E-Financial
LAPO MFB’s Confirmation as one of Nigeria’s Top Employers

LAPO Microfinance Bank (MFB), the country’s largest microfinance bank is an ubiquitous presence across the country especially consistently accounting for over 20 percent of the MFB sector while serving over five million customers through over 535 locations nationwide.
The value of the institution not only to the small business sector but also to the overall economy was further confirmed recently when it emerged as one of Nigeria’s highest employers in a report by Statisense, a data consulting firm with expertise in analytics and research.
The research study focused on the country’s top 15 largest employers. The ranking depicts LAPO MFB as a hugely impactful organization that is also contributing immensely to job creation.
In the Statisence analysis, LAPO MFB came in at number five with 7,320 employees, ahead of cement giant, Dangote Cement PLC (seventh with 6,176 employees), as well as popular commercial banks like Access Bank and Guaranty Trust Bank and some companies from the country’s labor-intensive private security industry.
LAPO, Nigeria’s first publicly traded MFB was in good company with other strong corporate brands in the top five. The first to fourth positions were taken by Julius Berger Nigeria Plc, Chinese construction firm CCECC, Zenith Bank Plc and Halogen Security Ltd.
Furthermore, LAPO was the only microfinance bank on the list, which reflects its clear lead within the sector as well as the growing impact of the SME sector in job creation.
The research study is significant because unemployment in Nigeria has been a perennial challenge that has now compounded by the effects of the widely disruptive Covid-19 pandemic. The country’s unemployment rate rose to 33 percent in the fourth quarter of 2021, the second highest in the world. It means that one third of Nigeria’s 69.7 million-strong labor force did nothing or worked for under 20 hours a week. The unemployment rate for women was 35.2 compared with 31.8 for men.
It is also significant that LAPO prides itself as a female-centric bank with numerous services tailored to women and 58 percent of its staff being women as well. Women make up roughly half of the country’s working population outside their disproportionate role at the domestic level. LAPO’s gender policies which are in line with international development goals are also reflected in its board which is 50 percent female and its appointment of a female Managing Director, Cynthia Ikponmwosa.
Speaking on the organization’s gender-friendly focus, Ikponmwosa says: “It’s just natural that as a pro women institution, our staff would consist of more women than men,” says Ikponmwosa. “We try as much as possible to create a balance and although we have many women-friendly policies, we also incorporate policies that support men. For example, the board approved a policy on paternity leave of five working days for males.”
She adds: “We have great staff who are committed to the vision and mission of this bank. We can’t emphasize that enough because we have seen that demonstrated in the littlest of things in the bank and I think to a very large extent that has been the main oiler of the wheel of this bank.”
LAPO’s impact on employment goes far beyond its workforce. Not only is it a large and socially conscious employer, it also provides sustainable finance to millions of medium and small-scale businesses (MSMEs) which has a significant multiplier effect on job creation in the country. In Nigeria, SMEs account for 96 percent of businesses and 84 percent of employment according to a survey by PricewaterhouseCoopers.
LAPO helps to address a major challenge encountered by such businesses: limited access to funds due to the category of funding they qualify for. The bank also organizes training and other capacity building initiatives for MSMEs as part of its offerings.
A good number of its tailor-made financial products and services are tailored to agriculture which is the dominant sector for many households in Nigeria, particularly in rural areas where it employs almost 84% of households and accounts for 56 percent of rural net income.
As a result of its keen support for farmers, in March, 2021, LAPO was awarded ‘The Most Supportive Bank’ national category in the Central Bank of Nigeria (CBN) Agricultural Credit Scheme Funds (ACGSF). The institution was also commended by the CBN for financing and producing the best farmer in 2020 under the ACGSF.
Considering the high rate of unemployment which is projected to rise as population growth continues to outpace output expansion, LAPO’s role as a major contributor to job creation is commendable and worth emulating.
E-Financial
FG, World Bank Seek Capital Market Solutions for Infrastructure Funding

The World Bank has said that it is planning to introduce its joint capital markets programme (J-CAP) in Nigeria.
The J-Cap, a World Bank initiative, helps developing economies strengthen their capital markets, aiming to increase funding for strategic sectors like infrastructure, housing, and agriculture
Patricia Canziani, global head of capital markets and housing, financial institutions at the International Finance Corporation (IFC), spoke when she led a World Bank Group delegation to a meeting with the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.
The IFC is a subsidiary of the World Bank Group.
According to a statement on Sunday by Ifeanyi Nwoko, acting head of media and publicity at the ICRC, the meeting focused on how to develop and unlock the capital market in Nigeria.
Speaking during the meeting, Canziani said the essence of the meeting was to gather information that would enable the global bank to introduce its the J-CAP in Nigeria.
She said there are a number of untapped interests from potential international investors.
“The purpose of our visit is to introduce the J-CAP programme which we have introduced to 20 countries Worldwide and the purpose of the programme is to work together with the stakeholders in Nigeria and identify ways to support the development and roles of the capital market in Nigeria,” Canziani said.
“The capital market holds many opportunities for funding PPP. The Nigerian capital market already has different products, but we can support the development of newer products in the country.”
Canziani also commended the ICRC for its role in regulating public-private partnerships (PPPs), urging it to work with other players to develop new products and build investor confidence.
On his part, Jobson Ewalefoh, director-general of the ICRC, said the visit of the team was important as it could redefine the space of infrastructure development in Nigeria.
He said alternative finance options like the capital market to fund PPPs are at the heart of his innovative financing policy agenda.
Ewalefoh also said funding is at the core of infrastructure development, hence, unlocking the capital market would be a milestone.
“The World Bank and IFC were here to see what we can do in unlocking the potentials of the capital market in funding infrastructure development,” ICRC DG said.
“We deliberated on the opportunities, the challenges and the importance of having access to the huge funds available in the capital market to fund infrastructure.
“In my deliberation, I focused more on the potential for investors to invest in Nigeria based on the viability and bankability of projects in Nigeria.
“At the end of the day, we agreed that viability is not a problem but there are other risks that investors were weary of and also the lack of information about the opportunities that abound in Nigeria as a key investment destination.”
He, however, urged the global bank to do more in supporting Nigerian government agencies with funds and capacity development to come up with more eligible pipelines of projects.
Ewalefoh said the ICRC would do more to communicate the investment potential of Nigeria, adding that there is a nexus between the investment opportunities in Nigeria and the role the capital market can play in tapping into those potentials.
E-Financial
SEC Plans Meeting with Governors on Investment Opportunities in Capital Market

Securities and Exchange Commission (SEC) is to embark on investor education for State Governments across the Federation as part of strategies to harness the potentials inherent within the various states for wealth creation.
Dr. Emomotimi Agama, director General, Securities and Exchange Commission, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja, weekend.
Agama stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground”.
The Director-General added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it”.
Speaking earlier, Mr. Tom Ceusters, director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.
E-Financial
Fidelity Bank Raises ₦232Bn in First Phase of Capital Raising

Fidelity Bank Plc, Leading financial institution, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank.
“We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.
Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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