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Fidelity Bank Stock Upgrade Excites Investors

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Fidelity Bank Stock Upgrade Excites Investors

Fidelity Bank Stock Upgrade Excites Investors

 

 

 

According to The Will newspaper, investors have commended the recent reclassification of Fidelity Bank Plc stock from small price stock to medium price stock.

 

 

 

 

Giving his perspective on the development, Mr Boniface Okezie, the National Co-ordinator, Progressive Shareholders Association of Nigeria, commented, “Fidelity Bank has paid its dues in the financial services sector. It has contributed immensely to the development of the small and medium enterprises (SME) sector yet pays dividends to the shareholders. Last year, it took the market by surprise by declaring a dividend of 50k per share which had not happened in previous years. The massive investment in ICT and effective branch network shows it is ready to serve the customers in a better way and make the shareholders happy”.

 

 

 

 

The NGX Limited, in a recent statement, said the reclassification became necessary because Fidelity Bank shares have been trading above the N5.00 mark since February 2023. Relying on rule 15.29 of the Rulebook of the Exchange, 2015 (Dealing Members’ Rules) NGX Limited noted that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are classified as medium price stock.

 

 

Fidelity Bank Stock Upgrade Excites Investors

 

“Fidelity Bank traded above the N5.00 mark on February 20, 2023 and has remained above the N5 mark up until close of business on 30 June 2023.This indicates that Fidelity Bank has been trading above N5 for at least four months in the last six months. Therefore, it should be reclassified from small price stock to medium price stock,” the NGX pointed out.

 

 

 

 

The development was an acknowledgement of Fidelity Bank’s robust contribution to the bountiful harvest that bargain hunters have enjoyed in the 62-year-old stock exchange in recent times, buoyed the bank’s corporate strategic plan.

 

 

 

Applauding the Nneka Onyeali-Ikpe-led organization, Prince Anthony Omojola, National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), asserted that, “Fidelity Bank is moving up in terms of performance. They have joined those paying interim dividends and they have also dipped their hand into big money tills for huge investment. They have borrowed big to be able to handle bigger contracts and be able to reap big. The reclassification is welcomed and I hope they will not disappoint us. If they are able to meet expectations, the benefit will be for Nigeria”.

 

 

 

On his part, Sam Ndata, Doyen of Nigerian Stockbrokers and non-executive director at UIDC Securities Limited commented, “This is a good development. If a company performs well, it will surely be rewarded to earn investors’ confidence. The NGX did very well by recognising and rewarding Fidelity Bank for the impressive performance of its stock”.

Fidelity Bank shares rose by 32 percent this year making it the nation’s best-performing bank share as of half year (June 30). On the back of this strong position, it plans to establish presence in at least five African countries after announcing the proposed acquisition of the London unit of rival Union Bank of Nigeria Plc. According to Onyeali-Ikpe, the bank is negotiating a second purchase which will be completed in the year.

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Energy sector: Plot to discredit heads of regulatory agencies uncovered

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**Energy sector: Plot to discredit heads of regulatory agencies uncovered

There is a subtle plot by some individuals, acting in cahoots with some members of the House of Representatives, to discredit heads of regulatory agencies in the energy sector.

This newspaper reports that the motive of the scheme is to put the heads of the agencies under intense pressure, distract them from performing their duties and thus set set the stage for their sack on grounds of non-performance.

Available information said that the plot was orchestrated by a member of the House from the South who has become infamous for blackmail, intimidating and manipulating agencies in the guise of oversight responsibility.

He has been leading his committee members by the nose in the grand conspiratorial alliance to extort money from the agencies of government in furtherance of some selfish agenda.

This newspaper reports that there have been some mutterings by some of the commiitee members who have realised that the actions of their chairman are far from being motivated or inspired by patriotism.

Some members are pissed off with the committee chairnan’s reported boast about his ability to sway them with “just a few dollars.”

Meanwhile, reports have confirmed that the committee chair has been trying to “double deal” and has, in the process, come under intense rebuke by the regulators.

This newspaper quoted a source to have said that “evidence has been recorded’.

However, This newspaper had yet to get a copy of the recorded evidence as of the time of publication.

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Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

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Dangote: NANS Write President Tinubu Over mismanagement Of CTIN Funds (Video)

Dangote, NNPC Spat: Shareholders Condemn Demarketing of Dangote Refinery

 

 

 

Shareholders have strongly defended Africa’s foremost industrialist, Aliko Dangote over the on-going petroleum product supply controversies, while criticising the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for deliberate attempt at demarketing Dangote Petroleum Refinery & Petrochemicals.

 

 

The shareholders under the aegis of Pragmatic Shareholders Association of Nigeria (PSAN) in a statement signed by its National Coordinator, Mrs. Bisi Bakare, expressed dismay over the recent allegations from the petroleum regulatory agency regarding the quality of diesel produced by Dangote Petroleum Refinery.

The NMDPRA boss Farouk Ahmed has faced the backlash after suggesting that the diesel produced by the $20 billion Dangote refinery is of inferior quality compared to imports into the country.

Bakare commended Dangote for his visionary approach in establishing one of the world’s largest refineries in Nigeria. She highlighted Dangote’s commitment to national development, stressing his patriotism and resolute character through substantial investments like the refinery.

“Dangote has ensured that the bulk of his business investments are local, contributing significantly to economic development through tax payments, extensive job creation, and consistent returns for shareholders,” she added.

The shareholders group strongly condemned what they termed as “unwarranted efforts to demarket the refinery” by regulatory bodies. They cautioned that such actions could deter both local and international investors and undermine government efforts to stabilise fuel prices and ensure availability.

“We must rally around Dangote Refinery,” Mrs. Bakare urged, “to provide crucial support such as crude oil allocation, cooperation from international oil companies, and regulatory agency collaboration.” She stressed the refinery’s potential to save Nigeria over 30% in foreign exchange currently spent on offshore refining, which could significantly alleviate the country’s foreign exchange challenges.

“As shareholders,” Mrs. Bakare affirmed, “we remain steadfast in our support of Alhaji Aliko Dangote’s vision to bolster the nation’s economy and create more opportunities for our citizens.”

PSAN is the latest to join the growing list of Nigerians rallying support for Dangote in the ongoing standoff. Prominent figures and associations such as the President of the African Development Bank Group (AfDB), Akinwumi Adesina; billionaire businessman, Femi Otedola; federal lawmakers; former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar; former Anambra state governor and 2023 Labour Party presidential candidate, Peter Obi; Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria have all voiced their support for Dangote Refinery.

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EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

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EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

FirstBank, the West African premier financial institution and financial inclusion services provider announces its continuous VISA Cross Border and Summer campaign in partnership with VISA. The campaign, which commenced on 1 April 2024, is set to run until 31 August 2024 as a rewarding initiative for existing VISA Gold and VISA Infinite cardholders and prospective customers.

 

 

 

Throughout the campaign, 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers. 2 cardholders will enjoy an all-expense-paid trip for two to the Olympic Games in Paris, France. The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.

 

EXCITING PRIZES TO BE WON WITH FIRSTBANK VISA GOLD AND VISA INFINITE CARDS IN THE 2024 SUMMER CAMPAIGN

 

To qualify for this exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.

 

 

Speaking on the promo Chuma Ezirim, the Group Executive E-Business and Retail Products, FirstBank said, “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign. This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.

“We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”

The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a US Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.

On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals. This card offers an extraordinary selection of exclusive travel, dining, shopping, and lifestyle opportunities, providing unparalleled benefits to its holders.

 

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