Year: 2025

By [Kamal Yalwa] Global credit rating agency, Fitch Ratings, has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B’. The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers, sustained earnings growth, and prudent risk management practices. According to Fitch, Fidelity Bank’s Fitch Core Capital (FCC) ratio improved to 29.9% at the end of 2024, significantly above the regulatory minimum and one of the highest in Nigeria’s banking industry. The rating agency cited the bank’s robust capital base, improved profitability, and stable deposit structure as key factors driving the upgrade. The development comes on the back of successful capital-raising initiatives by Fidelity Bank, including a rights issue and a public offer, which boosted its capital base. Fitch also noted expectations of further capital inflows ahead of the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement deadline for international banks in 2026. Commenting on the development, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, said: “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity.” Fidelity Bank recorded improved earnings in 2024, driven by higher net interest income and efficiency in deposit mobilization. As of year-end 2024, 93% of the bank’s total deposits were low-cost current and savings accounts (CASA), reflecting one of the strongest deposit structures in the Nigerian banking industry. Fitch also ranked Fidelity Bank as the sixth-largest bank in Nigeria by total assets, controlling approximately 5% of the industry’s asset base. The bank’s well-diversified funding profile, robust risk controls, and expanding digital banking footprint further supported the positive rating action. The rating upgrade is expected to enhance investor confidence and support the bank’s capital market activities, including efforts to expand its operations locally and across key international markets. Fidelity Bank currently serves over 9.1 million customers through 255 business offices in Nigeria and its UK subsidiary, FidBank UK Limited. The bank has earned multiple recognitions for innovation, SME support, and digital transformation, including: As regulatory and macroeconomic pressures continue to shape the Nigerian banking landscape, Fidelity Bank’s improved rating underscores its strong fundamentals, capital adequacy, and operational resilience—positioning it to capture future growth opportunities across retail, commercial, and investment banking segments.

The Federal Government has officially declared Friday, June 6, and Monday, June 9, 2025, as public holidays to mark this year’s Eid-ul-Adha celebration. The announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who extended warm congratulations to all Muslims in Nigeria and across the world on the occasion. Dr. Tunji-Ojo called on the Muslim faithful to emulate the values of sacrifice and faith demonstrated by Prophet Ibrahim (peace be upon him). He also urged Nigerians to use the festive period to pray for peace, unity, and prosperity in the country. The minister reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to reposition Nigeria on the path of sustainable growth and development through its people-focused reforms and the Renewed Hope Agenda. While wishing the Muslim Ummah a joyful Eid-ul-Adha, Dr. Tunji-Ojo appealed to all Nigerians to unite in supporting the administration’s efforts to restore Nigeria’s pride and global standing.

A faction of the pan-Yoruba socio-political group, Afenifere, has delivered a damning mid-term report on President Bola Ahmed Tinubu’s administration, declaring that the much-touted “Renewed Hope” agenda has turned into a nightmare for Nigerians over the past two years. In the report released yesterday by its Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Justice Faloye, the group accused Tinubu’s government of running on “massive propaganda” while the country grapples with deepening poverty, rising debt, and a collapsing economy. Afenifere said Tinubu’s administration has presided over a “titanic crash” in domestic production, an “astronomical rise” in public debt, and a “horrific increase” in poverty levels, blaming the government’s policies for worsening the living conditions of millions of Nigerians. “It has been a harrowing experience living through the pain and anguish of the last two years, inflicted on the nation by the administration of President Bola Tinubu,” the group said. They further accused the government of profligacy and wasteful spending, highlighting that instead of cutting costs by implementing the Oronsaye Report as promised, Tinubu has expanded government spending to favour cronies and allies. “The government’s first supplementary budget and subsequent budgets were spent not only on preserving but increasing the luxurious lifestyle of those in government – new presidential jets, Cadillac limousines, N160 million cars for each federal legislator, and scandalous increases in unaccounted constituency projects worth billions to each legislator,” the report stated. The group also criticized Tinubu for centralizing power, undermining federalism, and steering Nigeria towards a one-party state. “Tinubu is destructuring, not restructuring, the military-imposed constitution,” Afenifere said, adding that the President has shown “increasingly centralizing tendencies to further weaken the federalist elements in the constitution by attacking federating units with the takeover of their administrative units, known as local governments.” Afenifere warned that democratic institutions are being eroded under Tinubu’s leadership, citing the neutralization of the legislature and judiciary, intolerance for protests, suppression of civic groups, and alleged infiltration of opposition parties. The group concluded by urging Tinubu to reflect and change course “for the love of Nigeria and Nigerians,” stressing that no amount of propaganda will erase the reality of hunger and poverty in the land. “Rather than focusing on service delivery, the Tinubu administration is focusing on winning the 2027 election regardless of the voters,” the group said.

…Uzodimma: I’ll Follow Party’s Decision …Ex-Minister Hassan Dumps APC There is growing tension within the All Progressives Congress (APC) over the proposed automatic tickets for National Assembly members ahead of the 2027 general elections. LEADERSHIP gathered that some APC governors, particularly from the South East and South West, are opposed to the plan and are mobilizing efforts to frustrate it. The governors are expected to meet with the APC National Chairman, Dr. Abdullahi Ganduje, in Abuja shortly after the Sallah celebration to discuss their concerns. Sources revealed that while some governors are indifferent, others are hesitant to oppose the plan due to President Bola Ahmed Tinubu’s backing of the automatic ticket arrangement. Speaking to LEADERSHIP, the Chairman of the Progressive Governors Forum and Governor of Imo State, Senator Hope Uzodimma, through his Chief Press Secretary, Oguwike Nwachuku, said he would abide by the party’s decision. However, he clarified that his statement reflected only his personal position, not that of other governors. Efforts to reach the APC National Publicity Secretary, Felix Morka, for comments were unsuccessful. LEADERSHIP had earlier reported that the automatic ticket proposal, backed by the Presidency, is aimed at ensuring stability within the party and avoiding legal tussles during primaries. APC National Chairman Ganduje, speaking at a recent North Central APC stakeholders’ meeting, said the high turnover of lawmakers was detrimental to institutional memory. He advocated for a system to ensure that performing legislators return to the National Assembly. However, a source within the Progressive Governors Forum disclosed that while some governors support the automatic ticket proposal, two South West governors are strongly opposed, arguing that the President’s decision should not be challenged. The proposal is seen as part of the President’s strategy to consolidate party structures and prevent disruptive legal actions that could affect the 2027 elections. Meanwhile, the policy has sparked backlash in some quarters. An APC chieftain in Ondo State and an ex-Niger Delta agitator have threatened to fund opposition candidates if the automatic ticket plan is not dropped. Former Minister Dumps APC In a separate development, former Minister of Environment, Barrister Mohammed Hassan Abdullahi, has resigned from the APC. Abdullahi, who previously served as Minister of State for Science and Technology under the Buhari administration, cited personal reasons for his departure in a resignation letter addressed to his ward chairman in Uke, Karu Local Government Area, Nasarawa State. The former minister thanked the party leadership for the opportunities given to him and wished them well in the future. These developments signal growing discontent within the APC ranks as the 2027 elections approach.