By Ayomide Otitoju
Shareholders of Fidelity Bank Plc have commended the board and management of the tier-one lender for delivering an exceptional performance in the 2024 financial year. The praise was given during the bank’s 37th Annual General Meeting (AGM), which was held virtually on Tuesday, April 29, 2025.
National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, described the bank’s performance as “superlative,” noting that Fidelity has earned a place among Nigeria’s top three dividend-paying banks. “We are proud of the bank’s growth and appreciate the management and staff for their remarkable efforts,” he said.
Also speaking, Chairman of the Zonal Shareholders Committee, Sir Tunji Okelana, highlighted the leadership of Managing Director/CEO Dr. Nneka Onyeali-Ikpe, describing her achievements as unmatched in the bank’s history. “The staff are true assets. Fidelity is living up to its name—they truly keep their word,” he said.
Chairman of the Board, Mr. Mustafa Chike-Obi, acknowledged the bank’s resilience amid global economic challenges, pointing to record growth in key performance indicators, particularly Profit Before Tax (PBT). He also celebrated the success of the first phase of the bank’s capital-raising efforts, noting a 237.9% oversubscription in its Public Offer and 137.7% in the Rights Issue.
“This strong investor response reflects confidence in our brand,” Chike-Obi said. “We are now set to conclude the second phase of our capital-raise initiative.”
In her address, Dr. Onyeali-Ikpe outlined the bank’s strategic priorities for 2025, which include completing the capital raise, enhancing digital innovation and operational efficiency, and exploring regional expansion across select African markets.
According to the 2024 Annual Report, Fidelity Bank posted a 210% rise in PBT to ₦385.2 billion. Gross earnings surged by 87.7% to ₦1.04 trillion, while interest income grew by 106.9% to ₦950.6 billion. Customer deposits climbed 47.9% to ₦5.9 trillion, and loans advanced rose from ₦3.1 trillion to ₦4.4 trillion.
Shareholders also approved several resolutions at the AGM, including a final dividend of ₦1.25 per share, the election of new board members—Alhaji Abdullahi Sarki Mohammed, Ms. Obiaku Augusta Okam, and Mr. Sufiyanu Ibrahim Garba—and the re-election of Mr. Mustapha Chike-Obi and Engr. Henry Obih as non-executive directors.
Fidelity Bank, which serves over 9.1 million customers through digital platforms and 255 business locations in Nigeria and the UK, continues to gain recognition for innovation. In 2024 alone, the bank received multiple awards, including “Best Bank for SMEs in Nigeria” (Euromoney), “Excellence in Digital Transformation” (BAFI), and “Most Innovative Mobile Banking App” (Global Business Outlook).
