E-Financial
Bankers Protest EFCC’s Order to Declare Assets
Bankers under the aegis of the Association of Senior Staff for Banks, Insurance and other Financial Institutions (ASSBIFI) and National Union of Banks, Insurance and Financial Institutions Employees (NUBIFE) have asked the Economic and Financial Crimes Commission (EFCC), focus on the managing directors of banks and other agencies of government instead of the junior workers.
The bankers were reacting to the recent order by Abdulrasheed Bawa, chairman, EFCC, that all bankers in the country should submit their asset declaration forms to the Commission.
Bawa explained that the decision was in line with the provisions of the Bank Employees Declaration of Asset Act.
But Comrade Oyinkansola Olasanoye, president, ASSBIFI, said the anti-graft agency was merely playing to the gallery.
He said: “As bank workers, we do not have any issue with the EFCC investigating the banks but asking bank workers to declare their assets is just trying to enforce an order already in existence.
“Every year, bank workers declare their assets by filling a form which is sent to the CBN for scrutiny. We have been doing that for almost five years now.
“So, for the EFCC Chairman to now wake up and ask the same of us is only an admission the EFCC is not doing its work.
“EFCC has the right to investigate the top management and board of directors of banks but ordinary workers who are diligently carrying out their responsibilities as professionals should be exempted.”
On the possibility of challenging the order in court, the ASSBIFI boss said the union is watching events as they unfold and would decide on the next line of action if need be.
Nodding in agreement, Sola Aboderin, deputy general secretary, NUBIFIE, said: “We are not against any policy of the government to checkmate fraudulent activities either in the financial institutions or the country as a whole.
“But what we are concerned about is why single out banks? What about the Nigerian Ports Authority, NNPC (Nigerian National Petroleum Corporation) and other organisations?
“Why are they particular about banks? We are not saying they should not check the illegality in the transfer of funds but why focus on banks?”
“Another thing is that they said bank workers. Now, who are the bank workers? They should go to CBN (Central Bank of Nigeria) and ask who are the bank workers? The CBN has said that about 90 per cent of those working in banks are not bank workers.
“So, if you are saying tellers, marketers and others are not bank workers, then fine. In that case, they (EFCC) should focus on the MDs (managing directors) of banks.”
He added: “I’m telling you that if you enter into the branch of any bank today, hardly will you find more than three or four people working as real staff of the bank. The rest are outsourced staff.
Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.
Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
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.
Commenting on the bank’s performance, 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.
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 is the recipient of multiple local and international Awards, including 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 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.
Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.
In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.
According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”
The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.
Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.
He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.
According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.
Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.
He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.
International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.
However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness
Airtel Reveals Mechanism of Spam Alert Service
Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker
Minister Seeks Digital Tech Adoption to Improve Agriculture, Boost Food Security
Africa Looks to Solar Amid Electricity Challenges
Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025
News2 days agoTomato ‘Ebola’ May Disrupt Nigeria’s Agric Value Chain- Rewane
Broadcasting2 days agoMultiChoice vs FCCPC: Only President has Power to Fix Prices- Court
Telecom2 days agoSEO Secrets: How Media Professionals Can Make Their Blog Posts Rank High
News2 days agoLoan Controversy: Court adjourns Otudeko, others’ case to June 11
General News1 day agoFCMB Group Posts ₦35bn Q1 Profit as Revenue Surpasses Forecast
E-Financial2 days agoIMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan
E-Business2 days agoNEPC, NBS Sign MoU on Data Capturing
Telecom2 days agoAirtel Africa Records Customer Base Increase of 8.7Percent to 166.1m