Fidelity Bank Plc has been awarded the highest corporate governance rating of CG+ under the Corporate Governance Rating System (CGRS) by the Nigerian Exchange (NGX). This recognition underscores the bank’s commitment to adhering to the highest standards of corporate governance, transparency, and ethical business practices.
The CGRS evaluates listed companies against prescribed best practices and standards, with Fidelity Bank consistently meeting and exceeding these requirements. This achievement is a testament to the bank’s dedication to full disclosure, investor protection, and maintaining market integrity.
Mr. Godstime Iwenekhai, Head of Listings Regulation at NGX Regulation (NGXRegco), highlighted the importance of the CGRS in differentiating companies based on their corporate governance compliance. “Corporate governance promotes ethical business practices, transparency, and fair competition,” Iwenekhai stated, noting that the CG+ rating signifies compliance with the highest standards and entitles companies to special privileges on the stock market.
Corporate governance compliance at NGX involves prompt submission of detailed operational results, full disclosure of material information, accurate reporting, and ensuring free float of shares for efficient price discovery. Companies must also adhere to investor protection safeguards and statutory meeting requirements.
Market experts and shareholders have praised Fidelity Bank for its exemplary corporate governance practices. Mr. Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, emphasized that corporate governance ratings are crucial for investor confidence. “Stock prices are driven by available information, and a high corporate governance rating indicates quality compliance with listing requirements,” Amolegbe explained.
Mallam Garba Kurfi, Managing Director of APT Securities & Funds, noted that high corporate governance ratings attract foreign investors. “A high rating means the company is timely in doing the right thing, while a low rating discourages investment,” Kurfi said.
Mr. David Adonri, Managing Director of HighCap Securities, added that the CG+ rating reflects excellent corporate governance, maximizing benefits for stakeholders. Shareholders also expressed confidence in Fidelity Bank’s governance structure. Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), commended the bank’s robust corporate governance and effective board oversight.
Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), and Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, praised Fidelity Bank for its continuous impressive performance and leadership. “Fidelity Bank’s sustained growth and impressive returns are built on good corporate governance,” Igbrude said.
Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, emphasized that Fidelity Bank is one of the best investment options due to its strong corporate governance and customer service. “There is every reason to hope for a promising future with Fidelity Bank,” Okezie stated.
The NGX’s stringent corporate governance standards and enforcement mechanisms, including fines and trading suspensions, ensure that listed companies maintain high disclosure standards and market integrity. Fidelity Bank’s CG+ rating reaffirms its position as a leading commercial bank committed to upholding these principles.