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.
The Bank of Industry (BOI), the Implementing Agency for the Investment in Digital and Creative Enterprises (iDICE) Programme of the Federal Government of Nigeria, has announced the appointment of Kuramo Capital Management as Fund Manager of the DICE Fund of Funds.
The contract signing ceremony, held in Abuja between BOI’s Managing Director and the Chief Executive of Kuramo Capital, marks a pivotal milestone in Nigeria’s accelerating commitment to empowering its technology and creative entrepreneurs.
The DICE Fund of Funds is structured to achieve a minimum total capitalisation of $170.6 million, with the Federal Government contributing an anchor commitment of $85.3 million through the iDICE Programme. Kuramo Capital is mandated to raise matching private-sector capital on a dollar-for-dollar basis. This represents one of the largest dedicated government investments in technology and creative sector startups in African history.
An Ambitious Innovation Investment Programme
The iDICE Programme represents the Federal Government of Nigeria’s most ambitious intervention in the digital economy and creative sectors. Co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
The programme was designed with a clear mandate: to promote entrepreneurship, drive innovation, create jobs at scale, and position Nigeria as Africa’s leading hub for the knowledge economy.
iDICE is implementing its investment mandate through a suite of complementary funds. In November 2025, the Programme achieved a landmark first milestone when it made Nigeria’s inaugural direct government investment into a private venture capital fund — a cornerstone commitment to Ventures Platform’s VP Pan-African Fund II, which closed at $64 million with co-investors including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa, and Proparco.
The signing of the DICE Fund of Funds contract with Kuramo Capital is the latest in a series of significant milestones being delivered across the iDICE Programme. As of June 2026, implementation is well advanced on all three programme pillars — skills and enterprise development, access to finance, and ecosystem enablement — with activities running in all six geopolitical zones.
Specifically, on skills & enterprise development, iDICE launched the iDICE Startup Bridge three months ago, with the first cohort of 185 founders well advanced in the week four of training.
Applications for Cohort 2 opened on the 24th of June 2026, and applications for the growth lab, the post-MVP track, expected to open in July 2026, offering growth-stage tech startups access to potential equity funding of up to $100,000.
The programme has commenced the setup and revamp of digital and creative hubs in 66 institutions (36 universities and 30 polytechnics) across the country in collaboration with NUC and NBTE. Hence working with the academia to link research and project outcomes to industry.
As part of the programme’s access to finance component, BOI has also rolled out the BOI/iDICE Debt Fund and & IsDB Murabaha Debt Fund. Both debt products have set aside a combined financing of $110 million for start-ups in the technology and creative sectors
The Dice Fund of Funds: Reaching Every Corner of Nigeria
The DICE Fund of Funds will invest across Nigeria’s 36 states and the Federal Capital Territory. It will deploy capital through indirect investments in selected closed-end venture capital and micro-venture capital funds focused on technology and creative sector businesses.
The Fund has a geographic mandate that ensures that capital reaches founders in the entire country, breaking the historical concentration of venture investment in a handful of urban centres.
The Fund targets a net Internal Rate of Return (IRR) of 20% and a net money multiple of 2.4x, structured with the government’s commitment as a junior tranche acting as 30% first-loss capital — a deliberate risk architecture designed to de-risk the fund structure, improve the risk-return profile for co-investors, and crowd in additional private capital.
Speaking on the Fund, Dr Olasupo Olusi, MD/CEO of the Bank of Industry had this to say – “By investing in Ventures Platform’s Fund II, and now by establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises.
The Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators.”.
Wale Adeosun, CEO of Kuramo Capital Management said “The DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem. Nigeria is demonstrating that a government can be both a serious anchor investor and a credible market-builder.
“We are honoured to be entrusted with this mandate and committed to deploying every resource at our disposal to raise the matching capital, invest wisely, and deliver returns that justify this historic confidence”.
While congratulating BOI & Kuramo Capital for this milestone on the iDICE Programme, Nigeria’s Vice President Kashim Shettima stated that “the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda”.
Benefits for Nigeria’s Start-up Founders
For Nigeria’s technology and creative entrepreneurs, the establishment of the DICE Fund of Funds — combined with iDICE’s earlier investment in Ventures Platform $64 million Fund — represents a structural shift in the availability of early-stage capital.
The days when a Nigerian founder had to depend almost entirely on foreign venture capital, or navigate a landscape with few domestic institutional investors, are changing.
By deploying capital through both direct startup investments and established venture capital fund managers, the Fund creates multiple access pathways for founders across the entire country.
Federal Government has confirmed that it has accessed the first $1.5 billion from its $5 billion financing facility with First Abu Dhabi Bank (FAB), marking the initial drawdown from the arrangement.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, disclosed this on Monday while speaking with journalists after the Federal Executive Council (FEC) meeting in Abuja.
Oyedele said the financing package, which had previously received approval from the National Assembly, is structured to support debt refinancing, infrastructure development and budget implementation.
“The approval for that loan went to the National Assembly, so everybody is aware of it. It’s for refinancing of expensive debts, financing of infrastructure, as well as budgets,” he said.
The minister explained that the government would not be issuing separate public statements for each drawdown, noting that the arrangement is a standard financing structure.
“We don’t want to start making press releases each time we do a drawdown. It is not different from any other loan,” he added.
According to him, the facility is designed as a phased drawdown arrangement, allowing the government to access funds as needed rather than receiving the full amount at once.
He said the structure helps reduce borrowing costs, as interest is paid only on funds that have been utilised.
“The loan is meant to be a drawdown in tranches, and one of the advantages is that if you need $5 billion and take everything at once, you start paying interest even though you’re not spending all of it immediately,” Oyedele said.
He added that the approach aligns with the government’s broader debt management strategy aimed at improving efficiency in borrowing, lowering financing costs, and ensuring funds are deployed for priority projects and budgetary needs.
Reports had earlier indicated that Nigeria had begun accessing the facility through a structured financial arrangement involving First Abu Dhabi Bank.
The Federal Government said the phased utilisation would continue in line with project funding requirements and fiscal planning objectives.
Fidelity Bank Plc, leading financial institution, has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative designed to equip young Nigerians with the skills, support and opportunities required to build sustainable livelihoods.
As part of the collaboration, Fidelity Bank is supporting the enrolment of students and young people into the YEIDEP programme, which aims to address youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative will take place at Nnamdi Azikiwe University, Awka, where the institution has confirmed its readiness to host the enrolment exercise for students and youths across the Southeast region.
According to the Office of the Vice Chancellor, the exercise is scheduled to hold from July 1 to July 3, 2026, at the University’s Convocation Arena and is expected to target more than 60,000 regular undergraduate students.
Speaking on the partnership, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc, noted that empowering young people remains central to the bank’s vision of building a more inclusive and prosperous society.
“At Fidelity Bank, we believe that Nigeria’s greatest asset is its people, particularly its youths. Equipping young Nigerians with the right skills, opportunities and financial support is essential to unlocking their potential and accelerating national development.
“Through our digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships, we continue to provide young people with the tools they need to succeed in an increasingly competitive world.
“We recognize that access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and we are committed to creating pathways that help them overcome these barriers”, said Ede.
The Bank added that its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises, which remain critical drivers of economic growth and job creation in Nigeria.
Interested youths and students are encouraged to open accounts and register through the dedicated Fidelity Bank portal at https://eserve.fidelitybank.ng/oap/?youth=true.
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