Helgreenluv:
But just last week some Fubara sympathist were making noise upandan that Fubara's portrait was still hanging in the government house. I laughed when I read some of their comments. No sole administrator in a state where state of emergency is declared will leave the suspended Governor's portrait and not replace it with his or her's.
Them go soon blame Emperor Wike for this. Oya watch and see. I go lie for you?

Neurotika:


Hmmm, I feel stanbic is taking advantage of its market dominance because moving funds across MMFs is a hassle. Investors should be able to transfer funds directly between MMFs without first withdrawing to a bank account. The main hurdle is settlement, but a T+1/T+2 system or a central clearing mechanism could fix that. If SEC allows seamless transfers, competition will force fund managers to keep rates competitive. Meanwhile anyone with the rates of other MMFs (especially Bank Affiliated ones) should pls share.

galserv:


Southern votes and northern christian(North Central) votes are locked down for Tinubu.
Take that to the bank

You

Dicoomoba:


Ode this was how you led Infant Fubara to political Oblivion

aieromon:


Contact the registrar for details of your allotment.



https://businessday.ng/companies/article/fidelity-bank-public-offer-subscribed-by-237-92/

https://www.fidelitybank.ng/investors-affirm-support-for-fidelity-bank-plc-with-238-oversubscription-in-the-first-phase-of-equity-capital-raise/

aieromon:


Contact the registrar for details of your allotment.



https://businessday.ng/companies/article/fidelity-bank-public-offer-subscribed-by-237-92/

https://www.fidelitybank.ng/investors-affirm-support-for-fidelity-bank-plc-with-238-oversubscription-in-the-first-phase-of-equity-capital-raise/

themomentng:
A lot of mischief is going on in the banking sub-sector of Nigeria’s financial ecosystem since the Central Bank of Nigeria (CBN), on June 3, 2024, revoked the banking licence of Heritage Bank Plc.

The not-so-subtle campaign by some faceless groups to demarket an otherwise solid financial institution like the Fidelity Bank Plc., however, has not escaped the attention of discerning banking publics. But it is a mischief taken too far.

In revoking the banking licence of Heritage Bank, the CBN made it clear that its board and management have been unable to improve the bank’s financial performance, a situation which the country’s apex bank says constitutes a threat to the country’s financial stability.

A statement by Mrs. Hakama Sidi Ali, Ag. Director, Corporate Communications of the CBN, said it acted in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

Many Nigerians, particularly those abreast of the goings on in the banking industry did not raise any eyebrows at the news of the revocation and subsequent appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator.

But since then, mischief makers have been bandying the names of other banks – Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank – that will go the Heritage way. To make their spurious claims seem real, they recirculated a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris banks as though it was issued on June 10, 2024.

And even when the CBN, while insisting that the case of the now defunct Heritage Bank was an isolated one, stated unequivocally that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well, such insinuations have persisted.

But the question that continues to concentrate the minds of many Nigerians is: Why Fidelity Bank? Of course, the question is pertinent because even if the January 10 notification memo dissolving the boards of Union, Keystone and Polaris banks is taken to mean that the banks were in trouble, Fidelity Bank was not one of them.

It is, however, instructive that this mischief has become more strident in the last one week since Fidelity Bank signed the necessary documentation to raise about N127.1 billion from a public offer and rights issue to its existing shareholders to raise its capital base in line with the CBN’s fresh capitalisation directive.

The bank is eyeing N97.5 billion fresh funds from its public offer and N29.6 billion from its rights issue which offers existing shareholders one new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share when the acceptance and application lists for the rights issue and public offer open on Thursday, June 20, 2024.

Speaking at the signing ceremony which held at the board room of the bank’s head office in Lagos on Wednesday, June 5, the Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, disclosed that “the proceeds of the combined offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.”

With an international operating licence from the CBN, Fidelity Bank is mandated to raise its capital base to N500 billion within the next two years and for a bank that is sure of its business fundamentals, it is not a surprise that it has effectively positioned itself at the forefront of achieving the revised minimum capital requirements for Nigerian commercial banks. No other bank is yet to embark on the process.

Could that be the reason for the campaign of calumny? If it is, then those on this demarketing campaign are tactless and dim. They would have known that the campaign died even before it took off.

But the dim-wittedness of the agents of doom beggars belief. If not, how could one envisage that one of the high-flying financial institutions in Nigeria could be at the verge of being liquidated? What explanation will even the CBN give for taking such a step because the truth remains that if Fidelity Bank is declared insolvent today, then no other bank is safe.

Why?

Since Fidelity Bank was incorporated in 1987 and began operations in 1988, it has not looked back. Though it started with a Merchant Banking license, it converted to a commercial bank in 1999 in a deliberate push to grow as a private limited liability company. Yet, not satisfied with playing the second fiddle, the bank transmuted into a Public Limited Company in August of the same year. Since then, it has grown from being a marginal player to one of the industry giants, securing its universal banking license in February 2001.

In 2005 during the Chukwuma Soludo-engineered consolidation exercise, Fidelity Bank acquired the then FSB International Bank Plc. and Manny Bank Plc. to become one of the top 10 Nigerian banks. Six years after the consolidation, the bank was ranked not only the seventh most capitalised bank in Nigeria but also the 25th on the African continent. In 2011, it obtained its international banking license and following its renewed retail and digital banking drive, was ranked the fourth best bank in Nigeria in the retail market segment in the 2017 KPMG Banking Industry Customer Satisfaction Survey (BICSS).

Today, Fidelity Bank has presence in all the states and major cities in Nigeria and continues to rank among one of the ten main banks in the country by tier-one capital of nearly $1 billion.

In a report on April 11, 2024 titled, “Fidelity Bank in 2024: A Peek Under the Banking Bonnet,” Proshare, a financial services information provider wrote: “In two decades, Fidelity Bank has sweated its assets to grow gross earnings to N337.05 billion in FY 2022, with an average annual growth rate of 30.3 per cent. The group has diversified its gross earnings, averaging 16 per cent from non-interest income and 84 per cent from interest income. The consistent rise in digital income and foreign exchange gains appears to have supported the continuous rise in the lender’s non-interest income, providing a buffer for rising operating costs.”

Proshare analysts also estimated that Fidelity Bank will rise to full Tier 1 status in its next Tier 1 Banking Sector Report even as it currently leads second-tier banks in gross earnings, profitability, total assets, customer deposits, loans and advances.

In its report on the best performing banks in Q1 2024 based on pre-tax profit, Nairametrics, an online business magazine, said: “Fidelity Bank Plc. posted a pre-tax profit of N39.5 billion, marking a 120 per cent growth from the N17.9 billion pre-tax profit recorded in Q1 2023. During the quarter, the bank posted a net interest income of N99.6 billion, marking a 90 per cent YoY growth from Q1 2023. Fidelity Bank posted gross earnings of N192.1 billion during the quarter, as it also recorded a net income of N31.4 billion, up by 101 per cent YoY from N15.7 billion as of Q1 2023.”

Based on its outstanding financial performance, the bank was voted the most trusted wealth management company for 2023, earning top rankings for “financial soundness, quality of products and services, protecting privacy and security, and sensitivity to customer needs” by Investor’s Business Daily.

The odious attempt to precipitate a run on Fidelity Bank is financial sleight of hand of the worst sort. While the bank is not at any risk considering its very robust fundamentals, the banking industry may be worse for such an invidious campaign if unchecked.

Those who are trying to instigate instability in the country’s financial ecosystem should desist. Competition must not be a sleight of the hand battle.

Paraman:
Tinubu offered peter obi #50m to distabilise the LP, peter obi accepted the offer. Peter obi will never become the president of Nigeria.

Kreesxxx:

Nigerians erroneously grouped us as Igbos. We are letting them know that it is not true. Why we are trying to do that you people are countering our efforts. But the awareness has been created and we will not relent. You people hate us even more than you hate Fulanis. Why drag people you love to hate? We are not Igbos and this is not a lie. Our traditions at every turn has a restriction to anyone whose mother is Igbo or has Igbo connections. We can't be Igbos and all this taboos would firm part of our culture. Prince are forbidden from marrying Igbo women. They may marry from any tribes of their choice but not Igbo.

paramakina202:


Nsogbu adighiya,Ihuruoha bu Ikwerre,Ikwerre bu Igbo.

Kreesxxx:

Stop calling Ikwerre slaves.

Jonathan:
220 to 260k after tax

Less than $150 dollars per month

This con 3 na real shìt hole

ivandragon:
Nigeria is caught between the devil and deep blue sea...

The only politician that has a slim chance of defeating bat is Atiku, and that is if all other opposition politicians join hands. The election has to be a direct head to head. A straight split between 2 options.


The SE would have to stoop to conquer, sacrifice its presidential ambition to benefit in 4 or 8 years time (no guarantees).

the NC seems undecided.

The NE has nothing much to lose but will tilt towards bat because of the VP, but Atiku can capture a lot of votes there. The question is, would they wait another 4 years for the VP to aspire to president or want to get it immediately through atiku in 2027?

The NW will tilt towards atiku if kwakwanso sides with him and elrufia maintains his present stand against bat. The votes in Kano & Kaduna are massive and significantly influence results.

The SW will not go all the way with bat. For all thier flaws, they are still the most objective and open minded ethnic group in Nigeria. But Bat will have his usual advantage, though a significant number will give him the finger...

The SS seems to be keeping its cards close to its chest. However, if the edo election tribunal decides in favour of pdp, it will have a domino effect in the region, though wike's influence will be massive.

ProudlyLagos:
hahahaha he pain am….parasitic leeches, so you finally agree that Yorubas are your slave master they are so powerful you need them to achieve Biafra, what a shame to your flattt head ojukwu must be rolling in is grave

ProudlyLagos:
keep consoling yourself with that stale nonsense… you lot over hype your existence, like the world revolves around you.

The last time Lagospedia ask you lot to leave Lagos and relocate back to your shithole, we knew how you label us tribalist you keep migrating in night buses on a daily to Lagos, and you expect any sensible adult to take you noise maker’s seriously? The joke is on you

Moneyboyz:


4 million of 2021 is 15 million today.

codemaniacs:


South Africa is saturated with SMEs and local industries and international industries which is why South Africans do not look for jobs outside of South Africa.

if the SE is saturated with SMEs and local industries as you claim then i:gbos won't be looking for jobs outside of the SE states because the saturation itself will create jobs to the extent that people from outside the SE will move to the SE to look for jobs so stop deceiving yourself..

All the ports are functional.

There's a port in Rivers state called "PORT Harcourt".

There are also:
Calabar port
Onne port
Warri port.

An igbo man can become president..

ProudlyLagos:
😂😂mumu man, you left your shitty region for Lagos my father land, so I should be the one asking you to go fu*k yourself

No one migrates to your shitty region, you are the one that is leeching on us, we have called off your bluff severally, and asked you to return back home, or are we not audible enough? But you rather die in yorubaland than migrate back home. You need us more than we need you, and the trend of migration proves that fact

You lot are leeches and it’s quite obvious from the stats eat the humble pie nwokem…Yoruba lagba, both politically and economically, we no be mate

ProudlyLagos:
keep that propaganda to your ipob WhatsApp group…you contribute to the IGR in Lagos but can’t do same in your shitty region that is predominately ibo? Pls make it make sense? And besides your petty trade and your 2*2 shops are not even up to what Adenuga Glo alone pay as tax and we have told you empty noise makers severally to locate your substandard wares back to your shitty region where they need the tax more or is it your tax that also makes oyo state generate more tax than all the state in your shitty region?

Sense is really far from you illiterate traders, this is really beyond you below is the list of companies that pay real tax in Lagos and not your okrika nonsense

codemaniacs:


businesses are established close to their target market so igbo businesses that move to the SE Anambra will spend more transporting their goods to their target which means they will lose money and gradually go out of business and close down the business.

which is also the reason your ancestors started the civil war because after independence Ahmadu Bello, Akintola were working towards replacing i:gbos who had federal jobs in the north and western Nigeria due to the British favoring i:gbos over other Nigerians...

You said Yoruba people don't pay tax but also call them landlords, Landlords have to pay property taxes every year so stop contradicting yourself.

Don't compare SW and the north. the north does not have the billions of $$$ diaspora remittances that the SW has which also helps the SW purchasing power...

if i:gbos were industrious then the i:gbos won't be living outside the SE and you won't claim to have job in Ogun state and brag about job in Ogun state... you will be bragging about jobs in Anambra not Ogun.

importing is a bad form of trade and it affects the balance of payment of a country.. so bragging about importing goods is pure foolishness..

fuelsaver:


Yes because south east indigenes contributes at least 40% in other states

Onyiridike:

Foolish Analysis. It is a multinational, Ogun State didn't contribute a dime in setting up the company. They also have 3 locations in SE and this 3 in SE contribute more revenue to the company than all the other locations in North and SW combined. Yet VAT goes to Lagos HQ.

If all Igbo businesses are moved to SE, Anambra alone will be richer than the entire SW and North combined.

The VAT you boast of are contributed by Igbos. Your people do not pay tax neither do they do any lucrative business.

Any Yoruba landlord depends on Igbos to get good house rent, same in the North.

You think your forefathers who fought civil war for three years are fools? They know that without the industrious Igbos, Nigeria is dead.
Which tribe imports goods in Nigeria?
Which tribe pays business permit and tax to state government?

In the North, if Igbos are celebrating Igbo day, commercial activity in the whole city is dwarfed. It is as if there is a curfew until they resume back.

Please, I dare you to divide the country. Tell Tinubu to make the move.

codemaniacs:


Your job that you claim to pay tax from is in Ogun state and that's why you live in Ogun state.

the market your employers company is targeting is the SW and that is why the company is in Ogun state.

Divide the country and you and other Igbos outside the SE will all lose your high paying jobs because the new countries will pass laws that discourage the hiring of foreigners..

the new countries especially the ones that already have companies will never collapse.

I don't believe that you even have a job where your monthly tax is more than a lecturer 1 salary because you will not make such comments if you really had a job outside the SE states..

Ringstonermasks:
Just saw how South East has been leeching off our national wealth and at thesame time, selling a false narrative of being the only region with value in Nigeria.


I would advise the govt to let them go and form their own country, offcos, with the exception of the Niger Deltans.

Let them bask in their unproductiveness and vain delusion of grandeur...






https://www.nairaland.com/8326931/south-east-contributed-n101.09bn-received-n341.45bn

FreeStuffsNG:
While the Southeastern states contributed relatively little to the VAT pool, the region received approximately 3.38 times their contributions.

Same Ebonyi they mock that it's village and has no Aba has proven to be 3 times more VAT-able than Abia, Enugu and Imo.
Smh.

Humility pays in this life because pride goes before disgrace.

FreeStuffsNG:


https://tribuneonlineng.com/south-east-contributed-n101-09bn-received-n341-45bn-from-vat-pool-in-2024/amp/

Christistruth02:
Oyo is being heavily over taxed
Oyo paid ₦272.41 billion in VAT

Entire SE paid N101.10 Billion in VAT

It is not fair


Oyo deserves Tax Refund and Tax rebates

FreeStuffsNG:
While the Southeastern states contributed relatively little to the VAT pool, the region received approximately 3.38 times their contributions.

Same Ebonyi they mock that it's village and has no Aba has proven to be 3 times more VAT-able than Abia, Enugu and Imo.
Smh.

Humility pays in this life because pride goes before disgrace.

madridguy:
Donald Trump should please in God's name leave Nigerians in the US. We are the most peace loving and hard working people on earth.

My prayers are with Nigerians in the US right now.