Fidelity Bank Plc has received strong commendations from shareholders following an exceptional performance in its 2024 financial year. The 37th Annual General Meeting (AGM), held virtually on April 29, 2025, offered a platform for shareholders and the board to reflect on the bank’s achievements, with many applauding its strategic direction, financial results, and commitment to value creation.
The meeting, attended by representatives of various shareholder associations, was marked by widespread praise for the bank’s leadership and operational accomplishments.
Boniface Okezie, National Chairman of The Progressive Shareholders Association, lauded the bank for what he described as a “superlative performance,” highlighting Fidelity Bank’s emergence as one of the top three dividend-paying financial institutions in Nigeria.
His sentiments were echoed by Sir Tunji Okelana, Chairman of the Zonal Shareholders Committee, who emphasized the impact of the bank’s leadership under its current Managing Director, Nneka Onyeali-Ikpe. He credited the bank’s progress to her strategic leadership and the competence of her team.
In his formal address, the Chairman of the Board of Directors, Mr. Mustafa Chike-Obi, pointed to the bank’s ability to navigate global economic headwinds while achieving record-breaking growth across key performance indicators. Notably, the bank recorded a 210% increase in Profit Before Tax (PBT), reaching N385.2 billion. Gross earnings rose by 87.7% to N1.04 trillion, largely driven by a 106.9% increase in interest and similar income to N950.6 billion.
He also highlighted the remarkable success of the bank’s capital-raise initiative. “The oversubscription of 237.9% in our Public Offer and 137.7% in the Rights Issue reflects the strong trust investors have in our brand,” Chike-Obi said. He assured stakeholders that the bank would move swiftly to complete the next phase of the capital-raising program.
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| L-R: Executive Director/Chief Operations and Information Officer, Stanley Amuchie; Managing Director/Chief Executive Officer, Nneka Onyeali-Ikpe; Chairman, Mustafa Chike-Obi; and Company Secretary, Ezinwa Unuigboje; (all of Fidelity Bank Plc) at the bank’s 37th Annual General Meeting held in Lagos recently. |
Managing Director/CEO Nneka Onyeali-Ikpe presented a forward-looking outlook, noting that 2025 will focus on consolidating capital base expansion, enhancing operational efficiency, driving digital innovation, and exploring selective regional expansion within Africa.
The AGM also featured the approval of several corporate actions and board appointments. These included the declaration of a final dividend of N1.25 kobo per share, the election of Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam as non-executive directors, and the appointment of Sufiyanu Ibrahim Garba as an executive director. Mr. Chike-Obi and Henry Obih were re-elected as non-executive directors.
Fidelity Bank’s stellar financial results were accompanied by strong growth in customer deposits and loan advances. Deposits surged by 47.9%, climbing from N4.0 trillion in 2023 to N5.9 trillion in 2024. Similarly, loans and advances rose from N3.1 trillion to N4.4 trillion, reflecting the bank’s deepening financial intermediation.
Recognized as one of Nigeria’s leading commercial banks, Fidelity Bank serves over 9.1 million customers through a network of 255 business offices, robust digital platforms, and its UK subsidiary, FidBank UK Limited.
The bank’s continued innovation and customer-focused strategy have earned it several accolades. In 2024 alone, Fidelity Bank was awarded for Excellence in Digital Transformation & MSME Banking by BusinessDay, recognized for having the Most Innovative Mobile Banking Application by Global Business Outlook, and celebrated by Euromoney as Nigeria’s Best Bank for SMEs.
As Fidelity Bank charts its course into 2025, its performance and shareholder trust stand as evidence of a well-executed strategy and a forward-looking leadership team driving sustainable growth.