Business
Investors Laud Fidelity Bank’s Consistent Growth Rate
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Fidelity Bank Nigeria has recorded an average annual profit growth of 64 per cent over the past three years, underlining its resilience as one of Nigeria’s fastest growing companies.
The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.
A review of the audited reports and accounts of Fidelity Bank between 2023 and 2020 showed double-digit growths over the years with Cumulative Average Annual Growth Rate (CAGR) in earnings, profitability and assets significantly above average industry rate and within the best performance among publicly quoted companies.
Average annual profit growth rate of 64 per cent underscores Fidelity Bank’s fundamental strength as an inflation-hedging investment. The operational growth strengthens the overall return outlook of the bank, which share price has delivered an average annual capital gain of more than 100 per cent in five years at the stock market.
Several experts’ reviews have said the bank’s strong historical performance is a major attraction for its ongoing combined rights and public offer.
Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.
The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.
Fidelity Bank’s gross earnings rose successively from N206 billion in 2020 to N251 billion, N337 billion and N556 billion in 2021, 2022 and 2023 respectively, representing average annual growth of 39 per cent. Profit before tax has grown consecutively from N28 billion in 2020 to N124 billion in 2023. Profit after tax jumped from N26.65 billion in 2020 to N99.45 billion in 2023. Earnings per share has also grown from 92 kobo in 2020 to N3.11 in 2023, showing the headroom for increased dividends to shareholders.
The bank’s profitability has been driven by continuous increase in market share, a strong commitment to national economic growth with supports for businesses and high customer trust.
Fidelity Bank’s total assets has grown successively from N2.11 trillion in 2019 to N2.76 trillion in 2020 and consecutively to N3.28 trillion, N3.99 trillion and N6.23 trillion in 2021, 2022 and 2023 respectively. Shareholders’ funds have also grown successively from N234.03 billion in 2019 to N273.53 billion, N285.29 billion, N314.36 billion and N437.31 billion in 2020, 2021, 2022 and 2023 respectively.
Total deposit has grown by an average annual growth of 33 per cent from N1.7 trillion in 2020 to N4.02 trillion in 2023. A breakdown underlined a strong customer confidence with low-cost deposit accounting for 97.4 per cent of total deposit.
Low-cost deposit has grown at a faster CAGR of 44 per cent over the period, rising from N1.31 trillion in 2020 to N3.91 trillion in 2023. Savings accounts had also doubled over the period from N424 billion in 2020 to N881 billion in 2023, representing average annual growth rate of 28 per cent.
Fidelity Bank has more than 8.0 million customers, with 5.1 million of these customers on digital channels, underlining the strength of the bank’s robust information and communication technology.
As customers increasingly entrust the bank with their funds, Fidelity Bank has also shown equally aggressive commitment to national economic growth with average annual growth of 32 per cent in net loans.
Net loans have grown successively from N1.32 trillion in 2020 to N1.66 trillion, N2.12 trillion and N3.09 trillion in 2021, 2022 and 2023 respectively. The above average growth in loans shows Fidelity Bank’s famed supports for Nigerian businesses. The bank’s loans portfolio is the fifth largest in the Nigerian banking industry.
A frontline industrialist and a customer of the bank, Founder of KAM Holding, Dr Kamoru Yusuf, said Fidelity Bank has been exceptional in supporting the development of Nigerian companies.
Yusuf, whose group has metamorphosed into a global business conglomerate operating in three countries across two continents, confirmed that KAM Holding has benefited immensely from financial supports from Fidelity Bank.
He said investing in Fidelity Bank will be an investment in the growth of Nigerian economy and companies like KAM Holding, the nation’s largest wholly indigenous metal and steel production company.
He underlined the relationship between increased capital for a business-focused bank like Fidelity Bank and the overall development of the Nigerian economy.
There are strong indications that the bank will sustain its impressive growth record in the years ahead. Already, interim report and account of the bank for the first quarter ended March 31, 2024 showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.
The three-month report showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.
Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.
Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023.
The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.
Business
AD Consulting, Ecobank Partner to Host Art and Architecture Icons in “The Convergence”
Nigeria’s leading voices in art and architecture will converge in Lagos as AD Consulting partners Ecobank Nigeria to present The Convergence: The Iconic Architect & the Icons of Art, a landmark cultural experience celebrating Nigeria’s creative excellence, heritage and legacy.
Scheduled to run from October 1 to 7, 2026, at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the event will bring together internationally acclaimed architect Olajumoke Adenowo, Founder of AD Consulting, and some of Nigeria’s most distinguished visual artists for an immersive exploration of the relationship between architecture, art and African heritage.
Among the artists whose works will feature are Abiodun Olaku, Bunmi Babatunde, Kehinde Adewuyi, Tayo Quaye, Mufu Onifade, Alex Nwokolo, Fidelis Odogwu, Kassi Nathalie, Dotun Popoola, Steve Ekpenisi, Collins Abinoro and Joshua Nmesirionye among others.
Speaking on the concept behind The Convergence, Olajumoke Adenowo, Founder, AD Consulting, said: “Architecture and art are two of the most enduring expressions of who we are as a people. They tell our stories, preserve our heritage and give form to the values we want to pass on to future generations. The Convergence brings these two powerful voices together to celebrate Nigeria’s extraordinary creative heritage while creating a space for new conversations about identity, beauty, ownership and legacy.”
She added: “This is not simply an exhibition. It is an intentional meeting of architecture, art and people who understand that some of the most valuable things we can leave behind are not merely possessions, but ideas, culture and a sense of who we are. Through NeoHeritage, The Convergence creates a contemporary expression of our heritage while looking confidently towards the future.”
Also speaking, Austen Osokpor, Head, Marketing & Corporate Communications, Ecobank Nigeria, said the partnership represents an opportunity to support African creative excellence while creating a platform where culture, creativity, private wealth and enterprise intersect.
According to Osokpor, “Africa’s wealth is not defined by financial capital alone. Our culture, creativity, intellectual capital and heritage are equally important assets that must be preserved, celebrated and passed on to future generations. The Convergence gives us an opportunity to support this broader definition of African wealth by bringing together exceptional artists, architects, collectors and cultural patrons in one powerful experience.”
He added: “For Ecobank, this is more than an event. It is about creating meaningful platforms that connect people, ideas and opportunities, while reinforcing our commitment to African excellence. We are delighted to partner with AD Consulting and Olajumoke Adenowo on an initiative that places Nigerian creativity firmly within the wider African and global cultural conversation.”
Unlike a conventional exhibition or art fair, The Convergence has been conceived as a platform for dialogue, exploring how art and architecture shape identity, preserve cultural memory and create enduring legacies.
At its heart is Adenowo’s Neo Heritage philosophy, which connects Africa’s rich cultural inheritance with contemporary creative expression.
The experience is built around three design pillars: Light, Zeitgeist and The 4th Dimension.
The Convergence will open on October 1 with an exclusive Collectors & Patrons evening curated for invited collectors, patrons, high-net-worth individuals and distinguished guests.
The opening will provide an intimate opportunity to experience the exhibition, engage with participating artists and explore the works within a setting centred on art, architecture, ownership, cultural stewardship and legacy.
The programme will include curated viewing opportunities, conversations with artists and creative leaders, and experiences designed to foster meaningful connections among collectors, patrons, architects and cultural leaders.
The wider exhibition will continue from October 2 to 7, giving a broader audience the opportunity to experience the works and engage with the ideas underpinning The Convergence.
The programme will also feature a Patron’s Preview, Founders’ Cocktail featuring an Architecture Salon by AD Consulting, and a Collectors’ Circle, offering opportunities for private viewings and deeper engagement with the artists and their work.
Business
Zenith Bank Opens Digital, Branch Channels for Dangote Refinery Share Subscription
Nigerians at home and in the Diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion.
Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment.
It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
Business
Ecobank Urges Young Nigerian Creatives to Seize ₦20m InnovateX 2026 Opportunity
Ecobank Nigeria has called on young Nigerians, particularly students, innovators, entrepreneurs, and creatives aged 16 to 25, to take advantage of the ongoing registration for InnovateX 2026, the Bank’s flagship youth innovation challenge offering ₦20 million in prizes, mentorship, business development support, and access to industry experts.
Powered by Blaze by Ecobank in partnership with Verve, InnovateX 2026 is designed to identify and support the next generation of innovators and creators developing solutions across inclusive finance, as well as the creative economy.
Beyond the financial support, participants will benefit from an intensive innovation journey featuring hybrid bootcamps, expert-led workshops, mentorship sessions, networking opportunities, and a grand finale pitch competition where finalists will showcase their ideas before a panel of industry leaders and investors.
The competition is open to young Nigerians working on innovative projects in technology, engineering, science, product design, content creation, digital media, entertainment, fashion, and other creative disciplines.
Encouraging young Nigerians to register, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “Nigeria is blessed with an abundance of young talent, creativity, and entrepreneurial energy. Through InnovateX, we are providing a platform for young people to transform bold ideas into impactful solutions and sustainable businesses. We encourage students, innovators, tech enthusiasts, creators, and entrepreneurs across the country to seize this opportunity and take their ambitions to the next level.”
He added: “The future belongs to young people who are willing to innovate, solve problems, and create value. InnovateX is designed to equip participants with the knowledge, mentorship, exposure, and resources they need to succeed in today’s highly competitive and technology-driven world.”
Yalokwu further explained that InnovateX is not just about rewarding great ideas, but also about building confidence, nurturing talent, and connecting young people to opportunities that can help them grow personally and professionally. “Whether you are developing a tech solution, building a creative brand, or working on an innovation that can improve lives, InnovateX provides a valuable platform to showcase your potential and accelerate your journey towards success,” he said.
As part of its commitment to youth empowerment, Ecobank continues to provide innovative banking solutions through the Blaze Account, a youth-focused offering that gives customers access to exclusive opportunities, a uniquely designed debit card, free monthly transfers, and participation in initiatives such as InnovateX.
Young Nigerians interested in participating are encouraged to submit their applications through www.innovatex.africa before the registration deadline.
With ₦20 million up for grabs and a unique opportunity to gain mentorship, skills, exposure, and industry recognition, InnovateX 2026 is poised to become one of Nigeria’s most impactful youth innovation and entrepreneurship programmes.






