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E-Financial

Dollar Scarcity Worsens, NSE Fails to Join Party

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By Lukman Otunuga, Senior Research Analyst at FXTM,
Who would have thought that nearly six months after the coronavirus menace paralysed the global economy and battered financial markets, world stocks would push higher with some major indexes hitting record highs!
Dollar Scarcity Worsens, NSE Fails to Join Party

It has been another phenomenal trading week for global markets with US equity bulls stealing the show by propelling the S&P 500 to all-time highs on Wednesday.

The tech-heavy Nasdaq joined the party overnight, making a record despite growing signs of economic weakness. Shares in Asia rebounded during early trade while European equities pushed higher thanks to the tech-inspired highs on Wall Street.

However, some emerging markets were not invited to the party with the Nigerian stocks struggling for direction this week.

The Nigeria Stock Exchange All Share Index (ASI) is still down almost 6% year-to-date despite the S&P 500 and Nasdaq both hitting record highs.

Although global equity bulls continue to derive strength from unprecedented central bank support and handsome fiscal packages, this liquidity fueled rally has been unable to find its way into Nigerian markets.

Sentiment towards the largest economy in Africa remains fragile thanks to Dollar scarcity, shaky oil prices and external risks in the form of US-China tensions.

Nigeria is still expected to contract by 5.4% according to the International Monetary Fund (IMF) thanks to COVID-19, while inflation continues to rise on the back of continued border closures and the lingering effects of coronavirus-induced supply disruptions.

It is the same story outside of Nigeria with other emerging markets and developed countries nursing deep wounds from lockdown restrictions. At best, the outlook for the rest of 2020 remains clouded by uncertainty.

Investors may be offered some clarity over how Nigeria fared in Q2 when Gross Domestic Figures are released on Wednesday 26th of August.

With economic growth in the United States plunging 32.9% in Q2, the UK contracting 20.4% and even South Africa growth projected to tanks as much as 40% last quarter, it will be interesting to see how Nigeria performed. An economic contraction is widely expected, the question is how deep?


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E-Financial

Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

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Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
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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

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.


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E-Financial

SEC Launches Capital Market Technology Survey

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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.

SEC Launches Capital Market Technology Survey

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.


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E-Financial

IMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan

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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 Confirms Nigeria's Full Repayment of $3.4bn COVID-19 Loan

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

 

 

 


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