Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.

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The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.

The Independent National Electoral Commission (INEC) is investigating suspected artificial intelligence (AI)-generated photographs appearing in Nigeria’s Preliminary Register of Voters, following public concerns raised on social media.

The Commission said it was examining the circumstances surrounding the suspicious photographs, including possible technical or procedural lapses, as it works to verify registration records ahead of the certification of the final Register of Voters on December 15, 2026.

INEC said some questionable registration records were identified and flagged for further examination during the physical display of the preliminary register at Registration Areas nationwide from October 9 to 15, 2026.

“The Commission is also examining the circumstances surrounding the suspicious photographs, including possible technical or procedural lapses, and will take appropriate action based on verified findings,” the Commission said in a statement addressing the concerns.

The development raises questions about the verification processes used to compile Nigeria’s voter register and the safeguards required to ensure that records used for future elections are accurate and reliable.

INEC, however, has not disclosed the number of photographs under investigation, the identities associated with the flagged records or the specific circumstances that led to the appearance of the images in the register.

The electoral commission has also not confirmed that the photographs were definitively generated using AI, making clear that its investigation is still ongoing.

INEC: Suspicious photos remain on online preliminary register

INEC explained that the preliminary register published on its website on October 26, 2026 is the same version that was physically displayed nationwide earlier in October.

The Commission said the online publication represents the original preliminary register and does not incorporate all the data-cleanup activities currently underway.

“The online publication represents the original preliminary register and does not reflect all ongoing data-cleanup activities,” INEC said.

The clarification explains why suspicious photographs may remain visible on the online register despite questionable records having been identified during the physical display exercise.

INEC said it had commenced the review of the flagged records and was taking appropriate corrective action in accordance with established procedures.

The Commission did not, however, provide details of the technical systems or verification procedures being examined, or specify when corrections would be reflected in the online register.

The outcome of the investigation could provide further information about how the suspected irregularities occurred and whether changes to existing voter-registration and verification procedures are required.

INEC says register is still preliminary

The electoral commission stressed that the register currently available to the public is preliminary and should not be mistaken for the final certified Register of Voters.

INEC said the Display, Claims and Objections exercise was designed to give citizens and other stakeholders an opportunity to scrutinise registration records, identify inaccuracies and irregularities, and facilitate corrections before the register is certified.

The Commission also welcomed the public attention given to the suspicious photographs, saying reports from citizens and stakeholders could contribute to improving the accuracy and integrity of the register.

“The Commission appreciates the vigilance of citizens and stakeholders who have brought these concerns to public attention. Such scrutiny contributes to the process of improving the accuracy and integrity of the register,” the statement said.

The response places public scrutiny within the established process for identifying and correcting errors in voter-registration records, while leaving the circumstances surrounding the suspected AI-generated photographs subject to further investigation.

Final voter register due December 15

INEC said it remained committed to completing the necessary verification, adjudication and data-cleanup processes before the scheduled certification of the final Register of Voters on December 15, 2026.

The Commission assured Nigerians that verified irregularities would be addressed through applicable procedures and that further updates would be provided as the review progresses.

The December certification deadline will be a key milestone in determining how INEC resolves the flagged records and completes the verification process.

For now, INEC has not announced any final findings on the suspected photographs or specified what corrective measures may follow the investigation.

Further updates from the Commission are expected to clarify the nature of the irregularities, the steps taken to address them and whether the review will lead to changes in the voter-registration process.

As the investigation continues, the distinction between suspected irregularities and verified findings remains central to assessing the implications of the controversy for the integrity of Nigeria’s voter register.