Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025. The company recorded a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Dr. Nneka Onyeali-Ikpe, OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits.

Local currency deposits increased by 2.0% ytd, while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn. Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

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Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The bank’s multiple local and international Awards include the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Fidelity Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Not fewer than 88 customers of Wema Bank received cash prizes of over N14 million as part of the bank’s 80th-anniversary celebrations.

The anniversary reward scheme tagged ‘80-For-80’ campaign, which began on April 17, culminated in a grand gala held in Lagos. At the event, eight customers each received N1 million, while 80 other lucky winners took home N80,000 each.

The giveaway was a grand finale to the bank’s customer appreciation initiative, which aimed to celebrate the bank’s loyal customers.

Moruf Oseni, managing director/ CEO of Wema Bank, who presented dummy cheques to the winners, reiterated the lender’s commitment to continue impacting lives.

Oseni said, “Reaching 80 years is a celebration of longevity and a testament to the resilience of our brand and the trust of the people we serve. We chose to give back in this way because our customers are the heartbeat of our success. It gives us great joy to know that this celebration is also about the lives we can touch. At Wema Bank, every milestone is an opportunity to show appreciation and deepen our connection with the people who make our journey possible.”

Kazeem Lawan, one of the eight winners, said: “Being among the 80th-anniversary raffle draw winners was completely unexpected. Hearing my name announced as a winner was surreal. I’m grateful for the surprise and thrilled to have been part of celebration.

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The United States National Transportation Safety Board (NTSB) has concluded its investigation into the helicopter crash that tragically killed former Access Holdings Plc CEO, Herbert Wigwe, and his family last year.

The crash, which occurred on February 9, 2024, in California near the Nevada border, claimed the lives of Wigwe, his wife Doreen, their son Chizi, and the former group chairman of Nigerian Exchange Group Plc (NGX Group), Abimbola Ogunbanjo.

In the final report seen by TheCable, the NTSB stated that the probable cause of the crash was the pilot’s decision to continue the flight under visual flight rules (VFR) into instrument meteorological conditions (IMC).

The NTSB explained that the pilot likely experienced spatial disorientation while manoeuvring the helicopter in poor visibility conditions, leading to the loss of control and a fatal collision with terrain.

The investigation further revealed that the helicopter company’s inadequate oversight of its safety management processes contributed to the incident.

The NTSB found that the helicopter company failed to ensure that its pilots accurately completed and updated flight risk analyses, logged maintenance discrepancies, and adhered to Part 135 regulations before departure. These failures were critical in the chain of events that led to the crash.

The report also indicated that during the return flight, the pilot had communicated with the director of maintenance (DOM) via text message about an issue with the radar altimeter, further highlighting lapses in safety protocols.

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The report reads, “The National Transportation Safety Board (NTSB) determines the probable cause of this accident to be: The pilot’s decision to continue the visual flight rules flight into instrument meteorological conditions, which resulted in the pilot’s spatial disorientation and loss of control.

“Contributing to the accident was the company’s inadequate oversight of its safety management processes, including ensuring the pilots were accurately completing and updating the flight risk analysis, logging maintenance discrepancies, and ensuring the helicopter met Part 135 regulations before departure.

“During the return flight, the pilot texted the director of maintenance (DOM) about the issue. After arriving at the company’s flight operations base, the pilot discussed the issue with the company flight follower (who was also the company’s president).

“A company mechanic performed some troubleshooting on the radar altimeter; however, he was unable to rectify the issue, and the radar altimeter remained non-functional.

“The mechanic reported that the pilot and the DOM were aware that the radar altimeter was not functioning, yet they departed at 1822 on the positioning flight to pick up the passengers.

“About 40 minutes later, the positioning flight landed at the airport to pick up the charter passengers. After arrival, the pilot and flight follower had a phone conversation and exchanged text messages, but they did not discuss the status of the radar altimeter or weather conditions.”

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After sparking a national movement with its Zero Transfer Fees campaign, Sterling Bank has once again pushed the boundaries of what corporate citizenship can mean to everyday Nigerians.

Last week, regular Lagosians stepping out after long workdays were met with an unexpected gift: Sterling OneBank-branded buses waiting to take them home, free of charge.

Starting as a push against bank transfer fees, the initiative has now taken to the streets, as the bank began offering free bus rides to customers across major Lagos corridors, a gesture that will continue through May 2025 to ease the return of workers after the May Day holidays.

For a city where a single bus fare can be the difference between feeding a family or not, Sterling’s free ride initiative struck a deep chord. What began with free transfers through its OneBank platform has now evolved into a movement on wheels, connecting digital convenience with real-world survival. In a time of skyrocketing costs, the bank is reaffirming a simple belief: financial freedom should not end at the removal of bank charges; it should move you, carry you, and lift you.

Across Lagos, from Obalende to Ikorodu and TBS to Oshodi, the sight of Sterling buses pulling up to offer free rides sparked moments of disbelief, gratitude, and quiet celebration. For thousands of commuters, it was a tangible reminder that sometimes, the biggest changes come not from slogans, but from small, deliberate acts of care.

“For customers who have to choose between transport fare and groceries, this is more than a ride, it’s hope,” said Chidimma Okoli, Masterbrand Marketing Lead at Sterling. “When we said we were tearing down the barriers to moving your money, we meant it. But we also meant the barriers to moving yourself, to moving your dreams, to moving your life forward.

This isn’t just about banking apps. It’s about freedom, in every sense of the word.” Mary E., a market trader from Oshodi, stepped off a Sterling bus last Friday and captured the mood perfectly. “This is the first time a bank is not just advertising but acting,” she said, beaming. “I have saved on transfers all month because of OneBank. And today, I saved on my transport. Sterling ehn, dem sharp. Dem dey move.”

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Across town, a young professional shared his own experience on LinkedIn: “Every naira matters o. I already saved money on bank transfers using OneBank. Today, Sterling saved me time, money, and stress after a brutal day at work. They just get it.

Another rider, Amaka I., a single mother and hairdresser from Ajah, described the free ride as “a blessing nobody told me was coming.” She added, “We Lagos people work so hard just to move. Today, I didn’t have to count Naira for my bus fare. That is dignity. That is respect.”

Chidimma Okoli emphasised that this initiative was never about fanfare, but about putting philosophy into action. “Financial systems have for too long extracted from Nigerians,” she said. “At Sterling, we are making a different choice. We are giving back, not just in naira and kobo, but in opportunities, in relief and in real dignity.” This initiative builds on Sterling’s history of standing with Nigerians during critical moments.

During the pandemic, Sterling was one of the first banks to support remote work transitions and provide digital lifelines to struggling SMEs. Through programs like AltSchool Africa and entrepreneur bootcamps, Sterling has opened new doors to skills development and affordable financing. After fuel subsidies were removed, the bank financed transport cooperatives to keep mobility alive for thousands who would otherwise have been stranded.

But according to Okoli, what matters now is not history, it’s momentum. “We’re not trying to relive past glories,” she said. “We’re building new victories, alongside the people who trust us every day with their journeys.”

Beneath the buses and smiling faces lies a deeper story of infrastructure strength. Sterling’s robust digital banking backbone, capable of handling over 180 million transactions and scaling rapidly, allows it to absorb costs that many banks would have pushed onto customers. It is this invisible engine that has further helped make visible change possible.

As the month of May approaches, the momentum will continue. Workers returning from the holidays can expect to find the free rides still running across locations, a daily reminder that real banking doesn’t just live in apps but also on the streets, in the choices that make hard lives a little easier.

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Sterling is encouraging all riders to share their experiences online, turning thousands of quiet journeys into a loud statement that Nigeria deserves a financial system that carries its people forward, not holds them back. Because true banking is not about hoarding profit; it is about moving lives and moving freely.

A federal high court in Lagos has fixed April 15 for the hearing of the suit filed by Ecobank Plc against Obafemi Otudeko over 6.31 billion shares purchased by Barbican Capital Limited, an affiliate of Honeywell Group Limited, in First Bank of Nigeria (FBN) Holdings.

Obafemi Otudeko is the son of Oba Otudeko, former chairman of FBN Holdings.

Deinde Dipeolu, presiding judge, fixed the date follwing a filed motion ex-parte seeking to restrain Obafemi Otudeko, who is also managing director at Honeywell Group and others from taking any steps to amortise, dematerialise, compromise, sell, transfer or deal with the 6.314 billion shares.

The motion ex-parte marked FHC/L/CS/638/2025, was filed by Kunle Ogunba, a senior advocate of Nigeria (SAN) and lawyer to Ecobank.

Other defendants in the suit alongside Otudeko’s son are: Barbican Capital Limited; Honeywell Flour Mills Plc; Siloam Global Services Limited; Oyeleye Foluke, a director at Honeywell Group; FBN Holding Plc; Corporate Affairs Commission (CAC); and Nigerian Stock Exchange (NSE), now Nigerian Exchange.

The originating summons, filed by Ecobank, sought to determine whether Barbican Capital can validly purchase shares in FBN Holdings, even though Honeywell Group was a “judgement debtor” in a supreme court judgement between “Anchorage Leisures Limited & 2 Ors. -v- Ecobank Nigeria”.

Ecobank also asked the court to determine whether registration of the Barbican Capital by Honeywell Flour, which thereafter purchased 6.314 billion units of shares in the FBN Holdings “is a ploy to circumvent the Final Judgment of the Supreme Court in Appeal”.

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In the suit, Ecobank Plc, through Ogunba, asked the court for an interlocutory order restraining Obafemi Otudeko and other defendants from taking any steps to amortise, dematerialise, compromise, sell, or transfer the deal with the 6.314 billion collective aggregate shares of Barbican Capital in the FBN Holdings Plc, pending the hearing and final determination of the suit filed by EcoBank Nigeria Limited.

Ecobank sought an interlocutory order restraining all the defendants from “taking any steps to amortize, dematerialize, compromise, sell, transfer or otherwise turn to cash or any negotiable instrument of any sort the already dematerialized shares of Honeywell Flour Mills of Nigeria Plc, pledged to the Eco Bank Plc, in furtherance of the credit facility availed to the Honeywell Flour Mills of Nigeria Plc, to purchase the said shares pending the hearing and final determination of the suit”.

The lawyer added that the motion was supported with an affidavit of 38 paragraphs deposed to by Jafaru Kupa, a financial officer at Ecobank, and attached with a written address and some documentary exhibits.

Following the lawyer’s presentation, Dipeolu instructed the plaintiff to serve the motion for injunction on each defendant, requesting that they provide reasons why it should not be granted.

Consequently, Dipeolu adjourned the matter to April 15 for a hearing of the motion on notice.

DRAMA OVER MAJORITY SHAREHOLDER POSITION

In a notice on July 7, 2023, FBN Holdings said it received a notification also dated July 7, 2023, from Honeywell Group, that its affiliate, Barbican Capital, acquired 4,770,269,843 units of shares or 13.3 percent stake — indicating the return of Oba Otudeko to the financial institution he once chaired before he was sacked by the Central Bank of Nigeria (CBN) in April 2021.

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The acquisition resulted in Femi Otedola losing his spot as the largest investor in FBN Holdings, as his stake held in the company was around 5.57 percent.

Despite acknowledging Barbican Capital’s investment, in the 2023 third quarter financial statements, FBN Holdings retained Otedola as its majority investor, with Otudeko’s name and company missing from the list of shareholders with 5 percent and above stake.

The exclusion of Otudeko followed the controversy that surrounded Barbican Capital’s investment, as Ecobank warned FBN Holdings against accepting the acquisition by Otudeko over an alleged N13.5 billion debt.

CONTROVERSY OVER OTUDEKO’S ACQUISITION

In a letter dated July 7, 2023, Ecobank accused Oba Otudeko of “diverting his assets and that of the Honeywell Group of companies through the said Barbican Capital Limited, in order to frustrate the enforcement of the judgment of the supreme court against him”.

However, Otudeko said the supreme court did not award N13.5 billion judgment debt against him and asked FBN Holdings to disregard Ecobank’s request for it to reject his acquisition.

Also, according to a fact check by TheCable, although the supreme court determined that Otudeko’s companies owe Ecobank, it did not state any amount — indicating Ecobank’s claim that the apex court ruled that there is a N13.5 billion debt is incorrect.

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The acquisition also drew the attention of the Securities and Exchange Commission (SEC), as a top official of the regulator disclosed that Otudeko’s acquisition was under investigation.

This was followed by protest from some of FBN Holdings’ shareholders at the company’s headquarters, with placards reading: ‘Oba Otudeko, First Bank is not your property, and ‘First Bank is Greater than you, Otudeko’.

However, on February 1, 2024, TheCable reported that FBN Holdings has named Barbican Capital as its majority shareholder — ending months of uncertainty around the acquisition made in July 2023.

TheCable

Sterling Bank Limited has unveiled a groundbreaking development that brings hope to countless Nigerians who have been grappling with the burden of excessive bank charges in recent months.

This announcement shines a much-needed light during a challenging period, promising relief and potential financial rejuvenation for many.

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The campaign has generated lots of reactions with a breathe of relief for their customers. …Continue Reading

The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.

ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal. Banks ‘are advised to apply the increased ATM fees with effect from March 1, 2025.’

A significant number of Nigerians have expressed their concerns regarding the recent increases in bank charges, leading to widespread discouragement regarding this policy. Among the various banking institutions that implemented these changes, Sterling Bank has notably announced a reversal of its position.

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On its Facebook and Twitter walls, the bank posted a campaign of ‘Nigerians are no fools!Enough is enough. No more quiet suffering. We’re doing our part by cancelling Tranfer Fees
Let the other banks copy.

This development has received lots of reactions from Nigerians in the comment sections.

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