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Fidelity Bank Plc redeems $400m eurobond at maturity

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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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READ ALSO: World Bank projects 23% rise in global commodity prices in 2026

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.


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PenCom Eyes 3 Million New Funded Pension Accounts In 2027

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom), on Thursday said it’s targeting three million funded active pension accounts next year, 2027. 

With Nigeria’s pension assets standing at  ₦31.8 trillion in August 2026, the Director-General, PenCom, Omolola Oloworaran, disclosed this today in Abuja while highlighting the millstone and targets of the commission at the  fourth day of National Pension Week which commenced on Monday and is expected to to end tomorrow.

According to her pension assets grew from ₦20.79 trillion in July 2024 to ₦31.8 trillion in August 2026, reflecting an increase in the industry’s asset base over the period.

She also highlighted the approval by the President of the first-ever Exit Benefit for retirees from treasury-funded Ministries, Departments and Agencies (MDAs) of the Federal Government. A symbolic cheque was presented at the summit.

She also revealed that on November 10, 2026, President Bola Ahmed Tinubu is expected  to official lunch PenCare  and the Minimum Pension Guarantee in Abuja.

She called on the private sector to join the Federal Government and the pension industry in funding the Pension Protection Fund.

She also urged the pension industry to deliver competitive real returns above inflation, underscoring the need to strengthen retirement protection and preserve the value of pension savings.

“A pension is not a privilege for the few. It is a right within reach of all,” the keynote stated, highlighting the summit’s emphasis on expanding pension coverage and improving retirement security in Nigeria.

The post PenCom Eyes 3 Million New Funded Pension Accounts In 2027 appeared first on Business Today NG.

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‘No Nigerian asset has been sold to US’ — Alake

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The Minister of Solid Minerals Development, Dele Alake, has dismissed reports that Nigeria sold $700 billion worth of solid minerals to the United States, insisting that the bilateral agreement between both countries does not involve the sale or transfer of Nigeria’s mineral assets.

Mr Alake made the clarification during the inauguration of the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector in Abuja.

“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” he said.

The minister explained that the agreement signed by Nigeria and the US was a government-to-government framework designed to connect American investors with Nigerian businesses, rather than transfer ownership of the country’s natural resources to foreign interests.

“We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators,” he added.

Mr Alake said the partnership was intended to attract capital, promote technology transfer, expand local mineral processing and create jobs as the Federal Government seeks to reduce Nigeria’s dependence on crude oil.

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The committee’s inauguration followed the signing of a strategic cooperation framework by Nigeria and the US in New York in September, on the sidelines of the 81st United Nations General Assembly.

What the $700bn figure means

The clarification follows the announcement of the agreement, which described Nigeria’s mineral resources as being worth an estimated $700 billion.

The figure refers to the estimated value of Nigeria’s mineral resources, according to the government, not the value of minerals sold to the US or a confirmed investment commitment from the American government.

The framework was signed by Mr Alake and US Deputy Secretary of State Christopher Landau in New York on 23 September. It provides for cooperation in geological data and exploration, mineral development and processing, infrastructure and technical capacity-building.

The agreement is expected to provide a platform for American investors to partner with Nigerian mining companies and other local operators.

Mr Alake said the government wanted to change a pattern in which resource-rich countries export raw materials while other countries capture more of the value through processing and manufacturing.

“We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new paradigm: you bring your capital, expertise and technology to match with our natural resources and create a win-win situation. The investor gains, Nigeria gains,” he explained.

He added that the government wanted Nigeria to retain more economic value from its mineral resources through local processing and industrial development.

Local processing takes centre stage

Mr Alake said local processing had become a key requirement for investors seeking mineral titles, as the government sought to discourage the extraction and export of raw minerals without sufficient value addition.

Nigeria has deposits of minerals including lithium, gold, iron ore, limestone and tin. However, the sector remains underdeveloped compared with the country’s oil industry, limiting its contribution to exports, industrial growth and government revenue.

The government has increasingly identified solid minerals as an avenue for diversifying the economy, attracting foreign investment and creating employment outside the oil sector.

Mr Alake said the policy was encouraging investment in mineral-processing facilities, including a lithium processing plant in Nasarawa State that the government has described as one of the largest of its kind in West Africa.

He said the Nigeria-US partnership could help match the country’s mineral resources with the capital, technology and expertise needed to develop a stronger mining industry.

The agreement comes amid global competition to secure critical minerals used in electric vehicle batteries, renewable energy systems and other advanced technologies. Countries are seeking to diversify their supply chains as demand for these materials grows.

Mr Alake charged members of the newly inaugurated committee to identify viable investment opportunities and ensure that the agreement produced measurable outcomes.

ALSO READ: Alake warns mining firms over host community agreements, threatens licence revocation

He said the committee’s work was important to President Bola Tinubu’s target of building a $1 trillion economy.

The minister said the government was determined to ensure that mineral wealth translated into tangible economic benefits for Nigerians rather than remain an underutilised resource.

In his remarks, the ministry’s Permanent Secretary, Faruk Yusuf Yabo, said the committee would provide a structured platform for turning bilateral discussions into practical cooperation and investment.

Jonathan Baas, an economic officer at the US Embassy in Nigeria, said Washington was prioritising energy, artificial intelligence and critical minerals in its international economic engagements.

He explained that the US was seeking partnerships that would strengthen critical mineral supply chains while allowing resource-producing countries to benefit from the economic opportunities created.

The Managing Director of the Nigeria Solid Minerals Company, Martins Imonitie, also said the committee would coordinate implementation, facilitate investment and monitor progress towards the objectives of the cooperation framework.

Mr Alake said the government would judge the partnership by its ability to generate investment, strengthen local industries and create jobs, rather than by the estimated value of Nigeria’s mineral resources alone.


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