Banking
Fidelity Bank CEO Nneka Onyeali-Ikpe Acquires Fresh N366.3m Shares
By Aduragbemi Omiyale
The chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, has demonstrated strong confidence in the financial institution by making additional investment in the company.
The banking executive, on Monday, May 19, 2025, amid reports of a purported bankruptcy rumour over a Supreme Court judgement debt, acquired addition 18 million shares of the firm at N20.35 per unit.
In a notice to the Nigerian Exchange (NGX) Limited on Tuesday, it was disclosed that the transaction was carried out a day earlier at the exchange.
The total value of the purchase, according to the disclosure, was worth about N366.3 million, underscoring her unwavering confidence in the organisation despite the panic created by the reports.
Mrs Onyeali-Ikpe’s latest acquisition is not an isolated gesture, as between November 21 and 22, 2024, she purchased 15 million shares worth N239.4 million, and subsequently added another 10 million shares valued at N157.9 million on November 26 and 27, 2024, reflecting a consistent pattern of personal commitment to the bank’s long-term success.
Her continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment.
These actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience.
As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.
The legacy debt in question involved the defunct FSB International Bank, which Fidelity Bank acquired in 2005.
The lender gave a $3 million loan to G. Cappa Plc in 2002 and was secured with mortgage on a property located in Ikoyi, Lagos, but the it defaulted on the repayment of the credit facility and in a bid to prevent FSB from selling the mortgaged property to repay the loan, G. Cappa commenced an action against FSB at the Federal High Court, Lagos, to stop the sale.
The Federal High Court in its judgment ruled that the FSB as legal mortgagor rightfully sold the leased interest in the property to Sagecom in 2011, but declined to order vacant possession of the property and directed the issue of vacant possession to the Lagos State High Court.
In the meantime, G. Cappa remained in possession of the property and kept collecting rents therefrom, and in 2011, Sagecom instituted an action against the bank and G. Cappa at the Lagos State High Court seeking damages against lender for breach of contract and for possession of the property.
The claim was for liquidated damages calculated as rentals on the several component apartments in the property plus interest on same over different time frames.
On Monday, it was reported that Fidelity Bank has been asked by the apex court to pay the company N225 billion as damages over the transaction.
Reacting to this, the bank said it has approached the court for interpretation of the judgement because of some “significant ambiguities” resulting in difficulties in calculating the actual financial liability to G.Cappa due to “the exchange rate as of 2005 when the incident and cause of action arose,”
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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