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WHO IS AFRAID OF FIDELITY BANK – By Udeme Etukeyen
Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?
My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely 👍🏾
Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.
These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.
We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries
Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides
A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda
Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.
One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.
It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration
Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!
Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert
News
Couple Kidnapped, One Shot In Ondo Estate Attack
Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.
During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.
The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.
Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.
According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.
During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.
A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.
While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.
In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.
“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.
“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”
News
Brake Failure Leaves One Dead, Four Rescued At Abule-Egba
One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.
The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.
According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.
LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.
The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.
“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.
The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.
“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.
It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.
According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.
The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.
“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.
“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.
According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.
“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.
He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.
Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.
The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.
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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case
The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.
Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.
NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.
The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.
The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)
In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.
The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.
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