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Fidelity Bank boosts Nigeria’s non-oil export with FITCC Houston
…Signs $40million deal with AFREXIM Bank and JohnVents Industries for cocoa export
Photo caption: Standing: Simisola Ojumu, Managing Director, Regius Asset Management (a subsidiary of JohnVents Industries Ltd); and Prof Benedict Oramah, President and Chairman, African Export and Import Bank (AFREXIM Bank). Sitting: Babatunde Ajayi, Chief Strategy Officer, JohnVents Industries Ltd; Mrs Kanayo Anwani, Executive Vice President, Intra-African Trade Bank, AFREXIM Bank; Mrs. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc; and Prof Benedict Oramah, President and Chairman, AFREXIM Bank; at the signing ceremony of a $40million pre-export finance deal for JohnVents Industries Ltd at the Fidelity International Trade & Creative Connect (FITCC) in Houston, Texas, United States of America on Tuesday, 24 October 2023.
The much-anticipated second edition of the Fidelity International Trade and Creative Connect (FITCC) got off to a boisterous start on Tuesday, 24 October 2023 as leading financial institution -Fidelity Bank Plc -hosted a broad range of businesses, regulators, members of the diplomatic corps and other guests to the opening ceremony in Houston, Texas, United States of America.
Tagged FITCC Houston, the two-days event is aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.
Welcoming participants to the event, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, said, “Developments on the global scene have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment. On the supply side, businesses are waking up to the imperative of catering to an international customer base in order to hedge against currency devaluation risks, increase the reach of their products and to ultimately ensure the long-term sustainability of their ventures. Indeed, globalization has emphasized the need for businesses to improve in terms of cross border offerings and collaborations.
“To bridge these gaps, we created the Fidelity International Trade & Creative Connect (FITCC) in 2022 and hosted the inaugural edition of the expo in London last November. At the event, we had over 100 Nigerian businesses connected to United Kingdom business counterparts and deals worth about 200million dollars closed on the spot and post-event. This year, we are taking it a notch higher as we aim to close deals worth about 250million dollars. We have therefore put in place an elaborate experience to help stakeholders achieve this and several other objectives at this expo.
Following the welcome address, keynote and goodwill addresses were presented by the President & Chairman of the Board of Directors African Export–Import Bank (Afreximbank), Professor Benedict Oramah; and Nigeria’s Ambassador to the United States of America, Dr. Uzoma Emenike respectively.
A key part of the event was the exhibition which featured more than 160 Nigeria and US-based businesses active in the fintech, commodities, fashion, cosmetics, service, creative, agriculture and extractive industries in the non-oil sector.
One of the exhibitors and the Founder/CEO, Oriki Spa, Joyce Awosika said, “We look forward to meeting all our amazing customers and we promise them an impactful experience with our products that would leave a lasting impression. We urge them to join us at booth 520 here at FITCC Houston.”
The expo also featured the signing of a $40million pre-export finance facility in favour of JohnVents Industries -one of the exhibitors at the expo. The loan, which has been adjudged as a landmark development by analysts in the exports space -would be provided by AFREXIM Bank with Fidelity Bank acting as the local administrative agent.
“We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US. The ceremony also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here”, commented an elated Mrs. Onyeali-Ikpe in a chat with journalists at the event.
Day 1 of FITCC Houston closed out with a fashion show dedicated to unique Nigerian pieces. Themed, “The Connect Plus Fashion Show”, the event featured elegantly styled-models adorning distinctive and culturally inspired designs from several Nigerian labels including Bijelly Couture, Eclectic Chique and MODChic. The fashion show also provided networking opportunities for guests and participants.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and 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.
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As time ticks father towards the 2037:general election, Arewa Consultative Forum, ACF, have advised northerners to shun politicians who are desperately seeking power to advance their selfish interest, at the detriment of the welfare of the people.
Chairman of ACF, Mamman Mike Osuman stated this in his opening remarks at the 79th National Executive Officer Council, NEC, Meeting held on Wednesday at the Forum’s Secretariat, Kaduna.
He said evidence abounds that many current elected and appointed leaders remain disconnected from ACF’s aspirations and programmes.
However, the ACF acknowledged that some have been supportive and have assisted financially.
According to him; “Since our last meeting on 21 August 2025, our Region has continued to face grave difficulties natural disasters, tragic loss of lives, and the harsh vicissitudes of daily existence. Terrorism, armed banditry, insurgency, and kidnapping are on the rise, as witnessed in Kwara, Southern Kaduna, Katsina, Benue, and other locations.
The consequences have been devastating, with families and communities violently uprooted and displaced.”
The Chairman stated that these displacements have resulted in overcrowded camps and informal settlements with limited access to basic services, increasing the risks of malnutrition and mortality among survivors.
He added that, repeated attacks and the climate of fear have disrupted education, leading to school closures across affected areas. Rural economies have been severely strained, travel has become unsafe, and access to farming, schooling, and healthcare has been discouraged.
“Insecurity has deepened to such an extent that external military assistance has been required.”
Osuman reiterated that the existence of ACF as a socio-cultural organization must not be merely ceremonial or rhetorical.
“it must be principled, sincere sacrificial, and action-driven. It must engage constructively with governments at national and subnational levels in the pursuit of peace, stability, and the civil rehabilitation of its people.”
He explained that the grim situation has further heightens ACF’s concern and underscores the urgent need our State Chapters to be proactive.
“As our Region approaches a national election cycle, ACF must cooperate with relevant authorities to ensure peaceful and credible elections. We must educate and enlighten our people on their civic responsibilities and the necessity of abiding by the laws of our fatherland,” he stressed.
He announced the constitution of a 9-man Code of Conduct and Ethics Committee, headed by Professor Nuhu Mohammed Jamo, former Dean of the Faculty of Law Ahmadu Bello University, Zaria and former Special Adviser to the Senate President on Constitutional and Comparative Law and Legal Drafting.
Nigeria will hold presidential election about one year from now, on February 20, 2027.
The Independent National Electoral Commission (INEC) announced this on Friday and said the National Assembly elections will also hold the same day.
INEC said governorship and State Houses of Assembly polls scheduled has been scheduled for March 6, 2027.
The INEC Chairman, Prof. Joash Amupitan, disclosed the election timetable at a news conference in Abuja today.
INEC had on February 4 indicated that it had completed work on the election timetable and schedule of activities despite the delay.
The commission noted that it had submitted its timetable to lawmakers but cautioned that some items in the schedule of activities could be affected depending on when the amended Electoral Act is eventually passed.
Nigerian billionaire businessman, Femi Otedola has hailed Dangote refinery for its massive impact in the nation’s oil industry, saying due to huge foreign exchange saved as a result of the milestone achieved by the refinery, the naira could trade below ₦1,000 to the dollar before the end of the year.
Otedola made this known on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.
According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.
He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.
He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.
The expansion will also include the production of 2.4 million tonnes of no polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.
Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.
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