E-Financial
Osibanjo, Lawan, Others Seek Digitisation of NGX
Vice President, Prof Yemi Osibanjo, former Central Bank of Nigeria CBN Governor, Mr Sanusi Lamido Sanusi, Senate President Ahmed Lawan, Speaker, House of Representatives, Femi Gbajabiamila and a host of other eminent personalities have canvassed for digitisation of Nigerian Exchange Limited (NGX) and increased collaboration among key players in the nation’s economy, towards driving productive investments that would accelerate an elevated and digitized capital market.
They made the call on Tuesday in Abuja at the maiden edition of the NGX capital markets conference themed: “The Future Ready Capital Markets; Innovating for Nigeria’s Sustainable Recovery”.
The event brought together leading policymakers, financial experts, business leaders, investors, international development partners and regulators, led by Osinbajo and provided a platform to share insights and broaden the thinking needed for greater capital flows through innovative sources of financing for the capital market.
In his remarks, the Vice President stated that, “every smart investor must be looking now at how to be a part of the miracle of the Nigerian Unicorns, the about five or six indigenous Nigerian companies (driven by young Nigerians) that became billion-dollar enterprises since 2015 in the midst of two recessions.”
The Vice President, who emphasized the digital transformation of the markets, highlighted the many opportunities this move would provide for the capital markets, which includes bringing in more young investors.
He advised the adoption of technology “to bring in a new crop of young investors, many of who use their smartphones primarily for engaging with commerce and banking activities today. And you have commendably begun the journey to the digital transformation of the market, following the highly successful example of the banks and, of course, the telcos.”
The VP added, “today, the huge retail outlets already created by the telcos with well over a hundred million subscribers, the wide reach of banks, especially with the numerous financial inclusion initiatives, make this probably the most auspicious moment for digitizing the capital market to bring in the millions of new young retail investors.”
Urging the NGX to see itself as a critical player in the AfCFTA negotiations, the VP added that “we are at a point where we are looking at negotiating Service Rules, we have looked at Rules of Origin already, so this is the time to come into play to get the best deals possible from all our partners all across Africa.”
Prof. Osinbajo also pointed out that the Government-backed N15 trillion Infrastructure Fund being set up in partnership with the private sector will further help to bridge infrastructure gaps.
The VP observed that despite a significant withdrawal of foreign investors and domestic institutional participation in 2021, “the NGX in 2020 was the highest performing exchange with a return of 50% on the All-Share Index, when compared with 98 other exchanges tracked globally by Bloomberg.”
Also speaking after the conference, Mr. Temi Popoola, the Chief Executive Officer, NGX, expressed his excitement about the deliberations, outcomes and agreed way forward by key speakers and panelists.
He said, “as a major propeller of the economy, we are proud to be at the forefront of this milestone which is a defining moment for Nigeria’s finance sector and the capital market specifically.
“The long list of key stakeholders from the public and private sector in attendance at today’s conference shows how open NGX is to leveraging relationships and partnerships to advance its digital transformation agenda”.
“Taking this forward, NGX will continue to deepen and increase access to financial services for Nigeria through technology while championing the infrastructural development as well as the economic growth of the country,” Temi assured.
Held as a hybrid event, the inaugural capital market conference featured a long list of policy makers and business leaders across the public and private sectors in the country.
Present at the event were; Chairman, BUA Group, Alhaji Abdul Samad Rabiu, Chairman of the Conference; Senate President, Federal Republic of Nigeria, Senator, Ahmad Ibrahim Lawan, represented by the Senator Ibikunle Amosun, Chairman, Senate Committee on Capital Market; Dr. Kayode Fayemi, Executive Governor, Ekiti State and Chairman Nigeria’s Governors Forum; Mr. Godwin Obaseki, Executive Governor, Edo State; Malam Nasir El-Rufai, Executive Governor, Kaduna State; Group Chairman, Nigerian Exchange Group Plc, Mr Abimbola Ogunbanjo; Chairman, NGX, Mr. Abubakar Balarabe Mahmoud, Mr. Aigboje Aig-Imoukhuede, Chairman, Coronation Capital; Mr. Oscar N. Onyema, Group Managing Director/Chief Executive Officer, NGX Group Plc; Mrs. Cathrine Echeozo, Director, Guaranty Trust Holding Company (GTCO); and the Honourable Minister of Finance, Budget, and National Planning, (Dr) Zainab Ahmed, among others.
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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