Fidelity Bank Grows Gross Earnings By 38% To N434.95b In Q1

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Fidelity Bank Grows Gross Earnings By 38% To N434.95b In Q1

Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.

Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.

The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.

With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.

The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.

The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.

Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.

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The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.

The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.

The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.

Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.
She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.

UCH Ibadan Launches Probe After Staff Allegedly Divert Diesel Meant For ICU Amid Power Crisis

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UCH Ibadan Launches Probe After Staff Allegedly Divert Diesel Meant For ICU Amid Power Crisis

The management of the University College Hospital, Ibadan, has commenced an internal investigation after staff members were allegedly caught diverting diesel allocated for critical hospital operations during the institution’s prolonged electricity crisis.

The incident reportedly occurred as the tertiary healthcare facility continued to battle severe power challenges linked to unresolved debt disputes with the Ibadan Electricity Distribution Company, raising fresh concerns over operational stability at one of Nigeria’s leading teaching hospitals.

Hospital authorities were said to have intercepted the suspected diversion during an internal security operation aimed at monitoring the distribution of emergency fuel supplies within sensitive medical units.

Brandspur Brand News gathered that the diesel allegedly being diverted was originally designated for essential departments including the Intensive Care Unit and surgical wards, where uninterrupted electricity remains critical for patient care and emergency procedures.

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Sources familiar with the development disclosed that the fuel was allegedly being moved for illegal resale outside the hospital system before security officials intervened.

The discovery has reportedly triggered a broader disciplinary review focused on internal sabotage, unauthorised handling of hospital resources, and the protection of critical infrastructure assets within the medical facility.

The latest development adds to mounting concerns surrounding the prolonged power crisis at UCH Ibadan, which has disrupted hospital operations and intensified pressure on management to maintain essential healthcare services despite unstable electricity supply.

Industry observers say the situation highlights the growing operational risks facing public healthcare institutions across Nigeria as rising energy costs, infrastructure challenges, and internal control weaknesses continue to strain service delivery.

Hospital management is yet to officially disclose the number of staff implicated in the incident, but investigations and administrative procedures are reportedly ongoing.

Lagos Raises Fresh Alarm Over Adulterated Palm Oil, Seals Shop On Lagos Island

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Lagos Raises Fresh Alarm Over Adulterated Palm Oil, Seals Shop On Lagos Island

The Lagos State Consumer Protection Agency has intensified its crackdown on adulterated food products after uncovering the sale of contaminated palm oil in several markets across Lagos State.

The agency warned residents to remain vigilant and avoid purchasing palm oil from unverified traders, citing growing concerns over public health risks linked to unsafe and chemically altered food products.

Investigations and market surveillance operations conducted by the agency reportedly exposed the circulation of palm oil mixed with harmful substances and artificial additives by traders seeking to increase profits.

Brandspur Brand News reports that the Lagos State Consumer Protection Agency subsequently sealed a shop located along Idutafa Lane off Oluwa Street near Amodu Tijani Oluwa Mosque on Lagos Island over the sale of adulterated palm oil.

According to the agency’s General Manager, Afolabi Solebo, some of the contaminated products discovered during inspections contained substances such as candle wax, dyes, chemicals, and other impurities capable of causing serious health complications.

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He warned that prolonged consumption of adulterated palm oil could expose consumers to food poisoning, liver damage, stomach disorders, tissue complications, and other long-term health risks.

The agency advised residents to carefully examine palm oil before purchase by checking for unusual colour variations, offensive smells, excessive thickness, sediments, or suspicious textures that may indicate contamination.

Consumers were also encouraged to patronise reputable vendors and insist on quality food products to reduce exposure to unsafe items circulating in local markets.

LASCOPA further warned traders and distributors involved in the production or sale of adulterated palm oil to immediately discontinue the practice or face legal sanctions under Lagos State consumer protection laws.

The agency reaffirmed its commitment to sustained market monitoring, consumer awareness campaigns, and enforcement operations aimed at ensuring residents have access to safe and hygienic products across the state.

Premier League Title Race Inspires Fresh Lessons For Entrepreneurs On Leadership, Strategy And Business Growth

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Premier League Title Race Inspires Fresh Lessons For Entrepreneurs On Leadership, Strategy And Business Growth

The dramatic conclusion of the 2025/2026 English Premier League season is offering more than football entertainment, as business leaders and entrepreneurs draw valuable lessons from the intense competition, leadership decisions, and financial strategies displayed by top clubs throughout the campaign.

With several clubs battling for titles, European qualification, and survival until the final weeks of the season, analysts say the league has become a strong reflection of the realities facing modern businesses operating in highly competitive markets.

Brandspur Brand News reports that experts believe the season exposed the importance of operational discipline, leadership stability, financial sustainability, and long-term strategic planning for companies navigating uncertain economic conditions.

One of the strongest business lessons emerging from the season is the value of marginal improvements. Arsenal’s consistent focus on tactical efficiency and set-piece execution demonstrated how attention to small operational details can deliver significant competitive advantages over time.

Business analysts noted that companies do not always need disruptive innovation to grow. Instead, refining internal systems, improving customer experience, and strengthening specialised functions can create sustainable gains in performance and profitability.

The season also highlighted the dangers of overreliance on youthful talent without experienced leadership structures. Chelsea’s heavy investment in young players produced moments of brilliance but also exposed the team to inconsistency, discipline problems, and leadership gaps during critical moments.

Industry observers say the situation mirrors challenges faced by startups and expanding companies that prioritise rapid recruitment and innovation without building mature leadership systems capable of managing crises and organisational pressure.

Financial sustainability emerged as another major takeaway from the Premier League campaign, especially as clubs continue operating under tighter Profit and Sustainability Rules and Financial Fair Play regulations.

Newcastle United and Aston Villa were among clubs forced to carefully manage spending despite ambitious growth plans, reinforcing the reality that access to funding alone cannot replace strong commercial performance and healthy cash flow generation.

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Business strategists argue that companies backed by investors or external capital must still build profitable core operations to remain resilient during economic downturns and changing market conditions.

The season further exposed the risks of complacency after previous success. Tottenham Hotspur’s dramatic decline following earlier achievements served as a warning that past victories do not guarantee future competitiveness in rapidly evolving industries.

Analysts say businesses that fail to continuously innovate, reassess market conditions, and adapt operational strategies risk losing market share to faster-moving competitors.

Leadership instability and boardroom conflicts also proved costly for several clubs during the campaign. Frequent managerial changes and disagreements between executives and ownership structures disrupted long-term planning and weakened team performance across multiple organisations.

Corporate governance experts believe similar tensions within businesses can damage workplace culture, reduce employee confidence, and slow strategic execution when leadership teams are not aligned on long-term objectives.

As the Premier League season closes, business leaders across sectors are increasingly viewing elite football as a powerful case study in competition, risk management, operational efficiency, and leadership execution in high-pressure environments.

Meta Platforms Drives $2 Billion Contribution To Nigeria’s GDP Through 14 Million MSMEs

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Meta Platforms Drives $2 Billion Contribution To Nigeria’s GDP Through 14 Million MSMEs

Meta Platforms’ digital ecosystem is playing an increasingly significant role in Nigeria’s economy, with a new report showing that millions of small businesses now rely on social media and messaging platforms to grow operations, reach customers, and improve productivity.

The report, titled “Nigeria’s Digital Economy,” was conducted by international research firm Public First and commissioned by Meta Platforms to assess the economic impact of the company’s technologies across Nigeria.

Findings from the study revealed that approximately 14 million Nigerian micro, small, and medium enterprises actively use Meta-owned applications including Facebook, Instagram, WhatsApp, Messenger, Threads, and Meta AI to support their business activities.

Brandspur Tech News Desk reports that the platforms collectively contributed an estimated $2 billion to Nigeria’s Gross Domestic Product through direct business activity, digital commerce, marketing, and operational efficiency.

The report also estimated that Meta’s broader digital ecosystem generated about $820 million in annual economic value across Nigeria’s rapidly expanding digital economy.

According to the study, instant messaging and social media tools have become critical infrastructure for Nigerian entrepreneurs, especially small businesses operating outside major commercial centres.

Data from the report indicated that 81 per cent of surveyed online businesses said digital platforms enabled them to reach customers beyond their immediate geographical locations, helping reduce marketing barriers and customer acquisition costs.

The findings highlighted how businesses in cities such as Kano, Ibadan, and other emerging commercial hubs now have access to the same communication and digital advertising tools available to larger companies in Lagos and Abuja.

The report further disclosed that the integration of messaging applications into daily business operations generated an estimated $640 million in productivity gains by improving communication, logistics coordination, and customer engagement.

Meta’s Director of Public Policy for Sub-Saharan Africa, Balkissa Ide Siddo, said Nigeria remains one of the continent’s most vibrant and digitally connected entrepreneurial markets.

She noted that digital platforms are helping remove traditional barriers limiting business expansion while creating new economic opportunities for entrepreneurs across different sectors.

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The study also identified WhatsApp as the leading channel for artificial intelligence adoption across Sub-Saharan Africa, with a large majority of Meta AI interactions in the region taking place through the messaging platform.

Researchers projected that with improved digital infrastructure, supportive regulation, and broader artificial intelligence adoption, AI technologies could contribute up to $22 billion to Nigeria’s economy by 2035.

The report additionally revealed strong support among Nigerians for locally developed artificial intelligence products tailored to African languages, cultures, and regional business challenges.

Industry experts say the findings underscore the growing influence of digital platforms in supporting Nigeria’s entrepreneurial ecosystem, expanding financial inclusion, and accelerating the country’s transition toward a technology-driven economy.

South Africa’s bPOWERd Launches Solar Battery Rental Service In Nigeria Amid Rising Energy Costs

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South Africa’s bPOWERd Launches Solar Battery Rental Service In Nigeria Amid Rising Energy Costs

South African clean energy startup bPOWERd has entered the Nigerian market with the launch of a solar-powered battery rental solution aimed at households and small businesses struggling with unreliable electricity supply and increasing fuel prices.

The company officially introduced the service in Lagos through a partnership with Mobil service stations, which will operate as battery charging and swapping centres across seven locations in the state.

The expansion comes as demand for alternative energy solutions continues to rise in Nigeria due to persistent grid instability, high diesel costs, and growing dependence on off-grid power systems.

Brandspur Energy News Desk reports that bPOWERd’s business model focuses on providing affordable, pay-per-use energy solutions through portable solar-charged batteries that can be rented daily by consumers and business operators.

According to the company, customers will be required to complete a Know-Your-Customer verification process using their National Identification Number before accessing the service. Users are also expected to pay a refundable deposit of ₦15,000 before receiving a battery unit.

The startup introduced two battery categories, including a 300-watt-hour option rented at ₦1,500 per day and a 1000-watt-hour battery available for ₦3,000 daily.

Company officials explained that the batteries are designed to power essential household and business appliances such as LED lighting systems, fans, televisions, and mobile devices.

Users can recharge depleted batteries by returning them to designated swap stations located at participating service centres, where fully charged replacement units will be issued.

Managing Director of bPOWERd, Jonathan Lule, said the company’s entry into Nigeria is targeted at supporting small businesses and households seeking reliable and cost-effective energy alternatives.

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He noted that many businesses continue to face operational difficulties caused by unstable electricity supply and rising energy expenses.

Head of bp Global West Africa, Oluwole Ogidan, stated that the initiative also aims to support local employment opportunities through collaborations with Nigerian solar technicians and on-site energy service personnel.

Nigeria’s renewable energy sector has continued to attract investment as consumers increasingly adopt solar technologies to address electricity shortages and reduce operating costs.

Industry reports indicate that solar energy remains a small but growing component of Nigeria’s overall energy mix, with demand expected to increase further as businesses and households search for cleaner and more reliable power solutions.

bPOWERd, which began operations in South Africa in 2025, disclosed that it completed more than 125,000 battery rentals within its first year of operation, a performance the company hopes to replicate in Nigeria’s expanding clean energy market.

Nigeria’s 3MTT Partnership With Hello.cv Sparks Debate Over Digital Sovereignty And .NG Domain Adoption

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Nigeria’s 3MTT Partnership With Hello.cv Sparks Debate Over Digital Sovereignty And .NG Domain Adoption

Nigeria’s digital economy strategy has come under renewed scrutiny following concerns over the Federal Government’s partnership between the 3 Million Technical Talent Programme and Hello.cv, a deal designed to connect Nigerian tech talents with global employers.

The initiative, announced by the Federal Ministry of Communications, Innovation and Digital Economy, will provide 20,000 Nigerian tech fellows with professional digital profiles, AI-powered job search tools, CV-writing support, and personalised .cv domain identities.

The partnership, valued at more than $10 million, is intended to strengthen global visibility for Nigerian technology professionals and improve access to international employment opportunities.

Brandspur Tech News Desk reports that the agreement has, however, triggered wider conversations around Nigeria’s digital sovereignty ambitions and the continued low adoption of the country’s local .ng domain infrastructure.

Critics argue that assigning Nigerian tech talents digital identities linked to the .cv country-code domain associated with Cape Verde raises questions about the government’s commitment to promoting Nigeria’s own digital ecosystem.

The .cv extension has been commercially positioned by Hello.cv as a shorthand for “curriculum vitae,” allowing users to create globally recognisable professional digital profiles.

The platform was founded by Nigerian entrepreneur Ope Awoyemi, who is also known for establishing Jobberman and Whogohost.

Industry stakeholders have nevertheless raised concerns that the partnership could undermine efforts to expand adoption of Nigeria’s local .ng domain managed by the Nigeria Internet Registration Association.

Available industry data indicates that Nigeria’s .ng domain registrations remain relatively low compared to other African countries despite the nation’s large population and growing internet penetration.

Technology analysts say wider local domain adoption could support domestic digital infrastructure, strengthen cybersecurity frameworks, improve investor confidence, and retain digital revenue within Nigeria’s economy.

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Some observers also questioned whether a Nigeria-based alternative such as a cv.ng platform or local subdomain structure could have been developed under existing Nigerian domain infrastructure.

The development has intensified discussions around the Federal Government’s Nigeria First Policy, which encourages ministries and public institutions to prioritise local products, services, and technology solutions whenever possible.

Supporters of the Hello.cv partnership maintain that the programme remains valuable because it expands global employment opportunities for Nigerian tech talents and enhances international visibility for participants in the 3MTT initiative.

Since its launch, the 3MTT programme has continued to train thousands of young Nigerians across all 36 states and the Federal Capital Territory as part of efforts to build a globally competitive digital workforce.

Analysts say the debate highlights a broader challenge facing Nigeria’s technology ecosystem — balancing international competitiveness with the long-term development of indigenous digital infrastructure and national digital identity systems.

AXA Mansard Executive Omowunmi Adewusi Wins HR Expo Africa Lifetime Achievement Award

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AXA Mansard Executive Omowunmi Adewusi Wins HR Expo Africa Lifetime Achievement Award

AXA Mansard Insurance Plc executive Omowunmi Mabel Adewusi has received the Lifetime Achievement Award at HR Expo Africa in recognition of her contributions to human capital development and organisational leadership.

Adewusi, who serves as General Counsel and Human Resources Director at AXA Mansard Insurance, was honoured for her long-standing impact on workplace transformation, talent management, leadership development, and people-focused corporate strategy.

Organisers of HR Expo Africa stated that the award recognises professionals who have demonstrated measurable influence in advancing employee engagement, organisational growth, and effective people management practices across industries.

Brandspur Business News Desk reports that Adewusi has played a major role in strengthening AXA Mansard’s workplace culture through initiatives centred on staff development, inclusion, performance management, employee wellbeing, and talent retention.

Under her leadership, the company has continued to implement human resource strategies aimed at building a productive work environment that supports professional growth and organisational efficiency.

Speaking after receiving the award, Adewusi described the recognition as a reflection of the collective efforts of the teams and leaders she has worked with throughout her career.

She noted that creating environments where employees can grow, contribute meaningfully, and perform at their highest potential remains a critical part of sustainable business success.

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Chief Executive Officer of AXA Mansard Insurance, Kunle Ahmed, congratulated Adewusi on the achievement, describing her leadership as instrumental in promoting a healthy workplace culture within the organisation.

Ahmed stated that her consistency in driving people-centred strategies has contributed significantly to business performance and employee wellbeing across the company.

HR Expo Africa is widely recognised as one of the continent’s leading platforms celebrating excellence in human resources, organisational development, and workplace innovation.

The recognition further highlights the growing importance of strategic human capital management within Nigeria’s financial services and corporate sectors as organisations increasingly prioritise employee experience, leadership development, and sustainable workplace culture.

MTN Moves Closer To $2.2 Billion IHS Acquisition After Board Approval And Shareholder Support

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MTN Moves Closer To $2.2 Billion IHS Acquisition After Board Approval And Shareholder Support

MTN Group has moved a step closer to completing its proposed $2.2 billion acquisition of IHS Holding Limited after securing approval from the IHS board and gaining significant shareholder backing ahead of a planned vote.

Regulatory filings submitted to the U.S. Securities and Exchange Commission revealed that IHS shareholders are expected to vote on the transaction during an extraordinary general meeting scheduled to hold in London later this year.

If approved, MTN will acquire all outstanding IHS shares for $8.50 per share in cash, paving the way for the telecommunications infrastructure company to exit the New York Stock Exchange and become privately owned.

Brandspur Business News Desk reports that the proposed deal places IHS at an implied equity valuation of approximately $2.9 billion, excluding its Latin American operations, while also representing a premium above the company’s recent average market trading price.

According to transaction details, MTN plans to finance the acquisition using roughly $1.1 billion from IHS’s existing balance sheet alongside another $1.1 billion sourced through MTN liquidity reserves and debt facilities.

The takeover proposal has already attracted support from investors controlling more than 40 per cent of IHS voting rights, including MTN subsidiary Mobile Telephone Networks Holdings, which committed its 85.2 million shares in favour of the acquisition.

Another major shareholder, Oranje-Nassau Développement, linked to investment group Wendel, also pledged support for the transaction through its significant stake in IHS.

IHS directors unanimously approved the merger agreement, signalling strong internal backing for the transaction as the company prepares for a final shareholder decision.

The acquisition is expected to strengthen MTN’s control over telecommunications infrastructure across Africa, particularly in markets where IHS operates thousands of telecom towers supporting mobile network operations.

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IHS currently manages approximately 28,700 telecom towers across Africa, the Middle East, and Latin America, including nearly 15,942 towers in Nigeria where the company controls an estimated 41 per cent market share.

MTN maintains operations in all of IHS’s African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, making the acquisition strategically important for network expansion and operational efficiency.

Industry analysts say African telecom operators are increasingly seeking direct control of critical infrastructure as inflationary pressures, currency volatility, and rising network operating costs continue to impact profitability across the sector.

The deal is also expected to reduce MTN’s dependence on third-party tower management providers while improving network optimisation and foreign exchange risk management across key markets.

Once finalised, the transaction will end IHS’s status as a publicly traded company roughly five years after its listing on the New York Stock Exchange in 2021.

The merger remains subject to approval by at least two-thirds of votes cast during the upcoming shareholder meeting before completion can proceed.

Burkina Faso Shuts Down Gates-Backed Malaria Project Over Sovereignty And Ecological Concerns

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Burkina Faso Shuts Down Gates-Backed Malaria Project Over Sovereignty And Ecological Concerns

The military government of Burkina Faso has officially terminated operations of Target Malaria, a malaria research programme supported by the Bill & Melinda Gates Foundation, as authorities intensify efforts to reduce foreign influence within the country.

The project, which began operations in Burkina Faso in 2012, focused on using genetically modified mosquitoes as part of scientific efforts aimed at reducing malaria transmission in one of Africa’s most malaria-affected nations.

Authorities under the leadership of Ibrahim Traoré reportedly ordered the immediate suspension of all project activities on August 22, 2025, alongside directives for the destruction of mosquito samples and the sealing of research facilities linked to the programme nationwide.

Brandspur Global News Desk reports that the Burkinabe government cited concerns surrounding national sovereignty, ecological safety, and foreign involvement in domestic scientific and public health initiatives as major reasons behind the decision.

The move forms part of a broader policy shift by the military administration, which has revoked the operational licences of at least 21 international organisations this year amid increasing scrutiny of Western-backed programmes operating within the country.

Government officials have maintained that Burkina Faso intends to strengthen national control over strategic sectors and reduce dependence on foreign institutions in areas affecting public policy, health, and research activities.

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The closure of the Target Malaria programme has, however, sparked concern among global health observers and researchers, particularly as Burkina Faso remains among countries with some of the world’s highest malaria infection and mortality rates.

Public health experts warn that the shutdown removes one of the country’s most ambitious scientific interventions targeting malaria prevention at a time when many African nations continue to battle rising disease burdens linked to climate conditions and healthcare infrastructure challenges.

Target Malaria had previously focused on advanced mosquito-control research designed to limit malaria transmission through genetic modification technology, with supporters arguing that the project could contribute significantly to long-term malaria eradication efforts across Africa.

The latest development further reflects growing geopolitical and policy realignments across parts of West Africa, where several military-led governments have increasingly adopted nationalist policies aimed at reducing Western influence and asserting greater control over domestic affairs.

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