Business
Fidelity Bank Wins DBN Award for Expanding First-time MSME Credit Access in Nigeria
Fidelity Bank Plc has won the Development Bank of Nigeria (DBN) Service Ambassadors Award for recording the highest impact in providing first-time credit access to Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The award recognises the Deposit Money Bank that successfully brought previously unbanked and credit-excluded businesses into the formal financial system, highlighting efforts to improve financial inclusion and expand access to business financing.
The recognition comes as access to affordable credit remains one of the biggest challenges facing Nigerian entrepreneurs, with many small businesses struggling to secure funding needed for growth and job creation.
Why it matters
MSMEs account for the majority of businesses in Nigeria and employ millions of people. However, many entrepreneurs remain excluded from formal lending due to limited collateral, poor credit history or lack of financial records.
Industry experts say increasing first-time access to formal credit can help businesses expand operations, create employment and contribute more significantly to economic growth.
Fidelity Bank reacts
Speaking after receiving the award, Divisional Head of Small and Medium-scale Enterprises Banking at Fidelity Bank Plc, Ugochi Osinigwe, said the recognition validates the bank’s continued investment in supporting entrepreneurs.
“We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time. At Fidelity Bank, we remain devoted to supporting SMEs with the right mix of funding, advisory services, capacity building, market access and digital solutions that enable them to grow, create jobs and contribute meaningfully to the economy.”
She added that the award would encourage the bank to deepen its support for Nigeria’s SME sector by developing practical solutions that address business growth challenges.
Building support beyond loans
Beyond lending, Fidelity Bank says it has developed several programmes aimed at strengthening Nigeria’s entrepreneurial ecosystem.
These include the Fidelity SME Hub in Gbagada, Lagos, which provides entrepreneurs with training facilities, meeting rooms, networking spaces, business advisory services and creative studios.
The bank also recently introduced the Fidelity Quarterly Business Forum, bringing together business owners, policymakers and industry experts to discuss trade, innovation and sustainable business growth.
Its SME Masterclass Series provides practical training on pricing, product quality, digital marketing, online sales and export readiness.
Expanding export opportunities
Fidelity Bank has also expanded support for businesses seeking international markets.
Through its Fidelity Nigeria International Trade and Creative Connect initiative, Nigerian businesses are connected with opportunities in the United Kingdom and the United States.
The bank also partners with the Nigerian Export Promotion Council and Lagos Business School on an Export Management Programme designed to equip entrepreneurs with export knowledge and global market access.
Government partnerships
The bank has participated in the disbursement of Federal Government MSME Intervention Funds administered by the Bank of Industry.
It also collaborates with the National Credit Guarantee Company to reduce lending risks while providing financial literacy and business management training to loan beneficiaries.
Industry perspective
Financial inclusion specialists say partnerships between commercial banks and development finance institutions remain critical in reducing Nigeria’s SME financing gap.
Greater access to formal credit can improve business survival rates, encourage investment and support long-term economic development, particularly among women-owned and rural enterprises.
A history of DBN recognition
The latest award adds to Fidelity Bank’s previous recognitions from the Development Bank of Nigeria.
The bank received the DBN Innovation Award in 2025 for developing financial products tailored to MSMEs and won the 2020 DBN Service Award for achieving the highest disbursement to DBN-focused locations.
About Fidelity Bank
Fidelity Bank Plc serves more than 10 million customers through its digital banking platforms, 255 business offices across Nigeria and its United Kingdom subsidiary, FidBank UK Limited.
The bank has also received several national and international recognitions, including awards for SME banking, export finance, innovation, private banking and community empowerment.
Business
NUJ Lagos Press Week: Dakuku Peterside to Examine Media’s Role in Nigeria’s Economic Growth
Former NIMASA Director-General, Dr Dakuku Peterside is scheduled to deliver the 2026 annual lecture of the Nigeria Union of Journalists (NUJ), Lagos State Council, during the council’s Press Week.
Peterside, a former Director-General and Chief Executive Officer of the Nigerian Maritime Administration and Safety Agency (NIMASA), will speak on the theme, “Politics, Ports and the Public Interest: The Media’s Catalytic Role in Driving Economic Growth.”
The lecture will focus on the relationship between Nigeria’s ports, politics and the media, with particular attention to how journalism can contribute to economic development and public accountability.
Organisers said the discussion will also examine whether the media can play a role in helping Nigeria achieve its ambition of building a trillion-dollar economy.
Also Read: NIMASA: Cabotage Implementation Remains Priority for Maritime Development
Why the lecture matters
Ports are a major part of Nigeria’s trade infrastructure, connecting the country to international markets and supporting activities across shipping, logistics, manufacturing and commerce.
The lecture is therefore expected to bring together discussions about maritime development, governance, public policy and the responsibilities of the media in reporting issues that affect the wider economy.
Peterside is expected to draw on his experience in public administration, leadership, management and the maritime sector during the lecture.
NUJ Lagos Press Week 2026
The NUJ Lagos State Council Press Week will run from Monday, September 28 to Sunday, October 4, 2026.
The annual lecture is scheduled for 10:00 a.m. at the Radio Lagos/Eko FM Multipurpose Hall, LTV Complex, Lateef Jakande Road, Agidingbi, Ikeja, Lagos.
The council has invited journalists and other media practitioners across Lagos to participate in the week-long programme.
According to the council, the Press Week is intended not only as a period of celebration but also as an opportunity for journalists to network, exchange ideas, strengthen professional relationships and reflect on the contribution of journalism to society.
Full schedule of events
Chapel Rendezvous
Thursday, October 1, 2026 — 4:00 p.m.
LTV premises.
Juma’at Service
Friday, October 2, 2026 — 1:00 p.m.
Lagos State Secretariat Mosque, CBD, Alausa, Ikeja.
Gala and Awards Night
Friday, October 2, 2026 — 4:00 p.m.
BOS Hall, LTV Complex, Lateef Jakande Road, Agidingbi, Ikeja.
Thanksgiving Service
Sunday, October 4, 2026 — 10:00 a.m.
Chapel of Christ the Light (Interdenominational), CBD, Alausa, Ikeja.
What to expect
The annual lecture is expected to provide a platform for journalists, maritime stakeholders and other participants to discuss the role of the media in covering economic policy, ports, trade and national development.
The council said the 2026 Press Week will also provide an opportunity for media professionals to promote unity and reaffirm their commitment to responsible and professional journalism.
The annual lecture is one of the major events on the Press Week programme, alongside the chapel rendezvous, religious services and the gala and awards night.
Business
Benin-Asaba Expressway: BAECC Promises Faster Construction From October
Motorists using the Benin-Asaba Expressway should expect faster construction work from October as the Benin-Asaba Expressway Concession Company Limited (BAECC) prepares to intensify permanent road works after the rainy season.
The company has also appealed to motorists and communities along the 125-kilometre corridor to be patient, acknowledging the difficulties caused by ongoing reconstruction and traffic restrictions.
BAECC Chief Executive Officer, Samuel Daramola, said persistent rainfall had affected the sequencing and pace of some construction activities but had not stopped work on the highway.
“We recognise the inconvenience that motorists and communities have experienced, and we do not take their concerns lightly,” Daramola said.
“Our responsibility is not only to build the permanent road but also to do everything reasonably possible to keep people moving while construction is taking place.”
Also Read: NESCAFÉ Campus Storm 2026 to Reach 260,000 Students Across 13 Nigerian Universities
Why the road is taking time
The Benin-Asaba Expressway is undergoing extensive reconstruction and expansion under a 36-month construction programme.
According to BAECC, the project includes earthworks, drainage systems, pavement construction, culverts, carriageway expansion, traffic management and the installation of construction and production facilities.
The company said work has already taken place on different sections, including subgrade preparation, drainage and culvert construction, asphalt and binder-course works.
It also said asphalt plants, concrete batching plants, paving equipment, concrete mould plants, Wet Mix Macadam plants and other specialised equipment had been mobilised for the project.
BAECC said billions of naira in private-sector resources had been committed to equipment, construction plants, materials, logistics and supporting infrastructure.
Daramola said some of the work might not be immediately visible to motorists because several stages of highway construction have to be completed before finished asphalt can be laid.
“A project of this magnitude is built in stages. Before the travelling public sees kilometres of finished asphalt, there must be drainage, earthworks, pavement preparation, production plants and equipment mobilisation,” he said.
Rainfall slows some construction work
BAECC identified persistent rainfall as one of the major challenges currently affecting construction along the corridor.
The company said saturated ground conditions had affected earthworks, pavement stabilisation and asphalt operations.
Daramola said the weather had affected the timing of some activities rather than bringing construction to a halt.
“Where permanent pavement operations are restricted by rainfall, our teams continue with other engineering activities and palliative interventions,” he said.
The company said it would continue carrying out temporary repairs on difficult sections while permanent reconstruction progresses.
Keeping traffic moving
Rebuilding a heavily travelled highway while keeping it open to motorists has added another layer of difficulty, according to BAECC.
The company said the corridor carries thousands of motorists, buses, commercial vehicles and articulated trucks, making traffic management an important part of the construction process.
Some treated sections have, at times, been reopened earlier than the company would ordinarily prefer in order to ease congestion.
“We are building and managing traffic at the same time,” Daramola said.
“There are occasions when engineering considerations would favour keeping a section closed for longer, but the realities facing motorists require us to reopen the road.”
The company said palliative interventions would continue on sections where motorists are experiencing difficulties.
“Our immediate task is to reduce the inconvenience being experienced today while remaining focused on the permanent solution,” Daramola said.
What happens from October?
BAECC said it was preparing for a major acceleration of permanent construction work from October as weather conditions improve.
The planned work includes drainage completion, pavement reconstruction, asphalt binder and wearing-course installation, culvert construction and other permanent works across multiple sections.
The company also said additional personnel, equipment and construction resources were being mobilised ahead of the dry-season construction window.
“As the rains recede, Nigerians will see a significant acceleration of permanent works,” Daramola said.
BAECC asks motorists for patience
Daramola urged motorists and communities to assess the project within its overall construction programme rather than solely on the basis of the difficulties currently being experienced.
“We are not asking anyone to ignore the present difficulties. We recognise them and are addressing them through palliative interventions while building the permanent solution,” he said.
“What we ask for is the time and opportunity to deliver the project within the construction programme. Judge us ultimately by the quality, durability and safety of the highway we deliver.”
BAECC also pledged continued cooperation with the Federal Government, relevant agencies and host communities.
The company said the shared objective was to deliver a safer and more reliable highway.
“The road people see during construction is not the road they will see at completion,” Daramola said.
“We ask for a little more patience and the opportunity to complete what we have started.”
Business
Dangote Refinery IPO: Fidelity Bank Offers Digital Subscription Route
Investors looking to subscribe to the Dangote Petroleum Refinery initial public offering (IPO) can apply through Fidelity Bank’s digital platforms and selected branches, with the bank saying some applications can be completed in less than two minutes.
Fidelity Bank said it has created several subscription channels for its customers, corporate organisations and investors who do not have accounts with the bank.
The options include the Fidelity Bank mobile app for iOS and Android users, its corporate online banking platform and designated branches across Nigeria.
Non-customers can use virtual accounts
One of the options provided by the bank is a virtual account facility for investors who do not have Fidelity Bank accounts.
Under the arrangement, prospective subscribers in Nigeria and abroad can begin their applications through the Fidelity Bank website and receive dedicated virtual account details for funding their subscriptions from an operational bank account.
The bank said investors do not need to open a regular Fidelity Bank account before using the virtual account option.
It also said the facility supports third-party-funded subscriptions, giving non-customers another route to participate in the offer.
Also Read: Ogun CP Intervenes as Doctor Waives ₦300,000 Bill for Bereaved Woman
How Fidelity customers can subscribe
Existing retail customers can submit their applications through the Fidelity Bank mobile app on Android and iOS devices.
Corporate customers can use the bank’s corporate online banking platform, subject to the applicable inputter and authoriser process.
Investors who require assistance can also visit a Fidelity Bank branch or contact Fidelity TrueServe through the bank’s listed support channels.
The bank provided 070034335489 as its TrueServe telephone line, 09030005252 for WhatsApp and trueserve@fidelitybank.ng for email enquiries.
According to Fidelity Bank, support personnel are available around the clock to assist intending subscribers.
What investors need
Subscribers are expected to provide relevant identification and account information during the application process.
For non-Fidelity Bank account holders, this may include a Bank Verification Number (BVN), while minors may be required to provide a National Identification Number (NIN).
Existing Fidelity Bank customers are expected to have an active operational account or online banking profile, depending on the subscription channel used.
What about investors without a CSCS account?
Investors who do not already have a Central Securities Clearing System (CSCS) account can still participate in the IPO, according to the bank.
A stockbroking account can be opened through Fidelity Securities Limited to enable the electronic crediting of allotted shares after the allotment process.
Following successful authorisation of a subscription, the relevant Fidelity Bank account will be debited, while investors using the virtual account option will need to fund their assigned account.
Investors are then expected to receive a confirmation message, transaction reference and receipt for their application.
Investors urged to read offer terms
The subscription channels provided by Fidelity Bank do not change the terms of the IPO itself.
Prospective investors are advised to read the approved Offer Prospectus before committing funds.
The prospectus contains important information including eligibility requirements, offer price, minimum subscription, permissible multiples, offer period and other conditions governing the offer.
The development comes as interest in the Dangote Petroleum Refinery’s IPO puts the offer in focus for investors seeking exposure to one of Nigeria’s most significant industrial projects.
However, investors should consider the risks and terms contained in the approved prospectus before making an investment decision.
What this means for investors
The Fidelity Bank arrangement provides several ways for prospective subscribers to access the offer, particularly those who already bank with Fidelity and those who do not.
For non-customers, the virtual account option removes the need to open a conventional Fidelity Bank account solely for the purpose of submitting a subscription.
The availability of mobile, corporate banking, virtual account and branch channels also gives investors different ways to complete the application depending on their circumstances.
NigeriaUpdates will continue to follow developments around the Dangote Refinery IPO and Nigeria’s capital market.
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