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Fidelity bank records N76.3b PBT for H1 2023

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Lagos, Nigeria, September 3, 2023: Leading financial institution, Fidelity Bank Plc has recorded an impressive 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

The Bank’s impressive H1 2023 results come to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and 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.

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Air Peace tenders apologies over disruption of flights by unions

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The management of Nigeria’s largest airline, Air Peace, has apologised to passengers following disruptions to its flight operations in Lagos and Abuja airports as a result of an ongoing industrial action by organised labour unions.

The airline said members of the Nigeria Labour Congress, NLC, Air Transport Services Senior Staff Association of Nigeria, ATSSSAN, and Trade Union Congress, TUC, barricaded the entrances to its departure terminals at the Murtala Muhammed Airport Terminal 1, comprising the Alpha and Zulu Terminals and Terminal 2 in Lagos.

The blockade also affected access to the Nnamdi Azikiwe Airport terminal in Abuja, preventing scheduled flights from departing from both cities.

The statement by the airline’s management reads: “The ongoing industrial action has resulted in the barricading of the entrances to our departure terminals at Murtala Muhammed Airport Terminal 1 (Alpha and Zulu Terminals) and Terminal 2 in Lagos, as well as the Nnamdi Azikiwe International Airport Terminal in Abuja.

“The blockade has restricted access to these terminals, preventing the departure of scheduled flights from Lagos and Abuja. Consequently, passengers scheduled to travel across our network have been significantly affected by the disruption to flight operations.

“Air Peace sincerely apologises to all affected and stranded passengers for the disruption and inconvenience caused by circumstances beyond the airline’s control. Passengers scheduled to travel later today are being contacted and provided with relevant updates as the situation evolves.”

 

 

 

 

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NHRC demands Sheikh Yahya Jingir’s arrest over inciting remarks

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The The Executive Secretary of the National Human Rights Commission (NHRC) has urged the security agencies to arrest and Islamic cleric, Shiekh Yahya jingir over what the Commission described as inflammatory remarks capable of triggering crisis that could lead to abuse of rights of citizens.

The Executive Secretary of the Commission, Chief Tony Ojukwu, SAN, while condemning the remarks which is circulating on social media, said it was not only divisive and inviting but has potential to compromise peaceful life in communities across the country.

In a statement Tuesday signed by Hajoa Fatimah Mohammed Agwai, Director, Public Affairs and External Linkages,the NHRC boss described the statements as a direct attack on the principles of equality, non-discrimination, and peaceful coexistence guaranteed under the 1999 Constitution and Nigeria’s international human rights obligations.

“The Commission finds these remarks to be hate speech and incitement to religious hatred and potential violence. At a time when we are preparing for another general election, such utterances are reckless and dangerous. They serve no purpose other than to divide Nigerians along religious lines and set citizens against one another,” the Executive Secretary stated.

“We cannot afford to look away. If we fail to speak and act now, we embolden both Christian and Muslim clerics and other influential persons to make worse statements in the coming months. That path leads only to crisis,” he added.

In view of the foregoing, the Chief Human Rights Officer of Nigeria called on the Inspector General of Police, the Director General of the Department of State Services and other relevant authorities to immediately arrest and prosecute Sheikh Yahaya Jingir for hate speech and incitement.

Prosecution must proceed irrespective of status or political affiliation in order to serve as a deterrent to others who may seek to exploit religion for political gain during this election period.

The Learned Silk further called on all religious leaders, traditional rulers, and politicians to refrain from divisive rhetoric. He urged Nigerians to reject identity politics and to hold leaders accountable based on competence, service delivery, and respect for human rights.

“The Commission will continue to monitor compliance and will engage with security agencies, INEC, and civil society to ensure that the 2027 elections are free from hate and violence”, he concluded.

 

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Many abducted as bandits attack three commercial vehicles along Kogi highway

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Many passengers were abducted on Sunday when suspected bandits attacked three commercial buses along  Itobe-Achigili-Anyigba highway in Ofu Local Government Area of Kogi State.

The incidents, according to local sources, occurred in two separate attacks within a two-hour interval on Sunday at locations believed to be close to each other along the highway.

The first attack reportedly occurred at about 4 pm between Ojuwo-Ajengo and Mamerebo settlements, when a Hummer bus belonging to a popular mass transit company, said to be travelling to Abuja from the eastern part of the country, was intercepted by the gunmen.

The second incident took place around 6 pm between Ojodu and Ojuwo-Olijo village, where a Sharon bus and a Sienna commercial vehicle, both reportedly on inter-state journeys, were attacked.

Sources said the gunmen barricaded the highway, forcing the vehicles to stop before ordering the occupants into the surrounding bush.

A local source said two mobile phones were recovered from the grass around one of the vehicles and subsequently handed over to security operatives.

The source said the first bus, identified as a Hummer belonging to Peace Mass Transit with fleet number 2838, was intercepted around 4 pm.

The two other vehicles, identified as a Sharon and a Sienna with registration numbers Kogi ERE 138 AE and BB 362 MKA, respectively, were reportedly ambushed around 6 pm.

“The armed men left with all the occupants of the three buses. The exact number of people abducted from each vehicle is not yet known and may only be established through the passengers’ manifests,” another source said.

Following the attacks, a joint security operation involving personnel of the Nigerian Army, police, local vigilantes and hunters was reportedly deployed to the area to search for the victims and track down the perpetrators.

 

 

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