Business
Fidelity Bank Promo: 15 Win N15m
Fifteen Nigerians have emerged new winners of N1 million each in Fidelity Banks on-going save and smile promo which is currently in its trial month.
The new winners who emerged from various region of the country collectively brought the number of millionaires so far made by the promo to 45, leaving 55 more millionaires to emerge.
The winners emerged from a recent draw in Abuja and have since been given their prizes. They include Odofin Monday Paul, Stephen Izuchukwu Okoye, Odeoji Remigius Okechukwu and Emanuel Anglican church from the Lagos regions, Monday Chigozie Odurusam and Chibuzor Favour Dur from the South East, Mojishade Martina Idowu and Sadiq Abdulahi from the North and Mcfreddy Okafor and Kingsley Chibuike Osuji from the South South region among others.
The draw also produced 42 winners of electricity generators, 17 winners of refrigerators, 17 winners of TV sets and 6 winners of TV sets and 6 winners of motorcycles and thousands of instant gifts and souvenirs that were redeemed on the spot.
Speaking at the recent presentation of prizes to winners at the bank’s head office in Lagos, the Managing Director of the bank, Mr. Reginald Ihejiah explained that the essential messages of the promo was to remind people that no matter how trying the times might be, it was still profitable to save.
Ihejiahi who was represented by the Executive Director (Business Banking), Chief Willie Obiano, said the promo is primarily designed to encourage and help build a savings habit among the populace.”
According to him, by the time the promo ends in March “more than 400,000 customers would have received instant gifts; another 650 would have won various prizes at the various draws and of course, 100 Nigerians would have won N1 million each.”
He further expressed the hope that the sudden infusion of capital through the promo into the system would empower and encourage the bank’s customers to even better financial planning while urging them to keep their saving with the banks efforts were in the offing to motivate and serve them better.
Since the promo opened in mid September this year, more customers have sought to open a savings account with the bank to access the bank’s attractive arrays of services while hoping to win one of the many prizes before the end of the promo in March 2010.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.