News

2027: Angry Lawmakers Plan Major Showdown With President Tinubu Over Constituency Projects Funding

Published

2 months ago

September 24, 2025

Some angry Nigerian Senators and Members of the House of Representatives are planning a major showdown against President Bola Ahmed Tinubu and his executive, upon resumption from the recess, over non servicing of their constituency projects.

Rising from separate meetings in Abuja Tuesday night, the Lawmakers appear to have concluded arrangements to mobilize their colleagues who are equally piqued by the activities of the executive, to put the President on his toes.

The meeting for the Senators was said to have been held in a private residence of a ranking northern APC Senator, while the Reps were hosted by a Member of the opposition from the South. Lawmakers from both opposition parties and the ruling All Progressives Congress (APC) were said to be in attendance.

Top on the agenda of the meetings, according to different sources, was the non funding of constituency projects nominated by the Lawmakers in the 2024 and 2025 budgets; the only two appropriation exercise they were opportune to participate.

In line with the culture of maintaining a January – December budget circle inherited from the past administration, President Tinubu is expected to present the 2026 Appropriation Bill to the joint session of the National Assembly, anytime soon.

But that should not be expected, as the federal government is still struggling with the performance of the 2024 budget and has not started implementing the 2025 appropriation yet, even as the fiscal year enters the last quarter.

The Lawmakers, most of whom are warming up for 2027 elections, were said to be sufficiently angry by the way some of their constituents received them during this period of long vacation. Some who are in the ruling party, lamented during the meetings, that they were fast losing the supports of their constituents to new aspirants, over what they called “fake promises”.

“Imagine promising the people of our commitments to facilitate one or two projects to their wards in the 2025 budget, and with barely 3 months to the end of the year, nothing to show for it; whereas, the same projects are captured in the 2025 budget, but someone, somewhere, has refused to mobilize contractors to commence work. I wonder what I will be promising them in the 2026 budget, knowing fully well that they will still tag it fake promises”.

The Lawmakers frowned at the inability of the executive to pay contractors who had since completed projects captured in the 2024 appropriation, saying, that singular inaction from the executive has greatly hampered developments in their various constituencies and pitched their constituents and once loyal supporters against them, even as they brace up for 2027 general elections.

A top source privy to the Reps secret meeting, hinted that some Members have been drafted from various political parties and regions, to mobilize those in their blocs to make sure that, “no executive bill from the President will pass through the parliament again”.

A Senator from the South who was also at the meeting, described the President’s economic policies as “rhetorics” and have the tendencies of causing one’s misfortune in the next election, if urgent steps are not taken by individual contestants.

“Going by what we saw in these few weeks of our recess, I will just advise anyone seeking reelection, especially those my friends in the APC, to step up their games, if need be, go and take loans and prosecute your own election. Don’t go about campaigning for someone whose economic policies are as rhetorics as they are. His policies are already causing great set back for developments in the country, don’t go and incur the wrat of the people the more, by insisting your party must win at the center. Just carry your own cross and leave the people to decide”, he added.

Our Correspondent also gathered that Lawmakers from both secret meetings vowed to withdraw any further support for the President ahead of his 2027 campaigns, adding that, such would amount to insulting the collective sensibility of their constituents, who are already disgruntled.

Majority of the Lawmakers were said to have specifically blamed the Minister of Finance, Dr. Wale Edun and the Accountant-General of the Federation (AGoF), Mr. Samsudeen Babatunde Ogunjimi, for the non performance of the 2024 and 2025 budgets.

The Lawmakers, according to different sources, also regretted passing the Tax Reforms Bills, as well as other major executive bills that came through at both chambers; with some Senators vowing to stampede screening and confirmation of executive nominees, as they resume from long vacation on Tuesday, 23rd September, 2025.

Meanwhile, a group, Coalition for Equity and Accountability in Public Finance (CEAPF) had in a statement on Wednesday, demanded the immediate resignation of Finance Minister, Edun and the AGoF, Ogunjimi, accusing them of “failing to pay contractors for projects duly captured in the 2024 budget and fully executed by local firms”.

In the statement signed by its President, Comrade Segun Daramola, and Secretary-General, Comrade Isaac Idachaba, the coalition said it would formally approach the National Assembly and “lobby lawmakers across party lines to pass a vote of no confidence on the two officials if they refuse to vacate their offices voluntarily”.

News

Fidelity Bank Receives Customs Service Award for Pioneering Role in UCMS Implementation

Published

4 days ago

December 3, 2025

Olumide Ojo

Fidelity Bank’s leadership in digital innovation and public sector collaboration has once again been spotlighted as the tier-one lender was honoured at the Comptroller General of Customs Award Night 2025.

At the ceremony, which took place at the Transcorp Hilton Hotel Grand Ballroom, Abuja, on Friday, 21 November 2025, Fidelity Bank was presented with a prestigious award by the Nigeria Customs Service (NCS) for being the first bank to successfully process Customs Duty and the Pre-Arrival Assessment Report (PAAR) on the Unified Customs Management System (UCMS).

The award, presented under the leadership of the Comptroller General of Customs, Bashir Adeniyi (MFR), serves as a formal recognition of the bank’s “Distinctive Performance and Commitment to the Ideals and Vision of the Nigeria Customs Service.”

Receiving the award on behalf of the bank, the Executive Director, FCT & North, Mr. Sufiyanu Garba, stated, “This award is a testament to our commitment to operational excellence and our resolve to support the digital transformation of Nigeria’s trade and customs ecosystem. We are proud to be at the forefront of this historic milestone and remain dedicated to delivering innovative solutions that drive Nigeria’s economic development.”

The bank’s quick adoption of the UCMS stems from its vision for a truly seamless and borderless African trade. Earlier this year, the bank officially launched the Pan-African Payment and Settlement System (PAPSS), following a successful onboarding and over N46 billion in early transactions. PAPSS enables instant, local currency cross-border payments across Africa, particularly benefiting SMEs. By integrating PAPSS into its core operations, Fidelity Bank continues to dismantle trade barriers, empower businesses, and expand its impact across the continent.

This latest recognition by the Nigeria Customs Service adds to Fidelity Bank’s impressive streak of achievements in 2025, including its double win as “Best Bank for Export & Trade Finance” and “Most Innovative Bank of the Year” at the BusinessDay Bank and Other Financial Institutions’ (BAFI) Awards. These accolades underscore the bank’s commitment to empowering businesses, driving innovation, and supporting Nigeria’s economic advancement. The Comptroller General of Customs Award further affirms Fidelity Bank’s pivotal role in modernizing trade processes and aligning with the Federal Government’s digital transformation agenda.

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 a 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.

L – R: Head, Central Collections Unit, Olaide Adeyemo; Executive Director -FCT & North, Sufiyanu Garba; and Regional Bank Head, Abuja 3 Regional Bank, Martin Ayodele (all of Fidelity Bank Plc); at the Comptroller General of Customs Award Night 2025 in Abuja where Fidelity Bank PLC was recognized as the first bank to successfully process Customs Duty and the Pre-Arrival Assessment Report (PAAR) on the Unified Customs Management System (UCMS) recently.

Business

Fidelity Bank Reaffirms Support for Indigenous Oil, Gas Development

Published

2 weeks ago

November 25, 2025

Olumide Ojo

Fidelity Bank Plc has restated its commitment to advancing Nigeria’s oil and gas industry, with a strong focus on supporting indigenous operators. This was highlighted by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON, during a first oil presentation event for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.

At the event, Emadeb Energy’s Group Managing Director and Chief Executive Officer, Mr. Adebowale Olujimi, expressed appreciation for the bank’s role in enabling the company’s progress.

“What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want already-established customers. Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us,” Olujimi said.

Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity Bank’s commitment to strengthening Nigeria’s energy sector.

“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth. Our interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.

“We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which improves petroleum product distribution and reduces costs. In addition, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.

Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.

“Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” Olujimi added.

L – R: Executive Director -South, Mrs. Pamela Shodipo; Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe,OON (both of Fidelity Bank Plc); Group Managing Director/Chief Executive Officer, Mr. Adebowale Olujimi; Group Executive Director, Mrs. Olugbesoye Olujimi (both of Emadeb Energy); Executive Director -Lagos and South West, Fidelity Bank Plc, Dr. Ken Opara; and Group Executive Director, Finance/Strategy, Emadeb Energy, Mr. Tosin Adewuyi; at the First Oil presentation event by Emadeb Energy at the Fidelity Bank headoffice in Lagos recently.

Business

Q3 2025: Fidelity Bank Grows Interest Income by 33%, Fee Income by 47%

Published

2 weeks ago

November 22, 2025

Olumide Ojo

Fidelity Bank Plc, a leading financial institution, has released its unaudited financial statements for the third quarter ended September 30, 2025. The results show impressive performance across key income lines and operational metrics.

According to the statements published on the Nigerian Exchange Group (NGX) portal on November 21, 2025, the Bank reported Gross Earnings of ₦366.1 billion for Q3 2025. This represents an 8 percent increase from the ₦338.9 billion recorded in Q3 2024. The growth was driven by strong interest income and sustained momentum in fee-based revenues.

Interest Income, calculated using the effective interest rate method, rose by 33 percent to ₦285.6 billion in Q3 2025, compared to ₦214.7 billion in Q3 2024. Other Interest Income more than doubled, rising from ₦13.0 billion in the corresponding period of 2024 to ₦34.2 billion. This underscores significantly improved returns from non-core lending activities.

Year-to-date, the Bank achieved a major milestone with Gross Earnings surpassing ₦1.1 trillion, the highest in its history. This is an increase from ₦772.5 billion in Q3 2024. The Bank’s total assets also crossed the ₦10 trillion mark, driven by robust growth in cash, customer loans, and investment securities; this compares to ₦8.8 trillion in Q3 2024. Net Interest Income for the nine-month period reached ₦565.3 billion, while fee and commission income totaled ₦84.5 billion. The respective figures for Q3 2024 were ₦470.5 billion and ₦56.3 billion.

Credit Loss Expenses moved to ₦900 million from ₦32.8 billion in Q3 2024; however, Net Interest Income remained flat at ₦144.8 billion, compared to ₦143.7 billion in Q3 2024. This reflects improved asset quality and effective risk management practices. Fee and Commission Income grew by 47.2 percent to ₦31.1 billion, up from ₦21.1 billion in Q3 2024, driven by increased transaction volumes and digital banking adoption. Foreign currency revaluation gains contributed ₦14.1 billion to Non-Interest Revenue, while other Operating Income rose to ₦1.1 billion from ₦447 million in Q3 2024.