Business
FBNHoldings Wins World Finance Best Corporate Governance in Nigeria Award
Nigeria’s leading financial services group and holding company, FBN Holdings Plc has announced its winning of the 2019 Best Corporate Governance in Nigeria Award by World Finance; the voice of the global market renowned for its comprehensive coverage and analysis of the financial industry, international business and global economy.
The event, which was held recently in London Stock Exchange studio, was organised to provide a comprehensive analysis of the very best across various areas of business endeavours in each market around the world.
Receiving the award on behalf of FBNHoldings, UK Eke, its Group Managing Director said; “receiving this award from World Finance basically tells us two things. One: it’s an affirmation of what we are doing in corporate governance, beyond the giant strides we’re making in financial performance. So we see this as an endorsement of the brand, and it’s a bragging right for us. Because again, there are very few institutions in Nigeria that have benefited from this award. We are truly proud to receive this award.”
Since 2007, World Finance has been celebrating corporate achievement, innovation and brilliance in their annual awards.
About FBN Holdings Plc
FBN Holdings Plc. is the non-operating financial holding company of one of the largest banking and financial services organisations in Africa. A truly diversified financial services Group that offers a broad range of products and services, including commercial banking, merchant banking and asset management and insurance to millions of customers. FBNHoldings oversees business groups that collaborate to deliver innovative financial solutions.
The bank and the non-bank subsidiaries of the holding company operate in Nigeria, as well as through overseas branches, subsidiaries and representative offices across the world. The companies in the FBNHoldings group include; First Bank of Nigeria Limited (FirstBank), a commercial bank with operations in 11 countries; the Merchant Banking and Asset Management business of FBNHoldings, which comprises FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited, FBNQuest Capital Asset Management Limited, FBNQuest Funds Limited and FBNQuest Securities Limited.
FBNHoldings group also comprise insurance businesses, namely; FBN Insurance Limited, FBN General Insurance Limited and FBN Insurance Brokers Limited. The business group offers life and general insurance services, as well as brokerage services
Financial Strength and Market Position
Fidelity Bank Plc has demonstrated remarkable financial resilience, solidifying its position as one of Nigeria’s leading financial institutions. Recent reports highlight the bank’s impressive growth trajectory, including its re-entry into the N1 trillion market capitalization club and a 167.8% increase in profit before tax (PBT) to N105.8 billion in Q1 2025. Fidelity Bank’s financial performance has been exceptional, with a 64.2% year-on-year increase in gross earnings to N315.4 billion in Q1 2025. The bank’s total deposits have surged to N6.6 trillion, driven by a 21.4% increase in foreign currency deposits. These figures highlight its ability to attract and retain capital, ensuring liquidity and operational efficiency.
Investor Confidence and Regulatory Compliance
Fidelity Bank’s stock performance has been impressive, with a 237% oversubscription in its capital raise venture. Analysts predict continued growth, with gross earnings expected to reach N1.5 trillion and profit before tax projected at N415.4 billion in 2025. The bank’s ability to meet the N500 billion capitalization target set by the Central Bank of Nigeria (CBN) underscores its financial resilience and regulatory compliance.
Support for Small and Medium Enterprises
Fidelity Bank’s commitment to supporting Small and Medium Enterprises (SMEs) plays a crucial role in its significance to the economy. By providing tailored financial solutions and resources for SMEs, such as the recently launched SME Hub, the bank contributes to job creation and economic development, further cementing its importance in the financial ecosystem.
Regulatory Compliance and Risk Management
Fidelity Bank has demonstrated a strong commitment to regulatory compliance and risk management. By maintaining capital adequacy ratios above the required thresholds – liquidity ratio at 54.7% and capital adequacy ratio (CAR) at 20.3%, compared to the minimum requirement of 30.0% and 15.0%, respectively- the bank not only ensures its own stability but also contributes to the overall health of the banking sector.
Strategic Expansion and International Presence
The bank’s acquisition of Union Bank UK in 2023 marked a significant step toward international expansion. This move strengthens its global footprint and enhances its ability to serve a diverse clientele. Fidelity Bank’s leadership has also set ambitious goals to elevate the institution to tier-1 status, further reinforcing its stability and growth potential.
It is also worth noting that global best practice allows for judgement payments of this nature to be made in installments as agreed by the relevant parties. This is to ensure that the judgement is executed to the letter in a sustainable manner.
Fidelity Bank on Monday confirmed a subsisting Supreme Court judgement involving GCappa and Sagecom Concepts Limited, adding its computation puts the settlement figure at N14 billion.
The bank disclosed this in a statement on Monday, maintaining that the issues leading up to the judgment arose from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.
The bank clarified, however, that a sponsored publication of the apex court judgement has allegedly been orchestrated and syndicated in the media with the aim of embarrassing the bank.
Source: Nairametrics
As global financial fraud surges to over $485 billion in annual losses, Access Holdings PLC is setting a new standard in Africa’s banking industry through aggressive and strategic investment in technology aimed at combating the growing threat, National Association of Online Security News Publishers, NAOSNP can report.
With Nigeria’s financial sector experiencing a spike in digital fraud, particularly through mobile and online channels, Access Holdings has emerged as a front-runner in fraud prevention through innovation.
In 2024, Access Holdings, the parent company of Access Bank, recorded a landmark ₦193.5 billion ($120.5 million) in technology investments, a 147% increase over the previous year and the highest IT spend in Nigeria’s banking industry. This bold move has paid off significantly. The Group reported a 73% drop in fraud-related losses, falling from ₦6.15 billion in 2023 to just ₦1.64 billion in 2024.“Our customers’ trust is our most valuable asset,” said Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc.
“In a world of rising digital risks, we have chosen to lead with innovation and resilience. Our sustained investment in cybersecurity, AI-driven fraud detection, and biometric authentication is delivering real results, and reinforcing confidence in our digital banking platforms.”
Globally, banks like JPMorgan Chase are increasing technology budgets to combat fraud, with a record $17 billion in 2024. Nigeria is not left behind. Among local peers, Access Holdings has demonstrated the strongest correlation between strategic tech spending and measurable fraud reduction.
Access Holdings’ investments include AI-driven transaction monitoring, biometric verification systems, enhanced core banking upgrades, and real-time fraud analytics, all designed to detect and respond to threats with speed and precision.
While digital innovation is expanding access to banking, it has also exposed customers and institutions to evolving threats.
According to Nigeria Inter-Bank Settlement System (NIBSS) data, fraud incidents in the country jumped 112% from 2019 to 2023, underscoring the urgent need for systemic countermeasures.
Access Holdings’ proactive stance not only affirms its leadership in Nigeria’s digital banking landscape but also offers a compelling model for financial institutions across Africa looking to secure trust in an increasingly digital world.
