Business
Fidelity Bank Approves 22 Kobo Dividend Per Share For FY2020
Fidelity Bank Approves 22 Kobo Dividend Per Share For FY2020
The shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 22 kobo per share to all Shareholders whose names appear in the Register of Members at the close of business on April 16, 2021. This translates to a dividend yield of 9.2%, making it the 4th most rewarding Bank to investors in the Nigerian Capital Market. This announcement was made at the 33rd Annual General Meeting (AGM) held in Lagos on April 30, 2021.
Shareholders who spoke at the event praised the Board of Directors and the management team for the 38.7 percent increase in total customer deposits, which rose from N1,225.2 billion in 2019FY to N1.699.0billion and was driven by strong double-digit growth in both local and foreign currency deposits.
Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, reassured shareholders at the AGM that the board and management of the bank would maintain the high corporate governance standard synonymous with Fidelity Bank and also ensure the bank continued in its growth trajectory in the years ahead.
“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice”, said Chike-Obi.
Mrs. Nneka Onyeali-Ikpe, Fidelity Bank CEO echoed the Chairman’s sentiments, stating that the bank’s financial performance for the period reflected the resilience of its business model in a challenging operating environment.
Mrs. Ikpe revealed that local currency deposits grew by 49.6 percent to N1,400.8 billion and constitutes 82.5 percent of total customer deposits while foreign currency deposits grew by 3.3 percent to N298.2 billion and now accounts for 17.5 percent of total deposits.
She further highlighted that the bank’s retail banking push continued to deliver impressive results as total savings deposits increased by 54.2 percent to N424.4 billion, making it the 8th consecutive year of recording double-digit growth in savings deposits. Total savings deposits now account for about 25.0 percent of total deposits, an attestation of the Bank’s increasing market share in the retail market segment.
Speaking on the strategy for the current financial year, Mrs. Onyeali-Ikpe, said, “We will continue to focus on redesigning our systems and processes to enhance service delivery, deepen our cost optimization initiatives to reduce operating expenses, and enhance our overall risk monitoring capabilities to ensure both internal and external risks are identified and mitigated. Our growth aspirations will be sustained while we continue to identify new opportunities in the new normal.
“On the back of the evolving dynamics in the economy, we will continue to increase the adoption and migration of customers to our digital platforms and increase our retail banking market share through innovative products and services”, she concluded.
The shareholders expressed their continued confidence in the Bank for its 2020 performance which saw a 50.9 percent increase in core operating profit to N44.9 billion. The share price also rallied 22.9 per cent, outperforming the Nigerian Stock Exchange (NSE) Index, which only gained 10.1 percent. According to Mrs. Onyeali-Ikpe, the Bank showed “strong resilience to the adversities the global economy witnessed in 2020”.
Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting encouraging performance in 2020 despite the challenges of the COVID-19 pandemic.
Umar appreciated the bank for paying dividend the same day of the Annual General Meeting unlike their peers in the industry that pay dividends a day after the AGM. Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividend in spite of unfriendly economic environment and the COVID-19 pandemic challenges. Bakare who welcomed Mrs. Onyeali-Ikpe and Mr. Chike- Obi, urged them to sustain the growth and ensure higher dividend in the years ahead.
In compliance with the guidelines of the Corporate Affairs Commission’s (CAC), the meeting was held by proxy and had in attendance very few shareholders because of the COVID-19 precautionary measures.
Onyeali-Ikpe thanked the shareholders and the members of the Board for their continued confidence in the management team and specially appreciated Fidelity Bank customers for their patronage and loyalty.
Fidelity Bank began the year on a positive note having recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profit for the period ended March 31, 2021.
Details of the unaudited results showed that its profit before tax (PBT) grew by 53.9 per cent from N6.6 billion in the corresponding period in 2020 to N10.1 billion in the period under review. Similarly, net revenue in the period increased by 13.4 per cent from N30.3 billion in the first quarter (Q1) 2020, to N34.4 billion at the end of March 2021. The bank also recorded growth in other performance 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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