Fidelity Bank disburses N19m Xmas cheer to 13 customers

Fidelity Bank disburses N19m Xmas cheer to 13 customers

Thirteen lucky customers of Fidelity Bank PLC will enjoy their 2019 Christmas bountifully as the bank rewarded them with N19m for being faithful and committed to servicing their accounts. The lucky winners emerged from the Second monthly/ First Bi-monthly draw of the Get Alert in Millions Savings Promo Season 4, which held at the Bank’s Regional Office in Abuja.

There were three categories of winners among the customers: N3m, N2m and N1m, in addition to 18 consolation prizes of television set, generators and refrigerators. The Lagos Regional Office had the highest amount of N6m in total, followed by the North West Region with a total of N4m while Abuja Region had N3m cumulative amount. The South East, South South and South West had N2m each.

One of the lucky winners, Chika Perpetua Maduike from Abuja Regional office, who won N2m, when contacted on phone dismissed the call, but finally made it to the office dancing and rejoicing saying ‘this Christmas will be a special one for me. I did not believe the caller, but later decided to try and see if it was true and I have seen and I am very happy’. She went further to say, “I will advertise Fidelity Bank to everyone and tell them the bank is number one in Nigeria. Fidelity Bank , God bless you and take you to the next level in Jesus name’

Another lucky winner, Olawale Abdulgafar, who won N1m said: “When I was called and told I have won N1m, I was not excited because I thought it was a scam. I quickly rushed to a nearby Fidelity Bank and asked someone I know who said a promo was ongoing and I should go to the Regional office. I am here now and I have seen it is real and I am very happy because this Christmas will be joyous for me. I want to thank Fidelity Bank for keeping their words”.

Speaking earlier, the Managing Director/CEO, Nnamdi Okonkwo said lucky customers of the bank will cart away N120m at the end of the promo in April 2020, pointing out that N15m was won during the first draw in Ibadan and N19m in Abuja, bringing the total to N34m after the second draw. The MD/CEO who was represented by the Regional Bank Head, North West 1, Mannir Ringim said the promo which started in October 2019 was part of its efforts at deepening the Financial Inclusion strategy of the government and ensure more people are financially included.

“As we speak, over 50m Nigerians are financially excluded, which represents about 45 percent of our population and we in Fidelity Bank want to bridge this gap and also encourage more people to embrace savings culture,” the MD/CEO opined.

Shading light on how people can qualify for the draw, Mrs Janet Nnabuko, Head of Savings said both existing and new customers can win by simply topping their account with N10,000 for existing customers or someone opening a new account and building it up to N20,000. She further disclosed that to qualify for the star prize of N3m one needs to build his account to N50,000 while aspiring for the Grand prize of N10m, one only has to grow his account to N200,000.

Abuja Regional Head, Mrs. Vanessa Mordi said the bank was people friendly and remains committed to empowering Small and Medium Enterprises and also supporting individuals with surprise packages like the Get Alert in Millions Savings Promo.

Fidelity Bank SME Forum in pix

Fidelity Bank SME Forum in pix

The Group Head, Strategy & Corporate Transformation, Bank of Industry (BoI), Yinka Adegboye; Divisional Head, Managed SMEs, Fidelity Bank Plc., Osaigbovo Omorogbe; Regional Bank Head (RBH), Yaba-Surulere, Fidelity Bank Plc., Chetachi Ezenagu; Divisional Head, Brand & Communications, Fidelity Bank Plc., Charles Aigbe, at the Fidelity SME Radio Forum held at Inspiration FM in Lagos on Tuesday to create publicity ahead of the forthcoming Fidelity SME Funding Connect. 

Imo secures support of Afreximbank to revamp economy

Imo secures support of Afreximbank to revamp economy

Imo State government has been assured of the support of the African Export-Import Bank (Afreximbank) towards revamping the economy of the state.

The president of the bank, Prof. Benedict Okey Oramah, disclosed this during a meeting with officials of Imo State government held at the Winter Conference Hall of Radisson Collection, Moscow, Russia.

The aim of the meeting was for the government to pitch to the bank the development and investment opportunities in the state and the need for an increase in internally generated revenue through Foreign Direct Investments (FDIs) and public-private partnerships. 

Governor Emeka Ihedioha, in his presentation, while noting the need for improved and structured financial facilities to enable the process of repositioning Imo State, also highlighted key areas his administration intends to revamp, assuring that the faith and confidence of the people in the government has been restored. 

He pointed out the key sectors include agriculture, transportation, electricity, infrastructural rehabilitation .

Also brought to light were the viable and underutilized potentials of the state’s resources such as the maritime sector.

The President of Afreximbank expressed satisfaction with the presentations and demonstrated keen interest in Imo State as the most strategically positioned state in the South-east. He reiterated that Afreximbank was willing to assist the new government to attract Foreign Direct Investments which will lead to an exponential growth of the state’s IGR and GDP.

Prof. Oramah stated that the bank currently has major key players in the maritime sector that will be willing to invest in the commercialization of the Imo State waterways.

Fidelity Bank Grows Profits By 30.6% to N25.1BN

Fidelity Bank Grows Profits By 30.6% to N25.1BN

Proposes Dividend of 11kobo per Share

Fidelity Bank Plc, in a clear demonstration of its resilience and stability, has announced an impressive financial result for the year-ended December 31, 2018. The performance which capped a remarkable year, showed strong growth in Gross Earnings, Profits and other key financial indicators.

The top Nigerian lender which has become the clear leader among Tier 2 banks, posted a 4.8% growth in Gross Earnings from N180.2BN to N188.9BN whilst Profit Before Tax soared by 30.6% to N25.1BN, when compared with the 19.2BN it recorded in 2017.

Profit After Tax grew by 29% from N17,7BN in 2017 to N22.9BN in 2018, whilst Operating Income rose by 13.9% from N85.9BN to N97.2BN. Customer Deposit, which is a measure of consumer confidence rose by 26.3% from N775.2BN to N979.4BN just as Total Assets grew by 24% from N1.4TRN to N1.7TRN.

In other indices, Non-Performing Loans (NPLs) Ratio dropped to 5.7 percent from 6.4 percent in the 2017FY due to a combination of recoveries, loan write-offs and the absolute growth in the loan book. Other Regulatory Ratios remained above the required thresholds with Capital Adequacy Ratio (CAR) at 16.7 percent and Liquidity Ratio at 39.0 percent.

Buoyed by the strong results, Fidelity Bank is proposing a N3.2BN payout which translated to11 kobo dividend to shareholders.

“We are delighted by our 2018 numbers, which clearly shows a sustained performance trajectory. We are growing our market share with continued traction in our chosen business segments. We recoded double digits growth in interest income on our liquid assets, digital banking, FX and other income lines” said Fidelity Bank CEO, NnamdiOkonkwo.

As seen in recent years, the bank’s digital retail banking approach has continued to yield positive results. Savings recorded its 5th consecutive year of double digit growth with a 27.7 % increase to peak at N228BN.  “Savings accounts for over 23 % of our Total Deposits, an attestation of our increasing market share in the retail segment”, he stated.

Okonkwo was also very enthused with the progress of its digital banking play stating that over 42% of customers are now enrolled on the bank’s mobile/ internet banking products and more than 81 % of total transactions done on digital platforms, resulting in 25% of fee-based income, coming from digital banking.

About Fidelity Bank Plc

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 4.2 million customers who are serviced across its 240 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions. The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in an exponential growth in savings deposits over the last 3 years and a corresponding surge in customer enrolment on the bank’s flagship mobile/internet banking products.

Fidelity Bank: Eighteen Millionaires and 18 consolation prize winners emerged at 4th Monthly/2nd Bi-Monthly Draw

Fidelity Bank: Eighteen Millionaires and 18 consolation prize winners emerged at 4th Monthly/2nd Bi-Monthly Draw

Eighteen Millionaires and 18 consolation prize winners emerged at the just concluded 4th Monthly/2nd Bi-Monthly Draw of the Fidelity Bank Plc “Fidelity Get Alert in Millions Savings Promo (GAIM 3)” held at the corporate Head Office of the Bank in Victoria Island, Lagos, recently.

Below is the list of winners and photo ops from the 4th Monthly / 2nd Bi-Monthly Draw of Fidelity Bank’s Get Alert in Millions Season 3 (GAIM Season 3) Savings Promo

SOUTH EAST

Winner of N1 million – CHIDIMMA JOAN NNATUANYA (Zik Avenue Branch)

Winner of N1 million – DIGIDI DUNHILL (New Owerri Branch)

Winner of a Fridge –  OBI ESTHER NWAMAKA (Zik Avenue Branch)

Winner of a Generator Set –  EKEOCHA CHIAMAKA JOY (Abakaliki Branch)

Winner of a Television Set- LOVELYNE CHIDIOGO EZE (Enugu State University of Technology Branch)

SOUTH SOUTH

Winner of N1 million -JOSEPHINE ONYINYE ILORI (Asaba Branch)

Winner of N1 million -ODOZI GLORIA- (Agbor Branch)

Winner of a Fridge- LAYO BIOBAKU -(Agbor Branch)

Winner of a Generator Set- OKOLOGO VICTOR JOHN (Uromi Branch)

Winner of a Television Set- ABIEYUWA SUCCESS OGHOGHO (UNIBEN Branch)

SOUTH WEST

Winner of N1 million – PETER UNUAMUMEH OBUH (Owo Road Branch)

Winner of a Fridge –   MUSTAPHA OYENIYI K (Ado Ekiti Branch)

Winner of a Generator Set –   JUSTINA IBUKUNOLUWA AKINROLABU (AfeBabalola University Branch)

Winner of a Television Set-  PAUL MARY ADANNE (Ado Ekiti Branch)

Winner of N3 million in the Bi- Monthly Draw- OGHENEWAJUTOME DENNIS EZO (Owo Road Branch)

ABUJA

Winner of N1 million – IBOM AMAKA EBERE (Garki Shopping Plaza Branch)

Winner of a Fridge –   GANA YUSUFARI GALADIMA (CBD Branch)

Winner of a Generator Set – UDECHI ANTONIA CHINENYE (AdetokunboAdemola Branch)  

Winner of a Television Set-  OLUWAKEMI OGBU (Dei Dei Branch)

Winner of N3 million in the Bi- Monthly Draw- CHARLES TOCHUKWU OKAFOR (Dei Dei Branch)

LAGOS

Winner of N1 million -MAN OF ORDER AND DISCIPLINE MOVEMENT OF NIGERIA (Maitori Branch)

Winner of N2 million -EMMANUELLA UCHECHI CHUKWUMA IGBOJIONU (Victoria Garden City Branch)

Winner of a Fridge – UMORU AMINA JUMAL (Birrel Avenue Branch)

Winner of a Generator Set– SODIQ ISHOLA OLANIYAN (Boundary Market Branch)

Winner of a Television Set-   ANEYO PHILIP ORIMISAN (AdeolaOdeku Branch)

NORTH

Winner of N1 million -OGEDEGBE FRANK (Gusau Branch)

Winner of N2 million GRACE MBATELEN SEIDEL (Makurdi Branch)

Winner of a Fridge- SHARIFUDEEN MUSA (Jalingo Branch)

Winner of a Generator Set– HABIBA MEEMAH YAKUBU (Minna Branch)

Winner of a Television Set-   ISMAIL ADAMU (Bauchi Branch)

Photo: L-R: Head, Savings Group, Janet Nnabuko; Head, Strategy & Business Transformation, Adetunji Mustapha; Representative from Consumer Protection Council (CPC), Susie Onwuka; Executive Director, Shared Services & Products, ChijiokeUgochukwu; Representative from National Lottery Regulatory Commission, Amaka Osakwe; Representative from Lagos State Lotteries Board, Rowland Samuel at the 4th Monthly/2nd Bi-Monthly Draw of Fidelity Bank Get Alert in Millions Season 3 (GAIM Season 3) Promo held at Fidelity Bank Corporate Head Office in Lagos… Tuesday
Representative from Consumer Protection Council (CPC), Susie Onwuka, Head, Strategy & Business Transformation, Fidelity Bank Plc, Adetunji Mustapha; Divisional Head, Electronic Banking, Fidelity Bank Plc., Ifeoma Onibuje, Executive Director, Shared Services & Products , Fidelity Bank Plc, Chijioke Ugochukwu, Divisional Head, Retail Banking, Fidelity Bank Plc., Richard Madiebo; Representative from National Lottery Regulatory Commission, Amaka Osakwe at the 4th Monthly/2nd Bi-Monthly Draw of the 4th Monthly/2nd Bi-Monthly Draw of Fidelity Bank Get Alert in Millions Season 3 (GAIM Season 3) Promo held at Fidelity Bank Corporate Head Office in Lagos… Tuesday

Diamond-Access Bank: A new dawn for investors, shareholders – The Citizen

Diamond-Access Bank: A new dawn for investors, shareholders – The Citizen

A sound and competent banking sector is essential for a stable macroeconomic environment, therefore, the importance of commercial banks in a country cannot be overemphasized.

This is because they occupy key positions in a country’s financial system and are essential agents that would lead to the growth of any economy.

They also provide the bulk of money supply as well as the primary means of facilitating the flow of credit and so it is submitted that the economic well-being of a nation is a function of advancement and development of her banking industry.

As a result, the banking sector in Africa especially Nigeria has improved significantly due to impact of globalization in terms of technology, regulations and structure.

In achieving enhancement of capacity to support growth in the real sector, there is ample evidence that the Central Bank of Nigeria (CBN) relied heavily on bank capital reforms in tackling problems of under-performance in the sector.

Implementation of these reforms has often led to strategies which include merger and acquisitions –the two common strategies adopted in the implementation of consolidation programmes.

According to Investopedia, Mergers and Acquisitions have been shown to promote synergy in business operations as the performance of the emerging organization is often better than the sum of individual performances prior to the consolidation.

Hence, the fusion of two or more banks into a unified entity is expected to promote operational performance through improved competition, exploitation of economies of scale, facilitation of adoption of advanced technologies and higher level of operational efficiency.
Ultimately, the goal is to strengthen the intermediation role of banks and to ensure that they are able to perform their traditional role of enhancing economic growth as well as increasing customer base alongside palatable product offerings

This clearly influences the ongoing corporate marriage between Access Bank Plc and Diamond Bank Plc.

The deal which is expected to be completed in the first half of 2019, is set to birth over 29 million customers which is basically the largest customer base of any bank in the continent which might constitute about 600 branches, about 33,000 Point of Sale (POS) terminals as well as 13 million mobile customers.

Also, the two banks is set to have the largest alternative network channels even as both financial institutions can now use their combined total of 3,100 Automated Teller Machines (ATMs).

Following the signing of the Memorandum of Agreement and announcement of headline terms, which valued Diamond Bank at approximately N72.5 billion (about $200 million), will see Diamond Bank shareholders receive N3.13 per share in cash and shares. This means that Diamond Bank shareholders would receive a consideration of N3.13 per share, comprising N1 per share in cash and the allotment of two New Access Bank ordinary shares for every seven Diamond Bank ordinary shares held as at the Implementation Date.

Group Managing Director, Access Bank, Herbert Wigwe, noted that the combination of the two businesses will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market while adding that this represents a huge step towards the delivery of the bank’s goal to bring the power of banking to millions of people across Nigeria and an exciting transaction for Access Bank and Diamond Bank’s customers, staff and shareholders.

Corroborating him, Chief Executive Officer, Diamond Bank Plc, UzomaDozie, said that the merger is positive for all of Diamond Bank stakeholders, including customers, employees and shareholders adding that customers will benefit significantly through the unrivalled combination of the best of Diamond Bank’s retail and digital leadership with the size of Access Bank’s balance sheet, corporate names and geographical reach.

“Customers are at the heart of our decision to create one of Nigeria’s leading banks. The combination of Access Bank and Diamond Bank will result in real benefits. The products and services that Diamond Bank’s clients enjoy, including its commitment to digital innovation, will continue unchanged and will be backed by Access Bank’s own commitment to customers, financial inclusion and sustainability, and the bank’s corporate expertise and strong balance sheet.”, Dozie said.

With the deal in place, the investing community remains skeptical as they await the outcome of the merger even as customers of both banks are worried about longevity of product offerings afforded to them.

For instance, Former President, Noble Shareholders Association, Sir Timothy Adesiyan, said, “Instead of CBN throwing all our shares into the lagoon, at least we are going to have in exchange, Access bank shares and we appreciate it rather than having nothing”

National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Boniface Okezie, called for calm amongst the investing community.

Okezie said, “If Diamond bank is operating 200 branches, considering the merger, Access bank will be a mega bank. I do not think there is any reason to panic as Access Bank is not new to the terrain, they know what they are doing and they must have done their homework to find out whether after the whole merger thing is done, they will still remain solid,
Also speaking, Head, Retail Banking, Diamond Bank Plc, Robert Giles while assuring Nigerians that the merger between Diamond and Access bank will bring the best of strong core print in treasury platform as well as the best of retail banking, noted that uique products such as Diamond Xtra, Xclusive Plus, High Interest Deposit Account (HIDA), Diamond Business Advantage (DBA) and Diamond Beta will remain even after the merger is completed.