Fidelity Bank Increases Workers’ Salary Again, Second Time in 8 Months
- Fidelity Bank has promoted 376 employees, representing 12% of its workforce, following a successful fiscal year with the highest profit increase.
- The bank also announced a second 20% salary hike for all staff, continuing its commitment to employee welfare after a similar increase in November 2024
- This move highlights the bank's dedication under the leadership of Managing Director and CEO Dr. Nneka Onyeali-Ikpe
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Fidelity Bank Plc, has promoted 376 workers, or 12% of its total workforce, after a successful fiscal year in which it had the highest profit increase in the nation's banking industry.
Source: UGC
The bank also announced a 20% pay hike for all employees in a statement seen by Finance in Africa, the second compensation increase in as many months.
“The announcement, which was recently communicated internally, follows a similar 20% salary increase implemented in November 2024 — a move that underscores the bank’s ongoing commitment to employee welfare,” the statement said.
Read also
NNPC filling station crash petrol price below N900/litre after Dangote partners reduce cost
It further stated that the bank has always exceeded market expectations under the direction of Managing Director and CEO Dr. Nneka Onyeali-Ikpe (OON).
Bank's capital
With a 1.27% increase in share value at the end of trading, Legit.ng had reported that Fidelity Bank's market capitalisation surpassed N1 trillion.
According to figures from the Nigerian Exchange Group (NGX), the bank’s market capitalisation reached N1 trillion as its share price rose from N19.75 on Tuesday to N20 on Wednesday, June 25th.
This increase boosted the company’s valuation from N991.6 billion to N1 trillion.
Fidelity Bank now joins the ranks of financial organisations that have achieved this milestone, alongside First Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Zenith Bank, and Access Bank.
The managing director (MD) and CEO of Fidelity Bank, Nneka Onyeali-Ikpe, purchased an additional 18 million shares of the bank on May 21.
Two days later, on May 22, she bought 2 million more shares at N18.6 each, amounting to N37.2 million, according to a regulatory filing on the NGX.
As a result of these purchases, Onyeali-Ikpe's ownership of Fidelity Bank increased from 94.64 million shares as of December 31, 2024, to 114.64 million shares.
In its most recent financial performance report, Fidelity Bank announced that its profit before tax (PBT) surged by 167.8% year-over-year, reaching N105.8 billion in the first quarter (Q1) of 2025.
Source: Getty Images
Fidelity Bank speaks on bankruptcy rumours
Legit.ng reported that Fidelity Bank Plc has firmly denied recent media claims that it is on the brink of bankruptcy due to a Supreme Court ruling related to an old $3 million credit facility originally granted by the now-defunct FSB International Bank in 2002.
The bank explained that this issue is part of a longstanding legal dispute inherited following its acquisition of FSB and that it is currently pursuing judicial guidance to clarify the correct calculation of the judgment amount.
In a statement signed by Meksley Nwagboh, Divisional Head of Brand & Communications, Fidelity Bank emphasised its solid financial standing, condemning the reports as false, harmful, and contrary to an existing court order.
Source: Legit.ng
