Shareholders of Fidelity Bank Plc have commended the board and management of the tier one financial institution for delivering what has been described as an outstanding performance in the 2024 financial year.
Speaking at the bank’s 37th Annual General Meeting (AGM), which was held virtually on Tuesday, April 29, 2025, the National Chairman of The Progressive Shareholders Association, Chief Boniface Okezie, described the bank’s results as “superlative,” noting its emergence among the top three dividend-paying banks in Nigeria.
“This is a superlative performance and we the shareholders are grateful to management and staff for giving us a bank to be proud of. It is also important to note that the bank has earned its spot as one of the top three dividend-paying financial institutions in Nigeria,” Okezie said.
Also speaking, the Chairman of the Zonal Shareholders Committee, Sir Tunji Okelana, lauded the bank’s leadership under the current Managing Director, stating that the achievements recorded surpassed those of all previous administrations.
“The achievements of the current MD have surpassed that of everyone who held that office before her. In addition, staff working with her are assets. They are truly ‘Fidelity, they keep their word’. Without any doubt, I am very happy with the bank,” he said.
Chairman of the Board of Directors, Mr. Mustafa Chike-Obi, in his remarks, highlighted the bank’s resilience and record-breaking growth despite global economic headwinds. He noted that the Profit Before Tax (PBT) reached historic levels, while the success of the bank’s capital raise exercise further reflected public confidence.
“The oversubscription of 237.9% in the Public Offer and 137.7% in the Rights Issue is a testament to the strength of our brand and the confidence the investing public has in us,” Chike-Obi said. “Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise.”
Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, outlined the bank’s priorities for 2025, including completing the next phase of the capital raise, enhancing operational efficiency and digital innovation, and exploring strategic expansion into select African markets.
According to the bank’s 2024 Annual Report, Fidelity Bank recorded a 210% growth in Profit Before Tax to N385.2 billion. Gross earnings rose by 87.7% to N1.04 trillion, driven by a 106.9% increase in interest and similar income to N950.6 billion. Deposits grew from N4.0 trillion in 2023 to N5.9 trillion in 2024, while total advances increased from N3.1 trillion to N4.4 trillion.
At the AGM, shareholders approved several key resolutions, including the declaration of a final dividend of N1.25 kobo per share. They also ratified the appointments of new directors—Alhaji Abdullahi Sarki Mohammed and Ms. Obiaku Augusta Okam—as non-executive directors; elected Mr. Sufiyanu Ibrahim Garba as executive director; and re-elected Mr. Mustapha Chike-Obi and Engr. Henry Obih as non-executive directors.
Fidelity Bank currently serves over 9.1 million customers through its 255 business offices and digital platforms in Nigeria, as well as through its UK subsidiary, FidBank UK Limited.
The bank recently received several awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay, the 2024 Most Innovative Mobile Banking Application Award by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider Award by Global Brands Magazine. It was also named Best Bank for SMEs in Nigeria by Euromoney and Export Financing Bank of the Year by BusinessDay.