E-Financial
Investors Scramble for Fidelity Bank’s Offers
Investors are literally scrambling for shares of Fidelity Bank Plc as the leading commercial bank’s capital raising continues to gather momentum among all categories of investors.
Investors’ appetite for Fidelity Bank is shown in massive subscriptions to its ongoing rights and public offers and voluminous trading at the stock market.
Current weekly report shows that Fidelity Bank was the most active stock at the stock market, outperforming the banking sector and the overall market.
Fidelity Bank recorded a turnover of 1.73 billion shares worth N18.27 billion in 1,579 deals to emerge atop the activities chart for the week.
This implies that Fidelity Bank accounted for 51 per cent and 35 per cent of total volume and value traded during the week. Total turnover for the week at the Nigerian Exchange (NGX) stood at 3.39 billion shares worth N52.30 billion in 44,814 deals.
In what underlined the fact that transactions in Fidelity Bank was driven by positive investors’ sentiment, the bank’s share price combined the huge turnover with appreciation.
Contrary to the overall negative performance of the market and the banking sector, Fidelity Bank’s share price rose by 0.05 per cent to N10.75 per share. The benchmark index that measures pricing trend for the equities market, the All Share Index (ASI) of the NGX, closed the week down by 0.46 per cent. The NGX Banking Index, the sectoral index that measures the performance of the banking sector, had closed lower by 0.48 per cent.
The secondary market trading on Fidelity Bank’s shares underscored investment experts’ general view on the attraction of the bank’s ongoing rights and public offers. Experts have categorized Fidelity Bank as a most attractive offer, with the bank carrying the “buy” recommendation in most investment research reports.
For instance, at the ongoing offer prices, Fidelity Bank is locking in immediate double-digit gain of between 11 to 18 per cent for investors in the ongoing rights and public offers, a substantial immediate return that’s unique to the bank among other competitors.
Fidelity Bank had started with a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.
With massive subscriptions and the offers clearly heading to huge oversubscription, the bank has received approvals to issue additional 8.2 billion ordinary shares to absorb potential oversubscription. Thus, the rights issue size was doubled with additional 3.2 billion shares while 5.0 billion shares were added to the public offer.
Application list for the offers closes on August 12, 2024. A minimum subscription of 1,000 shares or N9, 250 for rights issue and N9, 750 shares for public offer ensures that the generality of the people can benefit from the bank’s ongoing offers.
Experts at Afrinvest West Africa said subscribing to the rights and public offers is a cheaper way as the issuing company bears the cost of transaction compared to the secondary market where the buyer pays transaction charges and levies.
Afrinvest categorised Fidelity Bank as an “opportunity” for the investing public, citing the bank’s impressive historical capital gain and performance records.
Investment experts at Arthur Steven Asset Management said investors in Fidelity Bank’s ongoing rights and public offers stand to reap about 57 per cent in capital gain over a short term period, putting the bank’s shares as valuable inflation-hedging assets.
Analysts at Arthur Steven Asset Management outlined that with a return on equity of 23 per cent, Fidelity Bank has consistently increased dividend payouts for the past three years, rising from 35 kobo per share in 2021 to 40 kobo and 60 kobo in 2022 and 2023 respectively.
Analysts noted that the bank has a long-to-deposit ratio of 75 per cent, which underlines Fidelity Bank’s strong commitment to supporting businesses and national economic development. Debt-to-equity ratio stands at 1.34 times, showing that the bank has no significant debt burden and thus easily, aggressive growths translate to higher returns to shareholders.
Fidelity Bank has delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.
The secondary or stock market performance has been driven by massive expansion in business operations and strong growth in profitability. Fidelity Bank has recorded an average annual profit growth of 64 per cent over the past three years.
The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.
Nigerians lost N25.85 billion to digital payment fraud in 2025, according to Central Bank of Nigeria (CBN).
Though the figure represents a significant decline from the N52.26 billion recorded in 2024, CBN, said the losses remained substantial for payment service providers (PSPs).
According to the report, although the value of digital payment fraud declined significantly year-on-year, when compared to the N52.26 billion recorded in the previous year, the losses remained substantial for Payment Service Providers (PSPs), underscoring the need for stronger fraud prevention measures across the industry.
In the report, the CBN, also identified systemic risks, cyber threats, the dominance of a few systemically important payment service providers, and the activities of unlicensed payment companies as major concerns confronting the financial sector.
According to the report, although the value of digital payment fraud declined significantly year-on-year, the losses remained substantial for Payment Service Providers (PSPs), underscoring the need for stronger fraud prevention measures across the industry.
“Digital payment fraud in Nigeria stood at N25.85 billion in 2025,” the apex bank said.
It noted that while this represented a considerable improvement from the N52.26 billion lost in 2024, the amount remained significant.
“Though this was lower than N52.26 billion in the preceding year, it represented a substantial loss for PSPs,” the report stated.
The CBN attributed the reduction in fraud losses to enhanced security measures implemented across the financial sector.
It said, “The lower losses in 2025 reflected improvements in monitoring, BVN-NIN integration, and tighter controls.”
Beyond fraud, the report warned that Nigeria’s rapidly expanding digital payments landscape faces increasing systemic vulnerabilities as banks and fintech companies become more interconnected through shared payment infrastructure.
According to the report, a major operational failure involving a single payment service provider could quickly spread across the financial system because of the growing dependence on integrated payment platforms.
The CBN observed that despite ongoing efforts to strengthen payment system integration, interoperability remains a significant challenge.
It disclosed that about half of fintech stakeholders continued to express dissatisfaction with the current level of system-wide interoperability.
The report stated that “about 50.00 per cent of fintech stakeholders continued to rate system-wide interoperability as poor, primarily due to the lack of universal APIs and data-sharing standards.”
The apex bank also expressed concern over the concentration of payment activities among a few Systemically Important Payment Service (SIPS) providers, warning that operational failures involving any of them could have widespread consequences.
It explained that the failure of such providers could trigger a “domino effect”, where insolvency or operational glitches in one payment service provider spread rapidly to others, disrupting the smooth functioning of the financial system.
Cybersecurity also featured prominently among the risks identified in the report.
The CBN warned that payment service providers remain vulnerable to ransomware attacks, data breaches and credential theft, noting that cybercriminals are becoming increasingly sophisticated in targeting financial institutions.
According to the report, “Banking and fintech institutions remained prime targets for ransomware, data leaks, and credential theft.”
It added that, “Cyber threats in Nigeria are no longer random cybercrimes, but increasingly targeted, organised, and identity-driven campaigns.”
The report further cautioned Nigerians against transacting with unlicensed payment companies, stressing that such entities operate outside regulatory oversight and expose users to significant financial risks.
It warned that customers using unlicensed PSPs are not protected by existing regulatory safeguards and that such operators could facilitate illicit financial activities.
“Users of unlicensed PSPs are not covered by regulatory protection that comes with effective oversight and supervision,” the CBN said.
It further warned that, “Unlicenced payment companies are gateways for money laundering which could undermine regulatory efforts and corrode public trust.”
The report underscores the growing importance of strengthening fraud detection systems, improving payment infrastructure interoperability, enhancing cybersecurity resilience, and intensifying regulatory oversight as Nigeria continues to expand its digital payments ecosystem.
Nigeria Revenue Service (NRS) yesterday announced that medium and large companies in Nigeria that earn income from cryptocurrency and other virtual asset transactions will now be subject to a 30 per cent corporate income tax.
NRS stated this in its new guidelines setting out a tax framework for cryptocurrency and other digital asset transactions.
The guidelines cover registration, record-keeping, valuation, and tax treatment for VASPs, P2P operators, and individuals in the virtual asset space.
NRS said the move is aimed at encouraging voluntary compliance and improving transparency as Nigeria’s digital asset sector grows.
The Guidelines on the Taxation of Virtual Assets, provide a comprehensive framework for the taxation of virtual asset transactions and businesses operating within Nigeria’s digital economy.
The guidelines apply to companies, individual taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators and other participants in the virtual asset ecosystem
The latest framework follows the signing of the Presidential Executive Order on Virtual Assets Coordination, 2026 by President Bola Tinubu, which established a coordinated regulatory structure for cryptocurrencies, stablecoins, tokenised assets and other digital assets across government agencies.
According to the NRS, companies that derive profits from virtual asset activities will be taxed under the provisions of the Nigeria Tax Act (NTA), 2025. While small companies will continue to enjoy applicable tax exemptions under the law, medium and large companies will be liable to the standard 30 per cent corporate income tax rate.
The agency stated that taxable income under the guidelines covers a broad range of virtual asset-related activities, including cryptocurrency trading, the operation of virtual asset exchanges, transaction fees, brokerage commissions, custody and wallet services, token issuance, mining, staking, decentralised finance (DeFi) activities, investment gains and other virtual asset business operations.
According to the guidelines, “Applicable rates under the NTA include progressive rates for individuals, and 30 per cent for companies other than small companies.”
The NRS said the guidelines were introduced to provide clarity, certainty and consistency in the administration of Nigeria’s tax laws as they apply to virtual assets, adding that the framework is intended to improve transparency, encourage voluntary tax compliance and support the development of an efficient tax regime for the digital asset sector.
The agency also clarified that merely holding cryptocurrencies or other virtual assets does not constitute a taxable event.
Any appreciation in the value of a digital asset while it remains in a taxpayer’s possession will not attract income tax until the asset is sold, exchanged or otherwise disposed of through a taxable transaction.
Similarly, transfers of cryptocurrencies or other virtual assets between wallets owned and controlled by the same individual are exempt from income tax, provided there is no change in beneficial ownership.
This means that moving digital assets such as Bitcoin or Ether between personal wallets will not trigger a tax liability.
However, the exemption does not extend to transfers involving companies, partnerships, trusts, unincorporated associations or other legal entities, where different tax rules may apply.
The NRS further explained that although these non-taxable transactions do not attract immediate tax, they establish the acquisition cost for future disposals.
Consequently, taxpayers are required to maintain adequate records of acquisitions, transfers and disposals to facilitate accurate tax computations when taxable events occur.
The guidelines also reaffirm that unrealised gains on cryptocurrencies and other virtual assets are not subject to income tax. Instead, tax liability arises only when a taxable disposal takes place, aligning Nigeria’s approach with internationally recognised principles for the taxation of digital assets.
The issuance of the guidelines is expected to provide greater regulatory certainty for investors, businesses and digital asset service providers, while strengthening the government’s efforts to expand the tax base and improve compliance in Nigeria’s growing virtual asset ecosystem.
As more Nigerians adopt digital financial services, fraudsters are also finding new ways to target unsuspecting users. Nigeria has recorded more than 24.1 million compromised online accounts since 2004, with hundreds of thousands of additional cases reported in early 2026. While these figures are not limited to financial accounts, they highlight the growing exposure of personal information and login credentials online.
Fraudsters often use phishing links, impersonation and other social-engineering tactics to trick people into revealing sensitive information such as passwords, OTPs, BVN or NIN details.
To help users strengthen the security of their accounts, PalmPay provides a range of built-in protection tools. One of these is the Transaction Guard.
The feature enables users to set single, daily, or monthly transaction limits. Whenever a transaction exceeds that limit, an additional verification step; facial verification- is required before it can be completed. This helps reduce the risk of unauthorized transfers, even if an account has been compromised.
Here’s how Transaction Guard helps keep your money safe:
- Keeps User in Control
The feature gives you greater control over your account by ensuring that higher-value transactions require your facial verification before they are processed. Transaction Guard requires facial verification before eligible transactions are completed, making it harder for unauthorized users to move your funds.
- Helps Mitigate Account Takeovers
Even if your login credentials or OTP are compromised, Transaction Guard helps limit potential losses by requiring an additional verification step that fraudsters cannot easily complete.
- Reduces the Risk of Fraud
By activating this security checkpoint, Transaction Guard helps protect users against common fraud attempts, giving them greater confidence when faced with scam attacks.
In a recent interview, Femi Hanson, Head of Marketing, PalmPay said: “Nigerians are increasingly embracing digital payments in their everyday lives hence maintaining trust and confidence of users must remain a top priority. Today, security is just as important as speed and convenience. That’s why PalmPa is continuously investing in solutions that give our customers greater control over their finances. Transaction Guard is one of those security features we’ve introduced to help users add an extra layer of protection to their accounts and mitigate fraud.”
How to Activate Transaction Guard
Activating Transaction Guard is quick and easy. Simply open the PalmPay app, go to Profile, tap Security Center, select Transaction Guard, switch it on, and complete the verification process.
As digital payments become embedded in everyday life, taking advantage of built-in security features can make a significant difference. By enabling Transaction Guard, PalmPay users can better protect their accounts and enjoy a safer, more secure digital banking experience.
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