Fidelity Bank demonstrates  commitment to exit CBN forbearance by June 30

…Rewards 29 customers with ₦30m

Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year.

In a press statement filed with the Nigerian Exchange Limited on Wednesday night, the lender indicated that its Single Obligor Limits forbearance relates to two obligors and that its other credit forbearance exposure was to only four customers.

Following the June 13 circular from the CBN, which barred affected banks from paying dividends, bonuses, and investments in foreign subsidiaries over regulatory forbearance in respect of the Single Obligor Limit and other credit facilities, Zenith Bank, Access Holdings, and FCMB Group have issued statements indicating that they would meet the CBN timeline.

Fidelity Bank, which expressed a commitment to comply with regulatory directives, said, “The Bank’s exposure under the SOL forbearance relates to two obligors. We are confident that this exposure will be brought within the applicable regulatory limit in H1 2025.

“With respect to the forbearance granted on other credit facilities, the bank confirms that this applies to four customers. We have proactively made substantial provisions on these facilities and have taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025.”

The lender added that it expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet the prevailing requirements to enable it to pay dividends for the current financial year and subsequently.

Ahead of the recapitalisation deadline of the CBN in 2026, the bank successfully raised N273bn through a recent Public Offer and Rights Issue, which were oversubscribed by 237.92 per cent and 137.73 per cent, respectively.

Meanwhile the bank  has rewarded 29 lucky customers with a total of ₦30 million in the latest rounds of its GAIM Season 6 savings promo.

The winners emerged during the 4th, 5th, and 6th monthly draws, reaffirming the bank’s commitment to financial literacy, saving culture, and customer loyalty.

A major highlight was the double win by Mr. Kizito Onunkwo from the Abuja region, a first in the promo’s history.

Onunkwo, who won during the fourth draw, emerged again in the sixth draw, taking home a total of ₦2 million in cash prizes.

Besides Onunkwo, 28 other winners from various geo-political zones across Nigeria received ₦1 million each as part of the monthly draws.

The electronic draws were supervised by representatives from the FCCPC and other regulators to ensure transparency and fairness in the selection process.

Speaking at the event, Promo Chairperson and Executive Director, Dr Ken Opara, stressed the bank’s focus on empowering customers through innovative financial solutions.

“As a tier-one institution, Fidelity Bank is passionate about supporting our customers’ financial goals with sustainable and rewarding initiatives.

“The GAIM 6 promo reflects our strong commitment to encouraging a healthy savings culture while appreciating loyal customers,” he said.

Opara revealed that since launching GAIM 6 in December 2024, the bank has disbursed over ₦48 million to 1,769 customers across different categories.

“This initiative goes beyond rewards—it’s about giving our customers the tools and motivation for long-term financial security,” he added.

Also speaking, Divisional Head of Product Development, Mr. Osita Ede, explained the eligibility criteria and mechanics of the GAIM 6 promo.

“To enter the monthly draws, customers must keep at least ₦10,000 in their Fidelity savings account, which earns two electronic raffle tickets.

“Each additional ₦5,000 saved secures one extra ticket. For the grand prize of ₦10 million, customers need at least four tickets,” Ede added.

He noted that GAIM 6 is inclusive, with special draws for women, children, workers, and NYSC corps members, fostering broader financial inclusion.

GAIM 6 remains one of many ways Fidelity Bank rewards its customers while promoting savings and financial responsibility across the country.

The bank recently disbursed school fees support of ₦512.8 million to 884 Personal Savings Scheme and 472 SWEETA customers.