Business
Bank Records N100bn Savings Deposits In 2017
The Deputy Managing Director of Fidelity Bank Plc, Mr Mohammed Balarabe, said the bank recorded an increase of over N100 billion in the bank’s savings deposit account in 2017.
Balarabe, who said this at the final draw of Fidelity Bank’s “Get Alert in Millions Promo,” in Abuja, Wednesday, said the feat was made possible due to the implementation of financial inclusion strategy adopted by the bank.
He said that through the promo, the bank’s customer base increased in 2017, leading to the triple digit growth in savings deposits.
“Savings is a very important culture that is critical for the economy and the individual.
“On a personal level, you should save for a rainy day and also to bring into fruition that business you have always dreamt about.
“As a bank, promoting savings culture has also been very profitable for us.
“We have grown our savings deposit tremendously. In the past one year, we have grown by over N100 billion and that is a major feat for us,” he said.
Balarabe said Fidelity Bank had given out N110 million to 185 customers through its ‘Get Alert in a Million’ promo, which commenced in October, 2017 and ended in May.
The Tide source reports that an Aba-based entrepreneur, Mr Batholomew Nnalue, won the N10 million star prize of the promo.
Ms Nwasike Chidera and Ms Augustine Nkiru won N3 million each from the bi-monthly draws for the South East and South-South respectively.
Similarly, Ms Imoedemhe Osi and Jennifer Nnanna from South-South and South East won N2 million each.
Nnalue, the Star Prize winner, said he would invest the N10 million in his hide and skin business in Aba.
Meanwhile, Mr Malachi Oahimire of the National Lottery Commission said the commission monitored the selection process and the winners were indeed randomly selected in accordance to lay down rules.
Fidelity Bank has given out over N355 million to its loyal customers since 2007, while many others have won houses, scholarships, electronics and other consolation prices.
The bank in its 2017 audited report filed with the Nigerian Stock Exchange (NSE), reported a 94 per cent growth in profit for the year ended Dec. 31, 2017.
This followed the bank’s return to the international capital market and successful issuance of a 400 million dollars Eurobond that was over-subscribed by over 200 per cent.
The bank’s gross earnings increased by 18.3 per cent from N152 billion to N179.9 billion, and profit after tax grew by 93.7 per cent from N9.7 billion to N18.9 billion.
Tonye Nria-Dappa
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.
Mr Festus Osifo, President of PENGASSAN, said this while briefing newsmen at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja.
He said the sector was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.
“A drilling engineer in Nigeria does the same job as one in the U.S. or Abu Dhabi,” he said.
Osifo said the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.
“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.
He said PENGASSAN had recorded significant gains through collective bargaining across oil and gas branches.
“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.
He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.
Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.
He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.
“This industry recruits the best. Companies must provide the best conditions,” he said.
On insecurity, Osifo urged government to take decisive action against terrorism and kidnappings across the country.
“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.
He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.
Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.
He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.
“Nigerians want to see food on the table, not macroeconomic figures,” he said.
He urged government to coordinate fiscal and monetary policies to ensure economic gains reach households.
“Translate macro results to food on the table,” he said.
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