Fidelity Bank Plc has extended its flagship women empowerment programme, “Give Her Power”, to Ikorodu, providing vocational tools to over 30 women in a move aimed at boosting grassroots entrepreneurship and household income.

The outreach marks the third phase of the initiative’s nationwide rollout and targeted beneficiaries across Ikorodu Central, Ikorodu West and Ikorodu North.

At the event, 12 sewing machines and 15 grinding machines were distributed alongside other equipment designed to support small-scale businesses.

Why It Matters

Access to capital and tools remains one of the biggest barriers for women entrepreneurs in Nigeria, particularly at the grassroots level.

By providing practical resources rather than cash grants, the initiative aims to support long-term income generation and financial independence.

“Beyond Symbolic Gestures” — Bank Leadership

Speaking at the event, Fidelity Bank’s Regional Bank Head, Victoria Island, Mr Nnamdi Edekobi, representing the Managing Director, Nneka Onyeali-Ikpe, said the programme was designed to deliver real economic impact.

“The Give Her Power initiative is intentionally designed to go beyond symbolic gestures. Our goal is to equip women with the tools and resources they need to build sustainable businesses, generate income, and create better opportunities for themselves and their families.”

Also speaking, the bank’s Divisional Head for Brand and Communication, Dr Meksley Nwagboh, described the outreach as a targeted intervention for underserved women.

“When women are empowered financially, the ripple effect is felt across families, communities, and the broader national economy.”

Expanding Nationwide

The bank says the initiative will be extended to other regions, including the South-East, South-South, and Northern Nigeria.

The programme builds on the bank’s HerFidelity Apprenticeship Programme, which provides vocational training, mentorship, and business support.

It was first launched in Lagos in partnership with organisations such as LUSH Hair, Barbergirl Academy, and Innoson Vehicle Manufacturing (IVM), among others.

From Abeokuta to Ikorodu

Before arriving in Ikorodu, the initiative was held in Abeokuta, where 100 women received 50 sewing machines and 50 grinding machines.

The expansion reflects growing efforts by financial institutions to support micro, small and medium-sized enterprises (MSMEs), especially those led by women.

Community and Government Backing

The Ikorodu event drew support from local government leaders, including the Chairman of Ikorodu Local Government, Prince Adedayo Ladega, and other council officials.

Their presence highlights increasing collaboration between financial institutions and local authorities to drive grassroots economic development.

Beneficiaries React

For many recipients, the support could be transformative.

One beneficiary, Mrs Hassan Bukola from Ikorodu North, said:

“This sewing machine is a life-changing opportunity for me. It will help me grow my business and better support my family.”

Industry Perspective

Analysts say such initiatives can help close Nigeria’s gender financing gap, which continues to limit women’s participation in the economy.

Financial inclusion experts also note that tool-based empowerment programmes often have higher sustainability outcomes than short-term cash interventions.

What’s Next

Fidelity Bank says it will continue scaling the initiative across Nigeria as part of its broader strategy to promote inclusive growth and support small businesses.

With over 9 million customers and operations in Nigeria and the UK, the bank is positioning itself as a key player in MSME development and digital banking innovation.

Shareholders of Guaranty Trust Holding Company Plc (GTCO) have praised the bank’s management for delivering a record total dividend payout of ₦12.76 per share for the 2025 financial year, the highest in Nigeria’s banking sector.

The commendation came during the company’s 5th Annual General Meeting (AGM), where investors also applauded GTCO’s financial performance and its compliance with the Central Bank of Nigeria’s ₦500 billion minimum capital requirement.

Why it matters

The payout signals strong financial health and investor confidence in one of Nigeria’s leading financial institutions.

It also reflects broader stability in the banking sector amid ongoing economic uncertainty, with dividend performance often seen as a key indicator of resilience and profitability.

Shareholders react

The President of the Nigerian Shareholders’ Solidarity Association, Chief Timothy Adesiyan, praised the board’s consistency.

“The board has demonstrated discipline to sustain its dividend payout to shareholders,” he said.

Similarly, the Chairman of the Pragmatic Shareholders Association of Nigeria (PSAN), Mrs Bisi Bakare, described the payout as historic.

“GTCO makes history as the first Nigerian bank to reward shareholders with ₦12.76 dividend payout,” she said, urging the management to sustain the momentum.

GTCO had earlier declared an interim dividend of ₦1.00 per share and a final dividend of ₦11.76, bringing the total payout to ₦12.76 for the year.

Company strategy and growth

Responding to shareholders, GTCO’s Chairman, Suleiman Barau, said the group’s transformation into a diversified financial services provider has strengthened its resilience.

“This diversification is not simply a structural change; it represents a strategic effort to build an institution that can serve customers more comprehensively while creating multiple engines of sustainable growth,” he said.

He added that diversification reduces risk and improves the company’s ability to withstand economic fluctuations.

“Maintaining a healthy balance sheet and strong credit practices is essential,” Barau noted.

Expansion and innovation

Group Chief Executive Officer Segun Agbaje highlighted 2025 as a pivotal year for the company’s expansion and digital transformation.

“Across our Banking, Payments, Asset Management, and Pension businesses, we leveraged data, digital tools, and operational insight to create frictionless experiences for our customers across Africa and the United Kingdom,” he said.

He also described GTCO’s listing on the London Stock Exchange as a major milestone.

“This historic achievement makes GTCO Plc the first financial services institution in West Africa to list its ordinary shares on the LSE’s main market,” Agbaje said.

Industry perspective

Analysts say GTCO’s performance reflects a growing trend among Nigerian banks to diversify income streams and expand globally.

The move into payments, asset management, and pensions aligns with industry efforts to reduce reliance on traditional banking revenue.

What’s next

Looking ahead to 2026, the company says it will focus on strengthening its ecosystem, deepening customer engagement, and leveraging technology.

“GTCO enters 2026 confident, resilient, and focused,” Agbaje said.

“Our ecosystem is stronger, our ambition greater, and our commitment unwavering.”

The Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Dr Ayodele Subair, says Lagos State’s strong tax performance and rising internally generated revenue are rooted in reforms introduced by President Bola Tinubu during his time as governor.

Subair made the remarks at a gala night marking the end of the 159th meeting of the Joint Revenue Board (JRB) in Lagos, where tax administrators from across Nigeria met to discuss improving revenue systems and compliance.

The meeting ran from April 20 to April 23.

Tinubu’s “autonomy reform” credited for tax success

Subair said the turning point for Lagos tax administration was the decision by then-governor Tinubu to grant operational autonomy to the LIRS.

He described it as a foundational reform that reshaped revenue generation in the state and influenced other parts of Nigeria.

“This story of taxation in Lagos was started seriously by our present President, Asiwaju Bola Ahmed Tinubu, who deemed it fit to give autonomy to the Lagos State Internal Revenue Service,” Subair said.

“His model is copied in most of the states in Nigeria… We are seeing the benefits of that vision.”

Tinubu, now President of Nigeria, is widely associated with Lagos State’s modern revenue structure, which many states have since attempted to replicate.

Why it matters: Taxes and development in Lagos

Subair linked Lagos State’s development achievements directly to improved tax compliance, saying public infrastructure projects are funded largely by taxpayers.

He noted that residents can now see visible results of their contributions, which he says is boosting voluntary compliance.

“All this would never have been possible without the good people of Lagos paying their taxes,” he said.

“There is a high level of correlation between the payment of taxes and development.”

He added that in many countries, high taxation is normal, stressing that Nigeria is still building a culture of voluntary compliance.

Sanwo-Olu’s administration highlighted

The LIRS boss also praised Lagos State Governor Babajide Sanwo-Olu for ongoing infrastructure projects, particularly in transport and urban development.

He pointed to the state’s expanding multimodal transport system, including rail, road, and water transport.

Subair said:

“Governor Sanwo-Olu is doing a great job. This administration is building the multimodal transport system… through the BRT, and then we have the ferry service.”

He also referenced upcoming projects, including electric ferries and the expansion of the Red Line rail project.

Industry voice: Compliance rising in Lagos

According to Subair, Lagos continues to lead Nigeria in tax compliance because residents can see the impact of government spending.

“In Lagos especially, tax compliance is moving at a much higher pace than that of the rest of the country,” he said.

“That is because people can see where their money is going.”

What happened at the 159th Joint Revenue Board meeting

The Joint Revenue Board meeting brought together top tax officials, including the Executive Chairman of the Nigeria Revenue Service, chairpersons of all 36 state internal revenue services, and representatives from key federal agencies.

These included the Federal Ministry of Finance, Nigeria Customs Service, Nigeria Immigration Service, and the Federal Road Safety Corps.

Delegates reviewed strategies for improving tax systems, compliance, and revenue generation across Nigeria.

Activities included committee sessions, technical discussions, and an excursion to key Lagos infrastructure projects such as the Blue Line Rail and Eko Atlantic City.

Key takeaway

Officials say Lagos’ revenue success reflects decades of reform, policy continuity, and visible infrastructure development—factors they believe are strengthening public trust in taxation.