Revealed! Fidelity bank hikes workers’ salary second time in 8 months

• Fidelity Bank has promoted 376 employees, representing 12% of its workforce, pursuing a palmy fiscal twelvemonth with the highest nett increase.
• The slope besides announced a 2nd 20% wage hike for each staff, continuing its committedness to worker payment aft a akin summation successful November 2024
• This determination highlights the bank's dedication nether the enactment of Managing Director and CEO Dr. Nneka Onyeali-Ikpe

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Fidelity Bank Plc, has promoted 376 workers, oregon 12% of its full workforce, aft a palmy fiscal twelvemonth successful which it had the highest nett summation successful the nation's banking industry.

Fidelity Bank promoted 376 employees hust a fewer months aft it raised pay. Photo Credit: Fidelity Bank
Source: UGC

The slope besides announced a 20% wage hike for each employees successful a connection seen by Finance successful Africa, the 2nd compensation summation successful arsenic galore months.

“The announcement, which was precocious communicated internally, follows a akin 20% wage summation implemented successful November 2024 — a determination that underscores the bank’s ongoing committedness to worker welfare,” the connection said.

It further stated that the slope has ever exceeded marketplace expectations nether the absorption of Managing Director and CEO Dr. Nneka Onyeali-Ikpe (OON).

Bank's capital

With a 1.27% summation successful stock worth astatine the extremity of trading, Legit.ng had reported that Fidelity Bank's marketplace capitalisation surpassed N1 trillion.

According to figures from the Nigerian Exchange Group (NGX), the bank’s marketplace capitalisation reached N1 trillion arsenic its stock terms roseate from N19.75 connected Tuesday to N20 connected Wednesday, June 25th.

This summation boosted the company’s valuation from N991.6 cardinal to N1 trillion.

Fidelity Bank present joins the ranks of fiscal organisations that person achieved this milestone, alongside First Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Zenith Bank, and Access Bank.

The managing manager (MD) and CEO of Fidelity Bank, Nneka Onyeali-Ikpe, purchased an further 18 cardinal shares of the slope connected May 21.

Two days later, connected May 22, she bought 2 cardinal much shares astatine N18.6 each, amounting to N37.2 million, according to a regulatory filing connected the NGX.

As a effect of these purchases, Onyeali-Ikpe's ownership of Fidelity Bank accrued from 94.64 cardinal shares arsenic of December 31, 2024, to 114.64 cardinal shares.

In its astir caller fiscal show report, Fidelity Bank announced that its nett earlier taxation (PBT) surged by 167.8% year-over-year, reaching N105.8 cardinal successful the archetypal 4th (Q1) of 2025.

Fidelity Bank present joins the ranks of fiscal organisations that person achieved a immense milestone. Photo Credit: Fidelity Bank
Source: Getty Images

Fidelity Bank speaks connected bankruptcy rumours

Legit.ng reported that Fidelity Bank Plc has firmly denied caller media claims that it is connected the brink of bankruptcy due to a Supreme Court ruling related to an aged $3 cardinal recognition installation primitively granted by the now-defunct FSB International Bank successful 2002.

The slope explained that this contented is portion of a longstanding ineligible quality inherited pursuing its acquisition of FSB and that it is presently pursuing judicial guidance to clarify the close calculation of the judgement amount.

In a connection signed by Meksley Nwagboh, Divisional Head of Brand & Communications, Fidelity Bank emphasised its coagulated fiscal standing, condemning the reports arsenic false, harmful, and contrary to an existing tribunal order.

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Source: Legit.ng