Business
Fidelity Bank’s annual revenue up 46%
Fidelity Bank recorded a 45.6 per cent surge in revenue for last year, compared to 2024, as the financial institution witnessed reasonable growth across its key income streams.
The lender posted gross earnings of N1.5 trillion in the period, up from N1 trillion, according to its newly released audited financial results for the period, taking turnover to its highest level on record.
Nevertheless, net profit for the year under review slid by 12.8 per cent to N242.4 billion from N278.1 billion amid soaring costs.
One of the major pressure points was the N223.8 billion the lender incurred as derivative losses, which contrasts with the derivative gains of N57.9 billion reported a year earlier.
Likewise, other operating expenses jumped 38.2 per cent to N335.3 billion, driven by marketing, communication & entertainment spending as well as banking sector resolution cost.
Last month, Fidelity Bank announced the result of its private placement, held on 31 December 2025, where it raised N227 billion made up of 12.98 billion shares. Earlier in 2024, it had raised N175.9 billion by way of public offer and rights issue on its way to meeting new recapitalisation requirements for the Nigerian banking industry.
The bank, which serves over ten million customers in Nigeria and the UK, holds an international banking licence.
Net interest income, a key performance metric which measures the difference between what a financial institution earns from interest-bearing assets and the interest it pays to depositors and creditors, rose by almost one third to N831.4 billion.
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The lender set apart N21.6 billion as provision for credit loss, which compares to the N56.4 billion it allocated for the same purpose a year earlier.
Fee and other commission income was up by 44.7 per cent at N113.4 billion, driven by increased ATM charges, while foreign currency revaluation gains expanded to N99.6 billion from N11.7 billion.
Profit before tax dropped to N347.7 billion from N385.2 billion. Fidelity Bank stated elsewhere in the financial report that the board of directors has not proposed any dividend for the year under review.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
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Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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