Fidelity Bank targets Tier 1 by 2025

By CHINYERE JOEL-NWOKEOMA

The Managing Director of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, has said that the top priority during her tenure would be to ensure the bank’s emergence as a Tier 1 financial institution by 2025.

Onyeali-Ikpe disclosed this on the sidelines of the bank’s 33rd Annual General Meeting (AGM) in Lagos on Friday.

She said that the bank was also targeting to achieve 7.5 per cent of the market share in total deposit by 2025.

Onyeali-Ikpe said that the bank would achieve the targets through digitisation of processes and innovation.

“We will digitalise our processes; ensure that we have a 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.

Onyeali-Ikpe added that the bank would refresh its brand to ensure top brand awareness among customers and the general public.

Meanwhile, the shareholders at the meeting unanimously endorsed the payment of a cash dividend of 22k per share after considering taxes and other financial obligations.

The dividends translated to N6.4 billion as pay-out for the year ended Dec. 31, 2020.

The shareholders who spoke at the event praised the bank and management for the 38.7 per cent increase in total customer deposits, which rose from N1.23 trillion in 2019 to N1.69 trillion in 2020.

Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting an encouraging performance in 2020 despite the challenges of the COVID-19 pandemic.

Umar appreciated the bank for paying dividends the same day of the Annual General Meeting unlike their peers in the industry that pay a day after the AGM.

Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividends in spite of the unfriendly economic environment and the COVID-19 pandemic challenges.

Bakare welcomed Onyeali-Ikpe and Mr Chike-Obi, urging them to sustain the growth and ensure higher dividend in the years ahead.

Earlier, Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, assured shareholders that the board and management of the bank would do everything possible to ensure the bank’s continued growth in the years ahead.

“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modelling our governance practices to align with international best practices,” said Chike-Obi. (NAN)