By Aduragbemi Omiyale

Shareholders of Abbey Mortgage Bank Plc will meet on Wednesday, May 28, 2025, for their yearly gathering to discuss the dividend payment proposed by the board and other issues.

The financial institution confirmed the date for the 33rd Annual General Meeting (AGM) in a statement made available to Business Post through its representatives.

The lender, which reaffirmed its commitment to providing long-term value to its customers and shareholders, said the AGM would hold virtually by 11:00am, promising to provide further details for participation on its website and official communication channels in the coming days.

This year’s AGM will provide an important platform for the bank to engage with shareholders, present its audited financial statements for the year 2024, and also discuss key milestones, governance decisions, and strategic goals for the future.

The meeting will also include the presentation of its financial report, dividend payment, discussion on business growth strategies and expansion. It will also serve as a forum for shareholder engagement and feedback.

In the statement signed by its Managing Director, Mr Mobolaji Adewumi, the company expressed its reflection to build on accountability, transparency, and the trust of stakeholders.

“The AGM represents more than an annual tradition, it is a reflection of our accountability, transparency, and the trust we continue to build with our stakeholders.

“We look forward to sharing our progress and vision for the future with our shareholders and the broader community,” the bank, which pledged to continue to play a leading role in the growth and development of Nigeria’s mortgage banking sector, stated.

By Aduragbemi Omiyale

At the close of the first quarter of 2025 on March 31, the pre-tax profit of Fidelity Bank Plc stood at N105.8 billion, 167.8 per cent higher than the 39.5 billion achieved in the same period of 2024.

This information was contained in the financial statements of the company released to the Nigerian Exchange (NGX) Limited recently.

The top-line of the results was also impressive as the gross earnings went up by 64.2 per cent to N315.4 billion from N192.1 billion.

The lender also witnessed growth in interest income, primarily led by a 38.6 per cent year-on-year and 7.4 per cent year-to-date expansion in earning assets base.

In addition, the non-interest revenue was increased between January and March 2025, driven by FX-related income, trade and commission on banking services, supported by increased customer transactions.

Further, total deposits grew by 11.1 per cent ytd to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 per cent ytd growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits.

In the same period, local currency deposits jumped by 2.0 per cent ytd as foreign currency deposits surged by 21.4 per cent to $2.3 billion from $1.9 billion in December 2024.

Also, net loans and advances were up by 5.0 per cent ytd to N4.6 trillion, with growth in the bank’s loan book skewed to LCY loans as cost of risk declined to 0.6 per cent from 1.5 per cent in 2024FY.

“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.

“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,” the chief executive of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, said.

By Aduragbemi Omiyale

The seven-year jail term slammed on one Mr Onyekachi Nwosu by Justice R. O. Dugbo Oghoghorie of Federal High Court, sitting in Independence Layout, Enugu on January 14, 2021, has been affirmed by a unanimous judgement of a three-member panel of the Appeal Court delivered by Justice Zainab Babe Abubakar.

The former employee of Guaranty Trust Bank (GTBank) was convicted and sentenced for his commission of over N50 million loan fraud.

Mr Nwosu was prosecuted by the Economic and Financial Crimes Commission (EFCC) on a nine-count charge, bordering on forgery and obtaining by false pretence to the tune of N50 million.

The convict, who was an account officer of one Anyaso Chinedu, owner of Floxy Aluminum Odiofele Products Limited, used a forged document titled An Application to Mortgage, Consent to Mortgage and Tripartite Legal Mortgage to deceive GTB into believing that one Mrs Adebimpe Foluke pledged her property as collateral for the said loan to Floxy Aluminium Odiofele Products Limited.

Investigations revealed that he benefited N40 million from the fraudulent act by directly withdrawing it from the account of Floxy Aluminium Odiofele Products Limited.

In the course of his trial, prosecution counsel, Mainforce Adaka Ekwu, an Assistant Commander of the EFCC, called four witnesses and tendered 16 exhibits which were admitted in evidence as Exhibit EFCC 1-16.

At the end of the trial, Justice Oghoghorie held that the EFCC proved its case beyond reasonable doubt and convicted and sentenced Mr Nwosu accordingly.

Dissatisfied with the judgement, the convict approached the Appeal Court, praying it to set aside the judgement of the trial court, while Ekwu, the prosecution counsel prayed the court to uphold the judgment of the High Court and dismiss the appeal on the grounds that “the prosecution proved its case beyond reasonable doubt.”

The appellate court set aside the convictions from the trial court on counts one to eight but upheld that on Count 9, which read, “That you, Onyekachi Nwosu, sometime in September, 2010 in Enugu within the jurisdiction of the Federal High Court of Nigeria, while being an officer of Guaranty Trust Bank and being connected with the grant of loan, knowingly processed and facilitated the grant loan of N50 million to Floxy Aluminum Odiofele Products Limited, received the sum of N40 million as personal gratification, out of the said loan after it was granted, thereby committed an offence contrary to Section 15 (1) (a) (iii) and punishable under Section 16 (1) (a) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap. F2 Laws of the Federation of Nigeria.”

The Appeal Court held that “the evidence of the First Prosecution Witness, PW1 corroborated the confession of the appellant that he collected N40million from the loan sum of N50 million granted to the third respondent (Floxy Aluminum Odiofele Products Limited).

The court held that, “The appellant has admitted that he collected N40 million from the loan sum, which has proved the last ingredient of the offence against the appellant. Consequently, the conviction of the appellant on this Count 9 of the charge by the trial court was in order, in my humble view.”