Shareholders Approve Fidelity Bank’s N0.35kobo Dividend, Capital Raising

Shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 35 kobo per share to all shareholders.

The shareholders who commended the bank’s sterling performance at the 34th Annual General Meeting (AGM) of the bank held in Lagos also among other things authorised the board of directors, “to undertake as it deems appropriate and in accordance with applicable laws, any actions, business combinations or transactions, including but not limited to investment, acquisition, restructuring, capital raising, expansion or business arrangement required to secure a competitive advantage for the Company.”

Shareholders who spoke at the meeting including Sir Sunny Nwosu, Mr. Nonah Awoh, Mrs. Bisi Bakare, Chief Timothy Adesiyan and Mr. Gbenga Idowu were unanimous in their commendation of the board and management of Fidelity Bank, for the impressive financial performance which have translated to higher dividends for them (shareholders).

The Chairman of the Board of Directors of Fidelity Bank, Mustafa Chike-Obi reassured shareholders at the AGM that the board and management of the bank would maintain the high corporate governance standard synonymous with Fidelity Bank and also ensure the bank continued in its growth trajectory in the years ahead.

“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice”, said Chike-Obi.

Chike-Obi noted that the last fiscal year was a period of consolidation and growth in our Bank.

“Despite the challenges in the operating environment, we were resolute in the execution of our strategy. We paid particular attention to optimizing our balance sheet and strengthening our risk management structures. We aggressively pursued an automation framework to increase digital footprints and migrate more customers to electronic platforms.

“Going forward, our business will be driven by technology and innovation. We will optimize current processes through digitization and automation to allow for improved service quality. We will deploy predictive tools to enhance customer experience. In recent times, there has been significant increase in migration of skilled manpower from Nigeria to more developed economies. Consequently, we will institutionalise remote working protocols to enable us attract and retain the best talents,” he stated further.

The Chief Executive officer, Fidelity Bank, Mrs. Nneka Onyeali-Ikpe noted that the digital banking products gained traction during the year driven by new initiatives in the retaillending segment and increased cross-selling of our digital banking products.

“Today, Fidelity Bank is one of the best managed commercial banks in the country and is currently ranked the 6th largest bank in the Nigerian banking industry with a market share of above five per cent across key indices. Our aspiration is to grow your bank’s market share to at least 7.5 per cent across key indices as it evolves into a global financial services brand by driving expansion in new business segments within and beyond the shores of Nigeria,” she said.