Business
BAFI: Fidelity Bank Wins Commercial Bank of the Year as Nnamdi Okonkwo Bags CEO of the Decade Award.
Fidelity Bank Plc at the weekend clinched the award for Commercial Bank of the Year at the 2020 edition of BusinessDay Banks and Other Financial Institutions (BAFI) Awards held in Lagos. The bank won the award in recognition of its support for economic activities in the real sectors of the Nigerian economy, particularly for its consistency in enhancing the development and competitiveness of Micro Small Medium Enterprises (MSMEs).
Receiving the award on behalf of the bank at the presentation ceremony which took place at the Lagos Continental Hotel, Victoria Island, Lagos, Fidelity Banks’s Executive Director, Corporate Bank, Mr. Obaro Odeghe dedicated it to the bank’s teeming customers, whom he said are central to the bank’s overall strategic intent.
“The reward for hard work they say is more work. We are encouraged to continue to do more for the benefits of our customers and the overall economy” he stated.
L-R: Regional Bank Head, Ikeja, Fidelity Bank Plc, Dr. Ken Opara; Executive Director, Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Executive Director, Operations and Technology, Fidelity Bank Plc, Gbolahan Joshua; Executive Director, Corporate Banking, Fidelity Bank Plc, Obaro Odeghe; Chairman, Reward Investment and Services, Henry Olayemi; Publisher / CEO, Business Day Media, Frank Aigbogun at the BusinessDay Banks’ and Other Financial Institutions (BAFI) Awards 2020 where Fidelity Bank was adjudged the commercial Bank of the year 2020.
Also, on the night, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo was honored as the banking sector CEO of the Decade for “transforming Fidelity Bank into one of the fastest growing and most trusted financial services brands in Nigeria”.
The organizers specifically noted some of his key achievements to include the rebranding project which drove an increased youth appeal; revamping of the bank’s performance management culture to instill a culture of performance; technology refresh and digital transformation in furtherance of the digital retail strategy he implemented.
L-R: Regional Bank Head, Ikeja, Fidelity Bank Plc, Dr. Ken Opara; Executive Director, Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Executive Director, Corporate Banking, Fidelity Bank Plc, Obaro Odeghe; Executive Director, Operations and Technology, Fidelity Bank Plc, Gbolahan Joshua; Chairman, Reward Investment and Services, Henry Olayemi; Publisher / CEO, BusinessDay Media, Frank Aigbogun at the BusinessDay Banks’ and Other Financial Institutions (BAFI) Awards 2020 where Nnamdi Okonkwo was adjudged the CEO of the Decade (Banking category).
Leveraging on the realigned and repositioned operating structures, re-energized workforce and a more appealing brand, the bank recorded a consistent growth in financial performance under his leadership. Specifically, PBT growth of 236% from N9.0bn to N30.4bn in 2019; RoE rose from 5.5% to 13.3%; Customer Deposits grew by 68% from N806.3bn to N1,352.3bn and Savings Deposit rose by 275% from N83.3bn to N312.1bn.
Other notable achievements of the Fidelity CEO include Net Loans and Advances growth of 174% from N426.1bn to N1,165.8bn; Customer Base increase by 121% from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0% to 50.1%, accounting for 28.4% of total fee income.
The award was received on behalf of Mr. Okonkwo by the bank’s Executive Director, Operations and Technology, Mr. Gbolahan Joshua who dedicated it to all stakeholders including, customers, shareholders, Board of Directors, Executive Management and staff.
“This comes as a crowning glory to the contributions of Mr. Nnamdi Okonkwo to Fidelity Bank, the banking industry and the entire Nigerian economy. As you may be aware, he is retiring as our CEO, after the completion of contract tenure, by December 31, 2020. He has asked me to dedicate this to all the stakeholders of the bank, including his family and mentors. According to him his modest achievements and contributions would not have been possible without their unalloyed support and help” said Joshua.
BAFI Awards, organized by BusinessDay Newspapers, seeks to identify and celebrate organizations, teams and individuals that have achieved excellence in the delivery of financial services across the entire client and customer spectrum. Established 7 years ago, BAFI cuts across banking, insurance, fintech, capital markets, markets infrastructure and technology, investment management, pension fund, trustees, registrars, stockbroking, private equity and digital currencies.
An Awards Review Committee made up of eminent analysts and members of the BusinessDay Research and Intelligence Unit (BRIU), evaluates and selects winners using parameters such as Profitability, Net Interest Margins (NIM), Loan to Asset Ratios, Cost to Income Ratios, Non- Performing Loans (NPL), Net Asset Value (NAV), Share Price Performance, Return on Average Asset, Deposits and Loan Growth as well as Return on Average Equity(ROAE) amongst other financial and non-financial indices.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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