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Fidelity Bank targets Tier-1 bank status by 2025 – CEO

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Nneka Onyeali Ikpe Fidelity Bank MD

The CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe announced that her management plans to make the bank one of the Tier 1 banks in Nigeria by 2025. Nigeria’s Tier 1 banks under the acronym FUGAZ include First Bank, UBA, GTBank, Access Bank, and Zenith Bank.

The CEO revealed this at the bank’s 33rd Annual General Meeting (AGM) in Lagos on April 30th, 2021.. She also added that the bank aimed to achieve a total of 7.5% of the total market share of deposits by 2025.

“We will digitalise our processes; ensure that we have strong staff welfare by taking care of our employees.

“Employees are a very critical resource for an organisation to move forward and we would continue to be innovative to be competitive in the industry,” she said.

Bank shareholders at the event endorsed the total dividend of 22k per share after taxes, which amounts to N6.4 billion for the 2020 accounting year.

Board Chairman, Mustapha Chike-Obi disclosed that the Bank will focus on its enterprise risk management capabilities to ensure the sustainability of its business and continue aligning with International standards.

The bank had reported a Profit Before Tax of N28.1 billion in 2020. The Tier 1 FUGAZ banks are the sample size for financial experts in making comments on the banking industry. In 2019, they accounted for a major chunk of the profits declared in the sector, which was over 60%. They include First Bank, UBA, GTB, Access, and Zenith Banks.

 

 

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