E-Financial
Mirroring Fidelity Bank’s Giant Footprints in Aviation Financing in Nigeria
Aviation business, not only in Nigeria, is generally known to be a capital intensive one and strictly guided by international regulations as prescribed by the International Civil Aviation Organisation (ICAO).
Fidelity Bank
The ICAO recommended standards and Practices are to be referred to when dealing in aviation business, therefore, Nigeria being a signatory to ICAO should uphold international civil aviation standards and fulfill its obligations under the Convention on International Civil Aviation.
Numerous challenges, including high operating cost; fluctuating exchange rates; difficulties in aircraft repossession; perceived high-risk environment for international financiers and lessors, leading to stringent financing terms or reluctance to engage with Nigerian airlines, have really overwhelmed the sector.
Experts say international lessors often perceive Nigeria as a high-risk country due to factors like currency fluctuations and difficulties in aircraft repossession, making it harder for airlines to secure leases on favourable terms and encountering difficulties in securing financing for aircraft acquisition and maintenance.
“Despite its strategic location, burgeoning population, and role as West Africa’s gateway, Nigeria’s aviation sector struggles to attract investment and secure newer, fuel-efficient aircraft under favorable leasing terms.
According to analysts, domestic airlines continue to shrink in size ‘due to lack of adequate financing and sometimes lack of sincerity among many operators who are not disciplined enough to differentiate between operating funds from personal monies and in the mix they encroach into their capital. This is why many airlines find it difficult to offset their loans, and because of frivolous spending by many operator and other factors, the banks had it as a policy not to give credit facility to airlines’.
Fidelity Bank’s Midas Touch
Not many people were aware that while banks stayed away from the sector, Fidelity Bank placed a bet on Barrister Allen Onyema’s Air Peace brand over 10 years ago.
Air Peace began operations with seven aircraft consisting of three Dornier 328s and four Boeing 737-500. This initial fleet was notably larger than what some other airlines started with. The airline launched on October 24, 2014.
Despite their size and smallness, Fidelity Bank chose to stick with the airline. It provided fund to buy new aircraft from Boeing. In 2018, Dr. Allen Onyema signed an agreement with Boeing for 10 new aircraft, this was financed by Fidelity Bank.
Fidelity Bank provided the funds required for Air Peace’s growth and expansion. Air Peace has scaled up and is now the largest airline in West Africa by fleet and size.
The airline has also kept faith with Fidelity Bank by choosing to bank with it even in the face of multiple choices, currently.
No airline in Nigeria today comes close to Air Peace in terms of daily turnover and liquidity.
Onyema, who disclosed recently at a press conference to announce commencement of Abuja-London Heathrow flights, that the airline currently has 49 aircraft, 36 on outright purchase and four on wet lease, spoke of the financial integrity of the airline, adding that it has contributed to the feat of securing the coveted slot in Heathrow.
Speaking on maintenance and financial integrity of the airline, Onyema described its fleet maintenance as top notch, revealing that its partnership with Israeli Aerospace Service and OEM has also earned it international accolades. He added that Air Peace’s financial integrity has grown the confidence of other financial institutions in investment in aviation.
“The banking industry confidence has grown due to our financial integrity. Fidelity bank celebrated us recently, our financial integrity is the reason for our expansion, every Nigerian banks now wants to partner with us because we see borrowed money as other people’s money, they are depositors’ money, so we are prudent with it, banks don’t look over their shoulders when they are dealing with us”, he added.
On Sunday, April 21, 2024, Fidelity Bank hosted an evening in honour of Air Peace for achieving a historic milestone of being the first Nigerian airline in recent times to commence direct flights from Nigeria to London.
The dinner, which also coincided with the 10th year anniversary of the airline, was to be an opportunity to get together to celebrate Nigerian aviation giant and Chairman of the Air Peace Group, Dr. Allen Onyema, who had broken the jinx of Nigerian airlines in the international aviation space with its commencement of flights to London.
Making its debut flight to London on March 30, 2024, with a ticket price of N1.2 million while players in the space prior to March 30 had charged as much as N3 million, foreign airlines plying the route has since continued to drop their prices in order to remain competitive in the market.
Air Peace’ involvement in the international flight terrain has received lots of accolades from Nigerians at home and abroad and its strategic pricing is also a big win for Nigeria’s flying public as reduced flight cost gives Nigerians more liquidity to enjoy other pleasures they may wish.
Following on this, Fidelity bank’s evening in honour of Air Peace is a loud cheer in support of the airline.
According to Onyema, when the airline started operating in 2014, of all the financial institution within the country, only Fidelity bank was willing to support it through its teething period.
Onyema noted that the support gotten from the bank has been consistent through the years enabling him to fulfill his lifelong dream of job creation and empowerment of the average Nigerian.
“This bank (Fidelity) is the only bank that responded to us in the early days. They believed in us. People that earn hundred thousand a month, they give them loans. I call it our journey with Fidelity Bank”.
“Dr. Nneka Onyeali-Ikpe has just spoken about us, how we were there for them. But I also remember how she was there for us while she was an Executive Director with Fidelity. The team was always there when the road was very rough. Words have failed me because I didn’t know this day will come when an indigenous institution will be celebrating another indigenous institution. It is very encouraging.”
In her remarks at the event, the Managing Director and Chief Executive Officer, Fidelity bank, Dr. Onyeka Onyeali-Ikpe, stated that the celebration is well deserved as Air Peace has through financial discipline expanded its operational fleet and is going the extra mile to put Nigeria on the world stage.
“Today, we are celebrating one of ours. They started operations with a few aircrafts and today they have 24 aircrafts. My experience with them underscores what you call financial discipline. When you go through their accounts, you will not see personal spend.
“That is a lesson for everybody. We are here to celebrate them. This is a major milestone. We have supported them, no doubt, but they have also been very loyal to us. Because they have been a big fan for a very long time and all the big boys wanted them but Allen and his team said no.
Ibom Air
Fidelity Bank is also a part of the success story of Ibom Air as it was recently revealed by the erstwhile managing Director of the airline, Captain Mfon Udom that it was the lead financier for the acquisition of its Airbus A220-300 Series.
Speaking at the ceremony to officially receive the aircraft at the Victor Attah International Airport Uyo, Udom stated that “there are several Banks that are supporting Ibom Air, but this Aircraft in particular has been made possible by Fidelity Bank and Union Bank.’
“The significance of this ceremony today cannot be over-emphasized. I must thank Fidelity Bank because they have come in full force to support us. By 2026 we are going to be operating 18 aircraft and adding two new destinations to the routes of Ibom Air later this year, the aircraft will boost services on existing routes.
“My speech would be incomplete without acknowledging the role played by Fidelity Bank as the lead financier of the acquisition of Ibom’s Air’s Airbus A220-300 aircraft”, he stated.
Also speaking at the event, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, represented by Mr. Charles Nwoke, Executive Director, Risk Management, Fidelity Bank noted that “As the market leader in airline financing in Nigeria, Fidelity Bank is proud to support Ibom Air in this venture.
His words “The partnership reflects our commitment to being the bank of choice for the people of Akwa Ibom State. And we pledge to do more for our valued customers as we continue to pursue our corporate mandate of helping individuals to grow, businesses to thrive and economies to prosper.’’
Enugu Air
And the recently launched Enugu Air was also made possible with a strong financial support of Fidelity Bank.
Its Managing Director, Dr. Nneka Onyeali-Ikpe, described the launch of Enugu Air as a powerful affirmation that the nation’s aviation sector is major driver of Nigeria’s economic growth.
Speaking at the official launch of the Enugu Air held at the Akanu Ibiam International Airport, Enugu, she stated that ‘Fidelity Bank is proud to finance tomorrow’s opportunities today, noting that the bank’s support for Enugu Air aligns with its belief in aviation as a catalyst for growth’.
“It is an honour to join you today as we celebrate the official launch of Enugu Air. As the lead financier of this visionary project, our support for Enugu Air reflects our long-standing belief in aviation as a driver of economic growth, regional connectivity, and national transformation.
“At Fidelity Bank, we stand firmly behind its potential to unlock new corridors of opportunity by boosting tourism, accelerating commerce, and creating thousands of jobs across the Southeast. We are proud to finance tomorrow’s opportunities today, a powerful affirmation that ‘Tomorrow Is Here’ in Enugu State and across Nigeria’s aviation sector.” she stated.
CTC signing by Nigeria
Led by the Vice President, Kashim Shettima and Aviation and Aerospace Development Minister, Festus Keyamo, Nigeria recently signed the Cape Town Convention (CTC) Practice Direction in the aviation sector, aimed at reducing the cost of airline operations. This move is expected to facilitate aircraft leasing and financing, potentially leading to lower flight costs for passengers.
CTC is a treaty designed to facilitate asset-based financing and leasing of aviation equipment, expand financing opportunities, and reduce costs – thereby providing substantial economic benefits. It is believed that this move by government will continue to encourage Fidelity Bank to support more domestic airlines that have hitherto found it difficult to access funds for fleet and route expansion.
Cybercriminals have developed a new Android malware that can turn victims smartphones into a bridge for stealing bank card information and carrying out contactless payment fraud, cybersecurity researchers have warned.
The malware, identified as WindRelay, operates in conjunction with a known remote-access trojan, SpyNote, to capture live information exchanged between a physical bank card and an Android phone via Near Field Communication (NFC).
NFC is the short-range technology that enables contactless payments when a bank card or smartphone is tapped against a payment terminal.
According to cybersecurity firm Group-IB, WindRelay was detected in the wild in August 2025 and has been used in a social-engineering scheme targeting victims in Czechia, Slovakia and Slovenia.
Meanwhile, the fraud begins with a phone call, text message or other communication in which criminals pretend to be bank officials.
The victim is persuaded to install an application, often personalised with the victim’s name, and once installed, SpyNote gives the criminal remote access to the phone and can silently install WindRelay, with the victim then tricked into placing a physical bank card against the infected smartphone, supposedly for identity verification, PIN change, or account resolution.
WindRelay reads the card’s NFC signals and sends the information in real time to another device controlled by the criminal, with such a device then imitating the victim’s card at a payment terminal or ATM, as the victim’s smartphone becomes a wireless bridge between the victim’s bank card and the criminal’s device.
Group-IB said it identified 23 WindRelay samples uploaded to VirusTotal between November 2025 and July 2026, with the malware samples impersonating financial institutions in Czechia, Slovakia and Slovenia.
Meanwhile, the development adds to existing concerns over the use of mobile devices in cybercrime and financial fraud in Nigeria.
In June, the Nigeria Computer Emergency Response Team (ngCERT) issued an advisory on IPIDEA malware and malicious residential proxy networks, warning that the malware could hijack consumers internet connections and use compromised devices as part of criminal proxy networks.
While the ngCERT advisory concerns a different malware and attack method, both incidents highlight a growing risk: ordinary smartphones and connected devices can be secretly turned into tools for cybercriminals.
This is particularly relevant as Nigerians increasingly rely on smartphones for mobile banking, digital payments and other financial services.
Consequently, cybersecurity experts have advised users not to install applications sent through unsolicited calls, text messages or links, especially when the sender claims to represent a bank, as users should also be suspicious of requests to place payment cards against smartphones for supposed account verification.
The Securities and Exchange Commission (SEC) has cleared additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP).
Among the newly cleared is BC Access Nigeria Limited (Blockchain), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
Nigeria is one of Africa’s most important digital asset markets, where crypto increasingly plays a practical role in how people access, hold and move.
Value Admission into ARIP means Blockchain has satisfied the SEC’s initial requirements to participate in the programme and is authorised to operate within its defined sandbox scope, subject to the Commission’s ongoing compliance obligations, testing parameters, and regulatory conditions.
Through ARIP, Blockchain can work directly with the SEC as the Commission evaluates digital asset business models, tests. appropriate safeguards and develops its long-term regulatory framework for the market.
Speaking, General Manager for Africa, Blockchain, Owen Odia, said: “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country.
“The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
Blockchain’s participation in ARIP forms part of a broader global strategy to engage constructively with regulators and build within established regulatory frameworks.
Over the past year, Blockchain has secured several formal licenses and registrations globally, including the UK Financial Conduct Authority (FCA), EU Markets in Crypto-Assets (MiCA), and Cayman Islands Monetary Authority (CIMA) Virtual Asset Service Provider (VASP) License. Participating in Nigeria’s ARIP sandbox builds on that experience, bringing global standards in compliance, security and consumer protection to its local operations.
For Blockchain, ARIP provides a structured environment to test services for the Nigerian market, strengthen consumer protections and work directly with regulators and local stakeholders.
The company sees Nigeria as an important market in its African strategy, with strong existing demand for digital assets and an increasingly clear regulatory pathway for responsible operators. The company’s strategy materials specifically identify Nigeria as an important market for its African expansion.
ARIP was established by Nigeria’s SEC as a controlled regulatory sandbox for VASPs and fintech innovators. The programme allows the SEC to observe live applications of digital asset technologies, study operational risks, and establish tailored investor protection and anti-money laundering (AML) standards before final regulatory rules are codified.
Blockchain is pleased to participate in ARIP as we work alongside regulators to support responsible innovation, consumer protection and market integrity.
Founded in 2011, Blockchain is one of the world’s longest-standing digital asset companies with more than 95 million wallets, more than 44 million confirmed accounts and over $1.2 trillion processed.
Leadway Assurance has unveiled the Leadway Lifetime Plan, a one-of-a-kind whole-of-life insurance solution designed to extend financial protection beyond the immediate household to the wider family circle.
The newly introduced plan unveiled at a press briefing in Lagos reinforces Leadway’s commitment to building lasting financial security, preserving wealth, and delivering meaningful, long-term protection for the people who matter most.
The Leadway Lifetime Plan responds to the increasingly complex financial responsibilities faced by many working adults, particularly members of the Sandwich Generation individuals who simultaneously provide financial support for ageing parents while raising children and planning for their future.
With family responsibilities now extending beyond the traditional nuclear household, the Leadway Lifetime Plan is designed to offer broader, long-term protection that reflects the realities of modern Nigerian families.
Speaking on the new insurance plan, Olufunmilayo Amanwa, executive director, Technical & Operations, Leadway Assurance, said the product reflects the insurer’s recognition that family structures and financial responsibilities are evolving, and that insurance solutions must evolve with them.
“Financial responsibility no longer stops at the nuclear family. Today, one individual may be supporting children, a spouse, ageing parents, and in some cases, parents-in-law or siblings, all at once. That reality demands a different approach to protection.
The Leadway Lifetime Plan was built around this reality. It gives customers a way to extend continuous protection to the extended family, ensuring the people who depend on them are covered, while also delivering meaningful benefits to policyholders within their own lifetime. This is the Leadway way, designing solutions that respond to how people actually live, not recycling old products with new names”
Beyond traditional life protection, the Leadway Lifetime Plan incorporates a range of living benefits designed to provide financial support during critical stages of life.
Following five years of complete premium payment and subject to the policy terms, the policyholder and spouse may access up to 50 per cent of their current sum assured upon diagnosis of a covered critical illness. This benefit can provide valuable financial support at a time when a serious health event may place pressure on income, savings and overall household stability.
The plan also provides greater long-term financial flexibility. Eligible policyholders may access up to 50 per cent of the policy value for significant life goals after the premium payment term plus five years, subject to applicable policy conditions.
While Leadway’s existing Family Benefit Plan provides family-focused whole-life protection, the Lifetime Plan has been developed as a more expansive, multi-generational solution that combines lifelong protection with financial value that can be accessed during the policyholder’s lifetime.
Explaining the thinking behind the product, Rosetta Aryeetey, head, Life Underwriting and Life Business, Leadway Assurance said the solution was developed around the changing needs of customers. “The starting point for the Leadway Lifetime Plan was the customer.
We looked closely at how families are structured Today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time. What emerged was a need for a solution that does more than pay a benefit after death. Customers need protection for the people who depend on them, but they also need support when critical life events occur and flexibility as their financial priorities evolve.”
She added that the combination of multi-life protection, living benefits, long-term value and flexibility makes the Lifetime Plan relevant across different stages of a customer’s financial journey.
The plan also offers flexibility to enhance financial protection over time through an Escalation of Sum Assured feature. This allows customers to increase their benefits by a fixed percentage, giving them the flexibility to align their level of protection with their evolving financial needs and circumstances.
With the launch, Leadway Assurance is reinforcing its commitment to developing insurance solutions that respond to real-life needs while helping families build resilience, preserve financial stability and create lasting legacies.
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