OPINION: Who Is Afraid of Fidelity Bank? - By Udeme Etukeyen

In the lead-up to Fidelity Bank's recent exceptional annual reports, showcasing remarkable growth within the Nigerian financial sector, the question "what is Fidelity Bank doing right?" naturally arises. 

My experience in banking and finance compelled me to delve into the report's statistics. A substantial 210.0% growth in Profit Before Tax (PBT) to N385.2 billion in FY 2024, a 47.9% increase in deposits to N5.9 trillion, and an 87.7% surge in gross earnings to N1,043.4 billion – these figures are undeniably impressive.

The start of 2025 further solidified this positive trajectory, with a staggering 167.8% increase in PBT to N105.8 billion in Q1, and gross earnings reaching approximately N315.421 billion by April, a 64.21% year-on-year increase. These astonishing results prompted my team to revise our investment strategy, recommending equities in Fidelity Bank to our portfolio investors.

Our appraisal highlighted key success factors: their strategic focus on the youth economy and the Creative and Digital Transformation sector, their strong push in MSME promotion and financing, and their commitment to gender inclusion alongside core industries like Mining and Renewables. The bank's leadership, particularly the experienced and effective female leadership, also garnered admiration.

Furthermore, Fidelity Bank's global expansion, including the strategic acquisition of Union Bank UK and planned expansion into African and European markets, signals daring ambition that could understandably unsettle competitors and detractors.

Given these magnificent results, it is puzzling how narratives suggesting a bank that has positioned itself as a First-Tier institution would falter over a judgment against a customer or a contribution to the Sagecom saga have emerged. The attempt to inflate interest calculations to create unnecessary alarm and negative press appears to be a deliberate effort to undermine the bank's value.

Prudence suggests awaiting the official interpretation of the judgment and computation of due figures, including a payment plan, rather than engaging in premature negativity fueled by less credible media outlets.

The discerning public recognizes these attempts by dramatic clout chasers to tarnish Fidelity Bank's image, an image that savvy investors and analysts view with admiration.

Borrowing Joseph Campbell's insightful quote, "The cave you fear to enter holds the treasure you seek," we confidently place our trust and investments in Fidelity Bank as a Nigerian treasure house poised for continued success in the years ahead.