Fidelity Bank Promotes 12% of Workforce and Increases Salaries by 20% Across the Board

Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has promoted 376 employees following its recently concluded annual performance review exercise. This represents approximately 12% of the bank’s workforce, underscoring management’s deep appreciation for the pivotal role played by staff in recording the highest growth by percentage volume in the banking industry—a 210% increase in its Profit Before Tax (PBT), which rose from ₦124.3 billion in 2023 to ₦385.2 billion in 2024.

The announcement, which was recently communicated internally, comes on the heels of a 20% across-the-board salary increase implemented in June 2025—a gesture that reflects the bank’s commitment to staff welfare. Notably, this follows a similar salary adjustment carried out in November 2024.

Under the leadership of Dr. Nneka Onyeali-Ikpe, Fidelity Bank has consistently outperformed market expectations. In 2024, the bank recorded the highest share price growth in the industry—116%—following the completion of its public offer, which was oversubscribed by 238%.

In recognition of the bank’s stellar performance, global rating agency Fitch Ratings recently upgraded Fidelity Bank’s National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’, further endorsing the bank’s financial strength and prudent management. The upgraded rating reflects improved profitability metrics and robust capital buffers, reinforcing the bank’s sustained upward trajectory.