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Fidelity Bank Records 22% Increase In Profits, Half Year Earnings Hit N105.8bn

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Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Despite the economic challenges occasioned by the COVID-19 pandemic, Fidelity Bank has sustained the financial performance trajectory of recent years, with another set of impressive financial results. 
Details of the Audited Half Year results ending June 30, 2020 for the top Nigerian lender, released on the Nigerian Stock Exchange (NSE) on Thursday September 3, 2020, show strong growth in profits and other indices.

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The bank recorded a surge in Profit Before Tax of N12.0bn from N9.8bn in 2019, which translated to a 22% growth. Net profits for Fidelity Bank grew by 33% from N8.5bn to N11.3bn in the reporting period. In other indices Total Assets rose by 13.7% from N2.1trillion in 2019 to N2.4trillion this year whilst Total Deposits rose by 14.8% from N1.2trillion to N1.4trillion during the same period.
Commenting on the results, Fidelity Bank CEO, Nnamdi Okonkwo said the performance for the period, reflects the resilience of the bank’s business model. “Due to the global and domestic headwinds witnessed in H1 2020, we proactively increased our cost of risk as the impact of the pandemic slowed down economic activities whilst adapting our business model to the new risks and opportunities of the new normal” he stated.

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According to him, Fidelity Bank, re-stated its H1 2019 figures from N15.1bn to N9.8bn to reflect the impact of IFRIC 21– Levies, which was adopted for the first time on the H1 2020 financials. “The key impact of IFRIC 21 was that our 2020FY AMCON Cost was recognized 100% in our H1 2020 Accounts rather than been amortized over 12 months as was done previously on our financials” said the Fidelity CEO”. He further revealed that, without implementing IFRIC 21, profit for the period would have been N17.9bn compared to the N15.1bn reported in H1 2019.
Fidelity Bank has been implementing a digital-led retail strategy and digital banking gained further traction during the period with 87.3% of the bank’s customers now transacting on digital platforms. The figures are up from 82.0% in 2019FY while 51.2% of the bank’s customers are now enrolled on the bank’s mobile/internet banking products.

“Though digital banking income dropped by 29.1% due to the downward fee revisions for electronic transactions in line with the new bankers’ tariff, we have continued to receive positive reviews on our digital channels. IVY, the bank’s chat box is rated as the clear leader, among virtual assistants in the industry, just as our flagship instant banking product (*770#) was also rated in the top tier category in the recently released 2020 KPMG Digital Channels Scorecard” he explained.
Retail Banking in Fidelity Bank has continued to also deliver impressive results. Savings Deposits in H1 2020 increased by 32.2% to N363.9bn with the bank on course to achieving the 7th consecutive year of double-digit growth in savings. Savings Deposits accounted for 49.1% of the total growth in customer deposits and now represents 25.9% of total deposits compared to 22.5% in 2019FY.

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In reflection of the bank’s early conservative assessment of the sectors that were affected by the COVID-19 pandemic, the bank’s Non-Performing Loans (NPL) ratio increased to 4.8% from 3.3% in 2019FY. Regulatory Ratios however remained above the required thresholds with Capital Adequacy Ratio increasing to 18.8% from 18.3% due to the capitalization of H1 2020 Audited Profits while Liquidity Ratio stood at 32.1%.
Buoyed by the H1 performance, the bank is optimistic about the remaining part of the year. “We believe the new phase of normalcy will unveil some growth opportunities.
“We will continue to monitor and pro-actively manage any evolving risks as the Nigerian economy gradually reopens and economic activities pick-up in key sectors” Okonkwo stated

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Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

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Coalition of Civil Society for Good Governance, Others Are Purveyors of falsehood Says AAS Legal Team As Jesam Micheal Exposes Their Sponsors (Video)

 

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The lawyers of Afriq Arbitrage System, Barr. Obeten and Barr. Henry have called out the Coalition of Civil Society for Good Governance led by Comrade Okpanachi Jacob as Purveyors of falsehood.

 

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This is not unconnected to their ungodly collaboration with individuals like Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma who have been slammed with a ten million dollar Lawsuit for nefarious activities to injure the longstanding reputation the organisation has maintained on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

In a global conference on Tuesday, April 16th, 2024, the legal representatives described their actions as inappropriate, unfounded and a campaign of calumny to malign the integrity of the organisation and management.

 

 

According to Barr. Obeten the matter is in court and the security agencies have picked Abayomi Olusesan who has admitted to committing the heinous crime of stealing investors funds to the tune of $87m. So why accuse the CEO, Jesam Micheal of defrauding the company of the said amount?

 

Speaking further, Barr Henry reiterated their stand to take legal actions against the group for being biassed despite knowing the truth and for misleading the general public by allowing themselves to be used by agents of falsehood.

 

In conclusion, the CEO of Afriq Arbitrage System, Jesam Micheal wondered why a reputable group like CCSGG could be used by Prince Humble Eteng, Michael Okoh and others. He showcased the official court documents which confirmed that Abayomi admitted stealing the investors fund to the tune of $87m which he said was also captured in video evidence. He revealed that some of the properties he bought with part of the money has been collected, remaining the main money which he promised to return to the company. However, after being granted bail, he reneged on his promises and was picked up again by the relevant authorities.

Sadly, his cohorts, Prince Humble who is not even an investors connived with MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK, TOCHUKWU NWOYE, DINGCHI YARLING, Engineer Awajioma and Others to fabricate all sorts of lies against Jesam and AAS.

 

” We will not take the laws into our hands but they should be ready to face the wrath of the law of the land. These are the same people who dragged us to the security agencies and when we got there with facts they ran away and became fugitives, Out of frustrations, they devised a kangaroo world press conference to disseminate all manners of fabricated lies and deceits”

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Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

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Jesam Micheal, the Rise of the Moon Among Stars, A Game Changer By Femi Oyewale 

Afriq Arbitrage System Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

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The board of directors of Afriq Arbitrage Systems after an emergency meeting condemned in strong terms the attitudes of Prince Humble Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against the CEO of the company , Jesam Micheal, his family and organisation.

 

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In the lawsuit through the legal representation of Jesam Michael and AAS by Barrister Ovat the service required the defendants to appear In court within 14 days, else judgement will be issued against them in absentia.

 

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It would be recalled that few days after series of cyber bullying against the CEO of Afriq Arbitrage System, Jesam Micheal and his Family by MICHEAL OKOH, PRINCE HUMBLE ETENG,OKOI DENOCK in collaboration with one TOCHUKWU NWOYE, DINGCHI YARLING, Godwin, Benjamin Uwanga and Findins, Jesam escaped assassination attempt as gunmen numbering over ten, armed with sophisticated weapons invaded his lounge in Lagos seeking for him.

 

Afriq Arbiritage System, Slams $10 million Lawsuit Against Micheal Okoh, Prince Humble Eteng, Hajj Ibrahim, Engineer Awajioma and Others (Video)

 

Information available to us revealed that when the hardened criminals invaded the lounge on Friday, April 5th, 2024 where Jesam was billed to address his workers, they were demanding for him and when they learnt he couldn’t make the meeting as expected, they descended on the staff and customers threatening to kill them in his stead. They also went away with the company’s properties such as laptops, equipment and gadgets of staffers and customers.

 

Micheal Okoh who has been ranting on Social media against the CEO of Afriq Arbiritage System has been exposed along with Prince Humble Eteng, Okoi Denock as partners in crime with Abayomi oluwasesan who is in prison for defrauding the financial platform to the tune of $87 million dollars

 

According to reports, Micheal Okoh is an investor in AAS who has benefited from the scheme and has withdrawn over three thousand dollars which he never disclosed to his gullible followers until the evidence was uncovered and exposed to the community.

 

Aside from that, information revealed that Micheal Okoh, Prince Humble And Okoi Denock have been working in tandem with Abayomi in plotting the loot from AAS and threatening the life of Jesam Michael and his family. In a series of life threatening messages the plotters swear to eliminate him and his family for standing on the path of truth, justice and for arresting Abayomi in recovering the loot. Also, these revelations are not unconnected to the fact that these people engineered Abayomi not to return investors money back to the community.

 

However, the long arm of the law will soon reach them as Abayomi who has willingly confessed to the heinous crime he committed to the company is arrested and taken to court where he is Remanded and Micheal Okoh and his cohorts we learnt are also on the radar of the security operatives for collaboration and cyber bullying.

 

 

 

Sadly, the threat to life of the CEO and his family by these people should not be taken lightly as just as Mr Micheal Okoh said in his video that he will bring him down, same day, gunmen were sent to invade AAS lounge on the same day he was to address his workers for the year.

 

 

According to the security officer of the company, the ugly incident has never happened before on any of their investments until this brazen threats from Mr Okoh and others.

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Wema Bank Launches Anti-Fraud Campaign to Protect Customers*

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HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE

*Wema Bank Launches Anti-Fraud Campaign to Protect Customers*
*….Takes Firm Action Against Fraudulent FINTECH Partners*

 

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Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital Bank, ALAT, has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

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As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts. Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs partners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines. There are ongoing audit and review of FINTECH partners processes as part of the grand plan to ensure that we get the anticipated/desired results.

The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscore the bank’s commitment to safeguarding customers’ finances and personal data.

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Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and providing them with necessary information for detecting the evolving tactics of fraudster and to also solidify our position as the bank that stands fully against fraud.

According to him, “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.”

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission”, he concluded.

The fight against fraud is one that is clearly personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem inconducive to fraudsters.

To escalate fraud cases connected to any Wema Bank account(s), customers are to send an email to frauddesk@wemabank.com as the platform is live and active 24/7.

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