareholders, Fidelity Bank recorded a 210 per cent rise in Profit Before Tax, reaching N385.2 billion.
Gross Earnings climbed by 87.7 per cent to N1.043 trillion, driven primarily by a 106.9 per cent surge in interest and similar income, which rose to N950.6 billion.
The bank also reported a 47.9 per cent increase in customer deposits, up from N4.0 trillion in FY 2023 to N5.9 trillion in FY 2024. Advances grew from N3.1 trillion to N4.4 trillion over the same period.
Several resolutions were approved at the AGM, including the declaration of a final dividend of N1.25 kobo per share. Shareholders also endorsed the election of Alhaji Abdullahi Sarki Mohammed and Ms Obiaku Augusta Okam as non-executive directors, the appointment of Mr Sufiyanu Ibrahim Garba as an executive director, and the re-election of Mr Mustapha Chike-Obi and Engr Henry Obih as non-executive directors.
Fidelity Bank Plc, widely recognised among Nigeria’s top financial institutions, serves over 9.1 million customers through its 255 business offices across Nigeria and its UK subsidiary, FidBank UK Limited.
The bank continues to garner both local and international accolades. These include the 2024 Excellence in Digital Transformation & MSME Banking Award from BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App from Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award from Global Brands Magazine. It was also named Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and Export Financing Bank of the Year by the BAFI Awards.