Fidelity Bank Plc has been recognized for its exceptional corporate governance practices, earning the highest rating of “CG+” under the Corporate Governance Rating System (CGRS) by the Nigerian Exchange (NGX). This rating reflects the bank’s adherence to the highest standards of transparency, ethical business practices, and full disclosure requirements, which are critical to maintaining investor confidence and market integrity.
The “CG+” rating is awarded to companies that comply with the prescribed best practices and standards in corporate governance. Fidelity Bank’s sustained commitment to these principles has been lauded by shareholders and market experts alike, reinforcing its reputation as a leader in corporate governance among Nigeria’s quoted companies.
Godstime Iwenekhai, Head of the Listings Regulation Department at NGX Regulation (NGXRegco), highlighted the importance of the CGRS in strengthening the governance structures of listed companies. He noted that the “CG+” rating not only underscores compliance with the best practices but also grants special privileges to rated companies within the stock market.
Corporate governance compliance, as tracked by NGX, includes the timely submission of detailed operational results, full disclosures of material information, and adherence to investor-protection safeguards. Fidelity Bank’s consistent high performance in these areas has made it a standout in the eyes of both local and foreign investors.
Market analysts and shareholders have expressed strong support for Fidelity Bank’s governance standards. Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management, emphasized the significance of corporate governance ratings, noting that they are critical indicators of a company’s compliance with listing requirements and overall performance.
Similarly, Garba Kurfi, Managing Director of APT Securities & Funds, pointed out that a high corporate governance rating signals to investors that a company is diligent in its practices, which is crucial for attracting foreign investment.
Investors have cited Fidelity Bank’s strong corporate governance as a key reason for their continued confidence in the bank. Leaders of various shareholder associations praised the bank’s leadership and succession planning, noting that these elements contribute to the safety and growth of their investments.
The NGX has strict measures in place for companies that fail to meet corporate governance standards, including fines, trading suspensions, and even delisting. Fidelity Bank’s “CG+” rating, however, places it among the top performers, ensuring that it remains a preferred choice for investors seeking stability and growth.