Why It Was Commendation Galore For Fidelity Bank Mgt At 38th AGM

But it was different ball game last Friday, 9, 0ctober 2026, when Fidelity Bank Plc held the 38th in its series of AGMs.

Rather than anything else, it was commendation galore for the management

Shareholders had many reasons to laud the bank’s Board and Management.

The reasons, according to them, included strengthening its capital base, improving asset quality and sustaining earnings growth despite a challenging operating environment.

Speaking during the meeting, Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, drew attention to the Bank’s non-performing loan ratio of 2.4 per cent and capital adequacy ratio of about 16.1 per cent as indicators of its financial resilience.

“The figures demonstrate that the Bank remains strong. With a non-performing loan ratio of 2.4 per cent, a customer base of 16 million and a capital adequacy ratio of 16.1 per cent, shareholders have reasons to support the Board and Management,” Bakare said.

L – R: Kevin Ugwuoke, Executive Director, Risk Management; Stanley Amuchie, Executive Director/Chief Operations and Information Officer; Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer; Amaka Onwughalu, Chairman, Board of Directors; Ezinwa Unuigboje, Company Secretary; Henry Obih, Independent Non-Executive Director; and Ken Opara, Executive Director, Lagos and Southwest; (all of Fidelity Bank Plc) at the Bank’s 38th Annual General Meeting which held in Lagos and virtually recently.

Another shareholder, Boniface Okezie, Chairman of the Progressive Shareholers Association, commended the Bank’s leadership for completing its capital raise and positioning the institution above the new regulatory threshold.

“We commend the Board and Management for the successful capital-raising exercise. This gives us greater confidence in the future of the Bank and its capacity to deliver sustainable value to shareholders,” Okezie said.

The Bank completed a N227.05 billion private placement in December 2025, increasing its eligible capital from N305.5 billion to N532.6 billion. This placed Fidelity Bank above the N500 billion minimum capital requirement for banks with international authorisation.

Presenting the Bank’s performance, Board Chairman, Mrs Amaka Onwughalu, said Fidelity Bank remained focused on building a stronger and more sustainable institution capable of delivering long-term value.

“At Fidelity Bank, we are building for the long term by creating lasting value through trust, innovation and shared progress. Guided by purpose and responsibility, we are building a stronger, more agile and more sustainable institution, one designed to thrive through change and deliver enduring impact for generations,” Mrs Amaka Onwughalu said.

The Bank’s 2025 financial statements showed that gross earnings increased by 45.6 per cent to N1.52 trillion, compared with N1.04 trillion in 2024. Profit before tax stood at N347.7 billion, while profit after tax closed at N242.4 billion.

The Bank also strengthened key balance sheet and risk indicators. Its non-performing loan ratio improved to 2.4 per cent from 3.1 per cent, while the coverage ratio rose to 203.9 per cent from 138.4 per cent. Liquidity stood at 66.5 per cent, above the regulatory minimum of 30 per cent, while total equity increased to N1.09 trillion from N897.9 billion.

Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, said the Bank’s strategy remained centred on building a resilient institution, deepening customer relationships and creating sustainable value for stakeholders.

“Our focus remains on making financial services easy and accessible to our customers while building a stronger institution for shareholders, employees and the communities we serve,” Dr Nneka Onyeali-Ikpe said.

The External Auditors, Deloitte & Touche, issued an unmodified opinion on the Bank’s accounts, stating that the consolidated and separate financial statements fairly presented its financial position, performance and cash flows in accordance with applicable reporting standards and Nigerian laws.

At the meeting, shareholders received the Audited Financial Statements and reports of the Directors, External Auditors, Statutory Audit Committee and Independent Board Appraisal Consultants for the year ended 31 December 2025.

Shareholders also considered the election of Dr Jonathan Ososuakpor as a Non-Executive Director and the re-election of Mrs Amaka Onwughalu as a Non-Executive Director.

The meeting noted the retirement by rotation of Chief Nelson Nweke as a Non-Executive Director.

Other business included authorising the Directors to fix the remuneration of the External Auditors for the 2026 financial year, disclosing the remuneration of the Bank’s managers and electing members of the Statutory Audit Committee.

The shareholders urged the Board and Management to sustain the momentum, deepen market competitiveness and continue strengthening returns to investors.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including:

Cami Ezenwa is a Writer, Editor, Publicist, Biographer and Journalism Trainer He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television to mention some. His ongoing Corporate Communications Master Class training series equips learners with credible hands-on skills for effective Media Relations, Public Communications & Corporate Affairs amongst others. He can be contacted via 09165809519 or 08180335778.

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