Fidelity Bank Plc has announced the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promo.

In an event held at the bank’s corporate office in Lagos and observed online, the bank revealed ten customers each won cash prizes of N1 million in an electronic draw supervised by regulatory agencies and members of the media.

Fidelity Bank initiated the GAIM 6 promotion on November 20, 2024, with the aim of encouraging a healthy savings culture.

Through this promotion, the bank will distribute a total of N159 million in cash prizes to reward its loyal customers.

Speaking at the first monthly draw of the promo in Lagos, Dr Ken Opara, promo chairperson and executive director, Lagos and South-West, Fidelity Bank Plc, represented by Mr. Jude Monye, regional bank head, Ikeja and directorate head, North Business of Fidelity Bank, noted that “GAIM promo emphasises the importance of maintaining a healthy savings habit among the bank’s customers.

The said this habit insulates them from economic shocks, enables individuals and families to navigate emergencies, and allows them to invest in their future.

According to Dr. Opara, “10 lucky winners were chosen via an electronic draw monitored by lottery regulators and each will receive the sum of one million each.

“The bank would disburse N159 million to its lucky customers between November 2024 and August 2025 when the grand finale of the promo would hold.

“Today, we have witnessed the first promo monthly draw and 10 winners have emerged from the six geo-political zones of the country. One winner emerged from the South West; two from Abuja; two from the South-South; South-East produced two winners; Lagos got two winners; and North Central had one winner,” he said.

Shedding light on how people can qualify for the draw, Dr. Opara explained that, “Both existing and new customers can win by simply topping their account with a minimum of N5,000 as every N5,000 saved guarantees a ticket in the draws and there is no limit to the number of tickets a customer can have).

Highlighting the benefits of driving saving culture through the Fidelity Bank GAIM 6 Promo, Dr Opara noted that, “The benefits of fostering a culture of savings extend beyond individual households.

“Through our GAIM promo, customers will enjoy free financial advisory services from the bank to help sustain their financial well-being.

“In the previous editions of the GAIM promo, we have successfully onboarded many new-to-bank customers while encouraging current customers to increase their savings.

“An increased savings leads to more substantial investments in education, healthcare, and infrastructure, driving economic growth. Fidelity Bank is renowned across Nigeria for helping individuals grow, businesses thrive, and economies prosper by prioritizing our customers’ financial well-being.

“This initiative has significantly contributed to the government’s National Financial Inclusion Strategy, which aims to increase the percentage of adults with savings accounts from 39 to 70 per cent by 2025.

“I encouraged those who have not yet opened a Fidelity Bank savings account to do so, via any of the bank’s channels, as the promo is opened to both new and existing customers,” he added.

On his part, Mr. Osita Ede, divisional head, Product Development, Fidelity Bank, noted that, “The bank planned to reward the customers before the Christmas celebration to support them in meeting their expenses but the draw is open to customers who have Fidelity Bank savings accounts and have grown their savings to N10,000 and above from the promo launch date of November 20, 2024.

Mr Tanko Olaseni, head, Monitoring Inspection and Enforcement, Lagos State Lotteries and Gaming Authority, commended Fidelity Bank for being transparent with the draw while noting that, the promo initiative would further boost the image of the bank and its profitability as savings culture is promoted among its customers.

National Insurance Commission (NAICOM) has sought the support of the Nigeria Police Force to enforce Third-Party Motor Insurance in Nigeria. The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, made this request when he paid a working visit to the Inspector General of Police, Federal Republic of Nigeria, Mr. Kayode Adeolu Egbetokun, at the Force Headquarters.

The Commissioner for Insurance who congratulated the IGP on his notable achievements, particularly the recent licence acquisition for the Police Insurance Company, reminded the IGP of his earlier request for assistance in enforcing all compulsory insurance policies, including Third-Party Motor Insurance.

The CFI pledged to provide the necessary support to ensure seamless enforcement of third-party motor insurance across the country. To guarantee the success of this initiative, Omosehin emphasized the need for a mass awareness campaign and education of the Nigeria Police Officers.

In response, the IGP expressed his alignment with the CFI for insurance, acknowledging the compulsory nature of third-party motor insurance in Nigeria. He emphasized that violating this law is punishable, yet unfortunately, only 30 percent of vehicles in the country are insured.

The IGP highlighted the numerous benefits of having insurance coverage, stressing the importance of protecting lives and property.

He urged citizens to obtain at least a third-party insurance cover for their vehicles before driving on Nigerian roads.

To ensure compliance, the IGP announced that full enforcement of third-party motor insurance will commence on February 1, 2025.

Present at the meeting was the Deputy Commissioner, Technical, Dr. Usman Jankara; the Deputy Commissioner Finance &Administration, Mr. Ekerete Ola  Gam-Ikon; Director Legal, Enforcement & Market Development, Dr. Talmis Usman; Director of Inspectorate, Mr. Bankole Ajebola; Senior Police Officers, and others.

The Securities and Exchange Commission (SEC) has pledged to enhance its regulatory framework for borrowing by government entities and corporate organizations.

Emomotimi Agama, Director General of SEC, revealed this in an interview, where he emphasized the pivotal role borrowing plays in sustaining the financial system and fostering economic growth.

He highlighted the need for strategic management of resources, particularly in light of the Supreme Court’s recent ruling mandating direct federal allocations to Nigeria’s 774 local government areas.

Agama stated, “Improving the framework for borrowing is very important because borrowing is part of the financial system, and we can only make much of the move we want to make if there is enough funding.

“Hence, we want to ensure sustainability in both government borrowing, especially for municipal and state governments, given the new Supreme Court order regarding local government allocations.”

He further stressed the importance of structured borrowing in supporting development across sectors. For corporate organizations, the SEC DG noted that the Commission is revolutionizing the landscape with the introduction of new rules on Central Counter Parties (CCPs).

“As a Commission, we have established those new rules, and they will become operational in 2025. Our aim is to make borrowing a seamless and effortless process for Nigerian companies,” he said.

Agama added that SEC was also committed to diversifying the Nigerian capital market, which had long been dominated by a mono-product focus. He disclosed plans to introduce derivatives trading in 2025, supported by enabling laws and regulations to foster growth and confidence.

“To build confidence in derivatives trading, we aim to provide clear exemptions for these transactions from general insolvency laws, creating a safer and more predictable trading environment. By doing this, we hope to attract more players and provide new opportunities for every Nigerian,” Agama concluded.

The SEC reiterated its commitment to creating a safer and more robust trading environment to strengthen the Nigerian capital market and support sustainable economic development.