E-Financial
Heritage Bank Set to Unveil 8.5 MW Power Project in Lagos
Management of Heritage Bank has announced that the recently completed Peninsula Independent Power Project (PIPP) financed by the Bank will be commissioned in March this year.
The project is in fulfillment of the bank’s commitment in the provision of a strong backbone for capital intensive projects in the state.
It is also a reaffirmation of its growing stature as an emerging national bank with strong passion for financing alternative solutions in the nation’s Power and other sectors.
Available data shows that, as at today, the power requirement of Lagos is estimated at about 10,000-12,000 MW.
This is in sharp contrast to the less than 1,000MW available to Lagos State from the national grid. This situation prompted Lagos State government to resort to alternative power projects.
The Peninsula Independent Power project, located in the Lekki Peninsula area of the state, is a Public Private Partnership (PPP) between Lagos State Government (LASG) and Peninsula Integrated Power Limited which seeks to provide alternative solutions to the inconsistent Power supply from the national grid.
Mr. Ifie Sekibo, managing director/CEO of Heritage Bank, aid Heritage Bank was proud to be part of the project conjectured by the Lagos State Government to provide power supply for businesses and industries around Lekki Peninsula.
He added that the Bank’s involvement in the project was borne out of its business objective of continuously offering ingenious financial support and advisory services on investment, project finance, business expansion, modernization, production process & capacity improvement and restructurings that would create multiple economic advantages for the benefits of vast majority of its stakeholders.
According to him, “the Project Finance facility granted to the Peninsula Independent Power Project was to set up a 8.5 Megawatts Captive Power Generating Plant with a 22km Distribution Network which has the potential of upgrading to a 25MW power generating plant that will run on Compressed Natural Gas (CNG). The Peninsula Integrated Power Project (PIPP) will provide power for the Lagos State Government (LASG) water works and public lighting within Lekki, Victoria Island and Ikoyi.”
He added that facilities to be connected to the Peninsula Integrated Power Project include: Lekki Phase 1 Waterworks, Ligali Ayorinde Waterworks, Victoria Island, Saka Tinubu Waterworks, 3 Boreholes located at Adeola Odeku Street, Victoria Island and Alexander Road Waterworks Ikoyi. Others include 10 km of New Public Lighting within Lekki Phase 1, 15 km of New Public Lighting within Victoria Island and Lekki-Ikoyi Bridge.
Mr. Sekibo noted further that with the recent acquisition of Enterprise Bank, Heritage Bank is set to play more active role in sustainable economic initiatives as well as the CBN efforts to promote financial inclusion and all national banking operational standards.
The official commissioning of the power project will be performed by Governor of Lagos State, Babatunde Raji Fashola, in March 2015.
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
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