E-Financial
Polaris Bank, NCF take tree planting initiative to Kano
Polaris Bank has taken its tree planting initiative aimed at nationwide land restoration to Kano State working in partnership with the Nigeria Conservation Foundation (NCF).
Polaris Bank ED, Chris Ofikulu, & TASUED Dep VC, Prof. Adekunle Adeogun receiving the 3 tree species from the NCF Project Officer in Ijagun, Ijebu Ode, Ogun State on Monday.
The commemorative tree planting activity was held at Ajingi Community Reserve, Kunkurawa, Kano on Friday, August 30, 2024.
Recall that the Bank’s tree planting scheme commenced commemorating World Environment Day in June. The 2024 theme focuses on “Land Restoration, Desertification, and Drought Resilience.” The initiative took off at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State.
In his goodwill message, Mahmud Kawu, Polaris Bank’s Divisional Head, North, representing the MD/CEO, expressed the Bank’s unwavering commitment to the tree-planting initiative, highlighting how deeply it aligns with their values and dedication to a greener future.
“At Polaris Bank, sustainability is more than a catchphrase; it’s the core of who we are. We are on a dedicated journey to uphold this ethos with conviction. Our commitment to sustainability is reflected in every aspect of our operations, from promoting responsible banking and empowering communities to tackling environmental challenges and driving economic growth.
We ensure that every decision we make, from investments to day-to-day operations, is rooted in strong Environmental, Social, and Governance principles (ESG)”.
Kawu explained that the partnership between the Bank and the NCF is borne out of its conviction to the Foundation’s dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation. He also encouraged residents to be key to the scheme to bring about sustainable environmental preservation.
“Today’s tree planting Initiative at Ajingi Community Reserve, Kunkurawa in collaboration with the Nigerian Conservation Foundation (NCF) is a testament to our commitment to environmental sustainability. The NCF, a renowned non-governmental organization dedicated to sustainable development and nature conservation in Nigeria. Polaris Bank shares its dedication to encouraging sustainable economic growth and appreciating the importance of environmental preservation.
This project aligns perfectly with the theme of the World Environment Day and in addition to reducing carbon footprints and enhancing our natural ecosystem, it aims to raise public awareness about the importance of environmental preservation.”
Kawu highlighted the benefits of the Bank’s tree-planting initiative to include the restoration of degraded areas, prevention of soil erosion amongst others.
“The benefits of our tree-planting initiative cannot be overemphasized. It contributes significantly to the restoration of degraded areas, the prevention of soil erosion, and the enhancement of the bio-diversity of the area. Additionally, by absorbing CO2 and helping to regulate the climate, trees play a crucial role in reducing overall carbon footprints.
“In conclusion, the tree-planting project is a testament to Polaris Bank’s dedication to environmental stewardship and community well-being, promoting a greener future through corporate responsibility,” he noted.
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
Telecom2 days agoPAFON 2.0: Tizel Cybersecurity Calls for Vigilance over Surge in AI-Powered Fraud
E-Business2 days agoGov. Mbah Tasks Youths to Embrace Technology as Enugu Tech Festival Opens
News2 days agoPower Ministry, NAEC Partner to Unlock Nuclear Energy Potential
General News2 days agoFG Launches Virtual Privacy Academy
Telecom2 days agoSeerBit, Spectranet Unveil ExpressPay to Simplify Broadband Payments
News2 days agoZamfara, Oracle Partner to Drive Digital Skills Development
Broadcasting1 day agoMultiChoice vs FCCPC: Only President has Power to Fix Prices- Court
Telecom2 days agoGoogle Unveils AI Max to Boost African Business Visibility