Fidelity Bank Plc has brought relief to indigent patients at the Enugu State University Teaching Hospital (ESUTH) Parklane, by offsetting medical bills and providing financial support to children battling chronic health conditions alongside donations of ante-natal kits to pregnant women.

L-R: Public Relations Officer, Enugu State University Teaching Hospital (ESUTH), Amarachi Amusi; Team Member, Optimizers Inductees Class of 2025, Precious Uchechi-Uneke; Class Governor, Optimizers Inductees Class of 2025, Chinedu Hilary-Elijah (both of Fidelity Bank Plc); Matron, Children’s Ward ESUTH, Esther Nnaji; and Team Lead, Corporate Social Responsibility (CSR), Fidelity Bank Plc, Victoria Abuka; during the Fidelity Helping Hands Program (FHHP) outreach to ESUTH recently.

The intervention, which was carried out under the bank’s Corporate Social Responsibility (CSR) initiative known as Fidelity Helping Hands Programme (FHHP), was funded and executed by newly inducted employees of the bank, the Optimizers Inductees Class, as their community impact project, with matching financial support from the bank.

Commenting on the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative underscores the bank’s commitment to improving lives through targeted social interventions across its four CSR pillars.

“This project reflects the spirit of who we are as a bank. Beyond providing financial services, we are committed to touching lives within the communities where we operate. Today, we are donating ante-natal kits to pregnant women and also supporting indigent patients who have remained in the hospital due to unpaid bills. Some of the children also require long-term medical care, so we have given additional financial support to aid their continued treatment,” Dr Nwagboh said.

Whilst wishing the beneficiaries quick recovery and good health, Nwagboh described the intervention as both significant and timely, enabling many families to reunite and celebrate the festive season without the burden of outstanding hospital debts.

Receiving the donation, the Chief Matron of the Children’s Ward, Esther Nnaji, commended Fidelity Bank for the timely intervention, describing it as a lifeline for families grappling with rising healthcare costs.

“There are so many families here in desperate need. Some of the children are battling cancer, sickle cell disease and other chronic conditions. Fidelity Bank’s support will go a long way in relieving their pain. Because of what you have done, some of these children will now be able to see their siblings again,” she said.

Several beneficiaries expressed deep gratitude to Fidelity Bank for easing their financial burdens. Mrs. Adaeze Ilo, whose baby’s bill was cleared, said the support came at a moment of despair.

“After spending months in the hospital, we had no idea how to raise the money,” she said. “Fidelity Bank came through for us when we needed it the most. We are deeply grateful.”

Another relieved parent, Jane Anthony, whose son’s bill was cleared, said her family had already accepted that they would spend Christmas in the hospital.

“God used Fidelity Bank to send us home to enjoy Christmas. My heart is full.” she said.

The recent outreach to Enugu State University Teaching Hospital further highlights Fidelity Bank’s continued commitment to supporting vulnerable groups and strengthening community well-being across Nigeria through community-driven CSR efforts.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Nigeria’s banking regulators have moved to shut down two mortgage lenders after prolonged financial distress, as authorities intensify efforts to enforce capital discipline and restore confidence in the country’s housing finance system.

The Central Bank of Nigeria (CBN) has withdrew the operating licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, setting in motion a liquidation process that will see insured depositors paid by the Nigeria Deposit Insurance Corporation (NDIC).

The revocation marks a decisive intervention by the central bank, which said the lenders repeatedly failed to meet regulatory standards despite supervisory actions.

In a statement signed by Hakama Sidi Ali, acting director of corporate communications, the CBN said the decision was taken under the Banks and Other Financial Institutions Act, BOFIA 2020, and the revised guidelines for mortgage banks, as it seeks to re-position the sub-sector and entrench compliance.

“As part of its efforts to re-position the mortgage sub-sector and promote a culture of compliance with relevant laws and regulations, the Central Bank of Nigeria has revoked the licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,” the statement said.

The central bank said the two institutions breached several provisions of BOFIA 2020 and regulatory guidelines, citing weak capital, balance-sheet strain and persistent non-compliance.

According to the CBN, the lenders failed to meet the minimum paid-up share capital requirement for their licence category and did not have sufficient assets to meet their liabilities.

The lenders were also “critically undercapitalised with a capital adequacy ratio below the prudential minimum ratio as prescribed by the CBN,” the regulator said, adding that both institutions failed to comply with several directives imposed by the central bank over time.

The action highlights the CBN’s broader push to tighten oversight of Nigeria’s financial system after years of regulatory forbearance, particularly in niche segments such as mortgage banking that have been weighed down by funding constraints, rising credit risk and weak profitability.

While the sector accounts for a small share of total banking assets, it is viewed as key to expanding access to long-term housing finance in Africa’s most populous economy.

The CBN said it remains focused on safeguarding systemic stability. “The CBN remains committed to its core mandate of ensuring financial system stability,” the statement said.

Following the withdrawal of the licenses, the NDIC was appointed liquidator of the two lenders and has begun the process of winding them up, including reimbursing eligible depositors.

In a separate statement on Tuesday, the Corporation said it had commenced liquidation in line with the NDIC Act 2023 and started verification and payment of insured deposits to customers of the defunct banks.

Depositors are entitled to receive up to ₦2 million per depositor, with payments to be made using Bank Verification Numbers (BVN) to identify alternate bank accounts for automatic credit.

Customers with balances above the insured limit will receive the initial ₦2 million, while the remaining sums will be paid as liquidation dividends after the realisation of assets and recovery of outstanding loans, the NDIC said. The corporation added that it would begin selling the banks’ assets and intensify debt recovery efforts to accelerate payments of uninsured balances.

The NDIC advised depositors to submit claims either online or physically at branches of the closed banks during the verification period, with valid identification and proof of account ownership. Creditors were also asked to file claims, with payments to follow after all depositors have been fully settled, in line with statutory provisions.

Staff and shareholders of the defunct banks will only be paid after depositors and creditors, from proceeds realised during liquidation, the NDIC said, while urging borrowers to repay outstanding loans and assuring the public that other licensed banks remain safe and sound.

Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory breaches that undermined the safety and soundness of the institutions.

CBN

In a statement issued on Tuesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the decision was part of renewed efforts to sanitise the mortgage sub-sector and enforce strict compliance with banking regulations.

According to her, the affected institutions violated several provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria.

“The institutions failed to meet minimum paid-up share capital requirements, were critically undercapitalised, and did not comply with multiple regulatory directives. They also lacked sufficient assets to cover liabilities,” Sidi Ali said.

She explained that the revocation was intended to strengthen confidence in the mortgage sector and ensure that only institutions capable of operating safely and soundly are allowed to continue business.

The apex bank stressed that it remains resolute in enforcing regulatory standards across all segments of the financial system.

“The Central Bank of Nigeria remains committed to its core mandate of ensuring financial system stability,” Sidi Ali added.

Nigeria CommunicationsWeek reports that the move follows repeated warnings from the CBN in recent years, urging mortgage operators to improve capitalisation, governance, and compliance with statutory requirements.

Industry analysts say the action is expected to reinforce discipline within the mortgage banking segment and restore public trust in the sub-sector, which has struggled with weak capitalisation and governance challenges.