Fidelity Bank Earns Shareholders' Commendation for Stellar FY 2024 Performance

Fidelity Bank Earns Shareholders' Commendation for Stellar FY 2024 Performance

Lagos, Nigeria — April 29, 2025
Fidelity Bank Plc has received strong commendation from its shareholders following an exceptional performance in the 2024 financial year, with notable milestones in profitability, capital raising, and operational growth.

The accolades came during the bank’s 37th Annual General Meeting (AGM), held virtually on Tuesday, April 29, 2025. Shareholders praised the leadership of the board and management for delivering consistent value, resilience, and market leadership amidst global economic challenges.

Speaking at the AGM, Chief Boniface Okezie, National Chairman of the Progressive Shareholders Association, described the bank’s performance as “superlative” and expressed gratitude for its commitment to shareholder value.

“Fidelity Bank has earned its place among the top three dividend-paying banks in Nigeria. We commend the management and staff for making this institution one we are truly proud of,” Okezie stated.

Echoing this sentiment, Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, applauded the visionary leadership of Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, attributing the bank’s transformation to her tenure.

“The current MD has surpassed the achievements of her predecessors. Her team exemplifies the Fidelity brand promise—they keep their word,” Okelana added.

Record Financial Growth and Oversubscribed Capital Raise

In his remarks, Mr. Mustafa Chike-Obi, Chairman of the Board, credited the bank’s success to its resilience in the face of global headwinds. He noted that the bank delivered record-breaking growth across key performance indicators, particularly its Profit Before Tax (PBT).

“Our PBT rose by an impressive 210% to N385.2 billion. This reflects both the strategic focus of the bank and the tenacity of our people,” Chike-Obi said.

He also disclosed the successful completion of the first phase of the bank’s capital-raise exercise, which witnessed an oversubscription of 237.9% for the Public Offer and 137.7% for the Rights Issue. He assured shareholders that the second phase would be concluded swiftly.

In her address, Dr. Onyeali-Ikpe outlined the strategic focus for 2025, which includes completing the capital raise, strengthening the bank’s asset base, driving digital innovation, and expanding into select African markets.

“We are focused on enhancing operational efficiency, deepening digital transformation, and executing a regionally strategic growth plan,” she said.

Performance Highlights

According to the bank’s 2024 Annual Report, gross earnings grew by 87.7% to N1.04 trillion, primarily driven by a 106.9% increase in interest and similar income to N950.6 billion. Total deposits rose from N4.0 trillion in FY 2023 to N5.9 trillion, while net advances increased to N4.4 trillion from N3.1 trillion a year earlier.

Several key resolutions were passed at the AGM, including the approval of a final dividend of N1.25 per share and the election and re-election of directors. New appointments included Alhaji Abdullahi Sarki Mohammed, Ms. Obiaku Augusta Okam, and Mr. Sufiyanu Ibrahim Garba, while Mr. Mustafa Chike-Obi and Engr. Henry Obih were re-elected.

Recognized Excellence

Fidelity Bank continues to receive industry recognition for its innovation and customer-centric operations. Recent accolades include:

• 2024 Excellence in Digital Transformation & MSME Banking Award – BusinessDay BAFI Awards

• 2024 Most Innovative Mobile Banking Application – Global Business Outlook

• 2024 Most Innovative Investment Banking Service Provider – Global Brands Magazine

• Best Bank for SMEs in Nigeria – Euromoney Awards for Excellence

• Export Financing Bank of the Year – BusinessDay BAFI Awards

About Fidelity Bank

Fidelity Bank Plc is a full-service commercial bank serving over 9.1 million customers through 255 business offices, robust digital channels, and a growing international footprint, including its UK subsidiary, FidBank UK Limited. The bank remains committed to delivering sustainable financial performance while empowering customers and communities.