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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS Capital base: Bank boss foresees stronger banking industry By Vincent Ujumadu Saturday, October 23, 2004 ABA, ABIA — MANAGING Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Reginald Ihejiahi has likened what is happening in the banking industry to what happened in the brewing industry a few years ago, expressing hope that the industry would come out of it stronger. Ihejiahi, who spoke in Aba while briefing the bank’s customers and stock brokers on efforts being made to re-capitalize the bank however assured that there is no cause for alarm as those who invest in Fidelity Bank would definitely have good returns on their investment, saying "to investors the most important thing is the future". According to him, of the 89 banks in the country, only about 13, including Fidelity Bank, have posted profit of over N1 billion which, he said, is a morale booster to those wishing to invest in the bank. "By 2010, we want to be one of the top ten banks in the country," he said, adding that in the next three years, those who invest in the bank now would recover their money. Ihejiahi explained that it was a deliberate policy of the bank to own most of its offices, sating that it was that reason that informed the decision of the board to buy the multi-million naira Rufus Obi Chemist building in the heart of Aba to serve as its corporate headquarters in the South East zone. He said that with effect from next week, the bank’s shares would be traded at the Nigerian Stock Exchange, adding, "we are asking people to invest in a bank not owned by a few people because of Fidelity, no single person owns majority shares." At the Aba meeting, stock brokers and investors were informed that the bank had a balance sheet growth of 183 per cent in the last five years, 254 per cent gross earnings growth in the last five years, growth in profits of 316 per cent in the last five years and 25 per cent growth in the financial year ended June, 2004. It also boasts of authorised share capital of N6 billion by end of September this year, paid up share capital of N1.93 billion by December and shareholders funds currently at N3.5 billion expected to increase to N10 billion by December this year.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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