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Kalu Commends Fidelity Bank
By Linda Elueme, 11.30.2004
Abia State Governor, Orji Uzor Kalu, has scored Fidelity Bank Plc high on professionalism, describing it as a bank with a history and foundation of integrity and ethics. Kalu said that having been an operator in the private sector before he became a governor, he had had the opportunity of following the progress of Fidelity Bank for a long time and was therefore in a position to confirm that the bank stands out as a highly principled financial institution. The governor made the pronouncement in the Abia State capital, Umuahia, when a team of the board and executive management of the bank paid a visit to brief him on their plans for achieving N25billion re-capitalization. Governor expressed optimism that Fidelity, with such foundation, would not have any difficulties whatsoever in achieving the prescribed capital of N25billion as well meaning investors would always identify with such virtues. Kalu also called on banks in the country to be real partners in progress with state governments, saying that the vision of his administration was to provide an enabling environment for private sector to be so vibrant that it would drive activities in the public sector. The governor said his vision was to support the private sector to be veritable employers of labour in the state such that scarce resources which presently go into salary payment would be devoted to projects and infrastructural development. The Fidelity team led by the Managing Director & Chief Executive,. Mr. Reginald Ihejiahi and Chairman of Oando Plc, who is also a member of the board of Fidelity Bank, Major General Mohammed Magoro (Rtd) said the team was in the state to enable them fully understand how they could do more for the business community in the state, as well as to brief them on the bank’s plan for achieving the N25billion re-capitalization requirement. Mr. Ihejiahi, speaking on behalf of the bank said, the bank was committed to supporting indigenous entrepreneurs and well meaning businesses through project financing and advisory services. He said that the bank has lines from foreign banks amounting to over $40million, which enhances the bankís capacity to assist genuine business people especially in import related businesses. He also pointed out that the bank has had a record of consistent excellent performance for over 16years, with two consecutive years of profit in excess of the N1billion mark, saying also that Fidelity Bank Plc is one of the banks recently appointed by the board of the Nigerian Customs Service to collect revenue on behalf of federal agency.
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