Business
Fitch Upgrades Fidelity Bank’s Issuer Default Rating from ‘B-’ to ‘B’
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Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’.
According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the improved rating reflected the bank’s increased creditworthiness relative to other issuers in Nigeria, emphasizing that, “Fidelity’s Long- and Short-Term IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b’ ’’.
The agency further stated that the VR reflects healthy asset quality, good business profile and reasonable capitalisation and liquidity. These are balanced against high sensitivity to Nigeria’s challenging operating environment as well as higher credit concentration as a percentage of equity and weaker profitability than larger domestic-rated peers.
Commenting on the upgraded rating, Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc, stated, “Receiving this upgrade at a time when the global economy is faced with a myriad of challenges, speaks to the strength of our business model, the efficacy of our risk management culture and the commitment of our staff towards creating sustainable value for all stakeholders. As a bank, we will continue to execute our growth strategy in a prudent manner that allows us to take advantage of emerging opportunities in our various markets”.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Business
How Boost Africa Initiative is Powering Nigerian Innovation
Boost Africa, a joint initiative of the European Investment Bank (EIB) and the African Development Bank (AfDB), supported by the European Union, is launching “From Capital to Impact,” a communications campaign highlighting the achievements of the initiative and the experiences of innovative Nigerian businesses supported through its venture capital investments.
Running from 1 November to 31 December 2026, the campaign will bring the impact of
Boost Africa closer to the public through entrepreneurial success stories, investment
insights, digital storytelling and media engagement.
Launched to address financing challenges facing innovative African businesses, Boost Africa has helped strengthen the continent’s venture capital ecosystem by investing in funds that provide financing and strategic support to promising startups and growing enterprises.
The initiative demonstrates how development finance can help mobilise private investment and enable businesses to develop solutions, expand operations, reach new markets and create employment opportunities.
Putting Businesses and People Behind the Numbers
At the heart of the campaign are stories of Nigerian businesses whose growth journeys
illustrate the wider impact of investment.
The campaign will feature companies including Daya, ChipMango and TradeDepot, highlighting their innovations, entrepreneurial journeys and experiences working with venture capital funds supported by Boost Africa.
From developing cross-border financial infrastructure to strengthening digital commerce and creating opportunities for technology talent, these businesses demonstrate how investment can support solutions to real economic and societal challenges.
Through founder interviews, beneficiary success-story videos, digital content and editorial features, the campaign will explore not only the financing received by businesses but also the expertise, networks and strategic support that help them grow.
From Investment to Measurable Impact
Boost Africa’s achievements extend beyond the capital committed to venture funds.
According to EIB-reported results as of December 2023, the initiative had invested €88 million, supported approximately 15,000 jobs and helped mobilise nearly €400 million in additional investment across Africa.
These figures illustrate the potential of development finance to catalyse private investment and strengthen the businesses contributing to Africa’s economic transformation.
The campaign will connect these broader achievements with the experiences of Nigerian entrepreneurs, investors, employees and customers, demonstrating how investment translates into tangible opportunities.
Amplifying Africa’s Entrepreneurial Success Stories
The From Capital to Impact campaign will feature a coordinated programme of social media storytelling, video documentaries, thought-leadership articles and online media publications.
It will also provide perspectives from venture capital fund managers on the importance of patient capital, technical expertise, business networks and investment partnerships in helping African enterprises scale.
By making investment outcomes more visible and accessible, the campaign aims to
strengthen public understanding of Boost Africa’s contribution to entrepreneurship,
innovation and sustainable economic development.
The central message is simple: the true value of investment is reflected not only in the capital deployed, but in the businesses strengthened, opportunities created and
impact made possible.
About Boost Africa
Boost Africa is a joint initiative of the European Investment Bank and the African
Development Bank, supported by the European Union. The initiative promotes
entrepreneurship and innovation across Africa by supporting venture capital funds investing in innovative startups and growing businesses, alongside complementary technical assistance and ecosystem support.
Media Contact
European Investment Bank
Press Office
press@eib.org
www.eib.org
Business
₦20m Prize Pool: Ecobank’s Top 20 InnovateX Finalists Emerge
Ecobank Nigeria has announced the Top 20 finalists for InnovateX 2026, its flagship youth innovation challenge powered by Blaze by Ecobank in partnership with Verve. The finalists emerged from a competitive selection process involving 168 teams, comprising 672 undergraduate students from 90 universities across Nigeria.
The grand finale, scheduled for October 30, 2026, at the Ecobank Pan African Centre (EPAC), Lagos, will see the finalists compete for top honours and a share of the ₦20 million prize pool. Five teams will emerge as winners, while the remaining 15 teams will receive consolation prizes and further exposure within Nigeria’s innovation ecosystem.
InnovateX is a youth innovation and entrepreneurship challenge designed to empower young Nigerians to develop and pitch innovative solutions to real-world challenges across banking, technology, business and society. The initiative provides a platform for young innovators to showcase their ideas, compete for financial support and access opportunities for mentorship, skills development and career advancement.
The Top 20 finalists represent diverse sectors, including financial technology, artificial intelligence, sustainability, digital services, education, and enterprise solutions. Among the selected teams are IncluFi, Aselabs, Team Vhorde, Jolt, Kredo, Levromat, Konvoy, Impact, Barrow and Leopard Skin.
Designed for young people aged 16 to 25, InnovateX 2026 attracted aspiring entrepreneurs and innovators seeking to develop practical solutions to real-world challenges. Beyond financial support, participants stand to benefit from mentorship, skills development, industry exposure, networking opportunities and national recognition.
The selection process culminated in regional hackathons held in Lagos, Port Harcourt and Abuja, where participating teams pitched their ideas before panels of industry experts, technology leaders and innovation mentors.
InnovateX provides a platform for engaging emerging talent and encouraging entrepreneurship, connecting Ecobank with promising young Nigerians while reinforcing the Bank’s commitment to digital transformation, innovation and youth empowerment.
Speaking on the initiative, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “InnovateX reflects our commitment to nurturing the next generation of innovators by providing access to the resources, networks, and opportunities they need to transform bold ideas into scalable and impactful ventures.”
Through initiatives such as InnovateX and Blaze by Ecobank, the Bank continues to create opportunities for young people to develop entrepreneurial skills, advance innovative ideas and contribute to economic growth across Nigeria and Africa.
Business
Green Finance and Sustainability: UBA Launches Group-Wide Climate Action Week
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has launched a Group-wide Climate Action Week to deepen climate awareness, promote responsible environmental practices and advance sustainable finance across its African and international operations.
The five-day campaign, running from October 26 to 30, 2026, is themed “Banking on Africa’s Climate Future” and reflects the Bank’s commitment to integrating environmental responsibility into its operations, customer engagement and financing solutions.
The initiative commenced with the deployment of waste segregation bins across UBA offices and measures to reduce the use of single-use plastics at the Bank’s head offices. These activities underscore UBA’s commitment to translating sustainability principles into practical actions within its workplace and across its wider ecosystem.
Throughout the week, UBA will disseminate educational content across its media and digital platforms to highlight the causes and consequences of climate change, including its impact on food prices, energy consumption and urban flooding. The campaign will also promote responsible plastic disposal, recycling and the critical role of financial institutions in financing clean energy, sustainable agriculture and other environmentally responsible businesses.
As part of the campaign’s community engagement component, UBA staff volunteers will participate in a Group-wide clean-up exercise on Saturday, November 7, in major cities across its markets. In Nigeria, the exercise will take place in Lagos, Kano and Port Harcourt, mobilising employees to contribute directly to cleaner and healthier communities.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, emphasised the importance of collective responsibility in addressing the growing impact of climate change.
“Climate change is no longer a distant environmental concern; it is increasingly shaping everyday life across Africa. We see its effects in rising food costs, increased energy demand and flooding that disrupts homes, businesses and livelihoods.
“At UBA, we believe that building a sustainable future requires collective action, beginning with the choices we make at work, at home and in our communities. Through this Climate Action Week, we are encouraging every member of the UBA Tribe, alongside our customers and other stakeholders, to embrace practical, sustainable habits and inspire others to do the same,” Alawuba said.
As part of its stakeholder engagement activities, UBA will sponsor Climate Convergence Week in Lagos on Friday, October 30, where the Bank will deliver a speaking session and participate in a panel discussion. The engagement will provide an opportunity to showcase UBA Green Finance, highlight the Bank’s sustainability initiatives and explore how financial institutions can support Africa’s transition to a more sustainable and climate-resilient economy.
Alawuba, noted that climate considerations were increasingly important to business resilience, risk management and long-term economic growth.
“Climate change presents significant risks to businesses, communities and economies. These risks can affect business continuity, operating costs and financial performance, making sustainability an increasingly important consideration for both businesses and the financial institutions that support them.
“Through UBA Green Finance, we seek to support eligible businesses investing in cleaner technologies and more sustainable operations. By helping customers explore financing solutions aligned with their needs, we can contribute to a more resilient private sector while unlocking opportunities for sustainable economic growth across Africa,” Alawuba further said.
In a further step towards strengthening its sustainability capabilities, UBA is set to join the Sustainability Professionals Institute of Nigeria (SPIN). The move is expected to deepen the Bank’s environmental, social and governance (ESG) expertise and support the continued professional development of its employees in sustainability-related disciplines.
The Climate Action Week forms part of UBA’s broader sustainability strategy, which integrates environmental responsibility into its Customer First philosophy through responsible business practices, employee engagement, community initiatives and green finance. By combining awareness, practical action and financing solutions, the Bank aims to encourage more sustainable choices while supporting businesses and communities in navigating the challenges and opportunities of climate change.
United Bank for Africa is one of Africa’s leading financial institutions and one of the largest employers in the continent’s financial sector, with approximately 25,000 employees and over 45 million customers globally. Operating in 20 African countries, as well as the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, advancing financial inclusion and leveraging technology to deliver innovative financial solutions.






