Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries.

An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers.

The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.

Banking Sector

According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry.

Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence.

This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

Insurance Sector

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%.

Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%.

Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure.

This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector.

Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

Telecommunications sector 

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry.

Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement.

In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles.

Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries.

This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

More About P+ Measurement Services

P+ Measurement Services is Nigeria’s leading independent media intelligence consultancy that focuses on delivering detailed media monitoring, measurement, evaluation, and analysis across all media channels. P+ is internationally recognized as a PR measurement and evaluation consultant in Nigeria with activities being governed/regulated by AMEC (The International Association for the Measurement and Evaluation of Communication).

“By supporting this strategic transaction, we are not only bolstering Nigeria’s banking sector but also fostering greater financial integration between Africa and its Diaspora. This initiative is a testament to our commitment to enhancing intra-African trade, promoting economic stability and driving forward the objectives of Agenda 2063 for a prosperous and self-reliant Africa.” She added.

Mrs. Awani stated that Afreximbank’s Bank Acquisition Strategy, empowers African entities to acquire financial assets divested by foreign entities in Africa and the diaspora.

This is also in line with the Bank’s Diaspora Strategy which seeks to promote and finance the integration of the African Diaspora with the rest of the continent.

She noted that, through the facility, Fidelity was extending its services to the UK, in particular, to Africans and African-owned businesses in the UK, including products to support Diaspora investments.

In the words of the MD/CEO of Fidelity Bank, Dr (Mrs) Nneka Onyeali-Ikpe, “We are very thankful to Afreximbank for supporting our expansionary initiatives for international growth. It is, indeed, the result of a strong partnership between the two institutions over the years that has produced this good outcome.

The refinancing of the Union Bank (UK) acquisition by Afreximbank will unlock additional value and help create a scalable and more sustaining service franchise that will support trade businesses in Africa and diaspora banking.”

The acquisition is expected to contribute to Africa’s economic growth and development by increasing intra- and extra-African trade finance and trade flows between Nigeria and the UK, supporting the integration of the African Diaspora into regional and continental supply chains and enabling small and medium-sized enterprises across the continent to improve their export competitiveness and light export manufacturing capabilities.

This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9 per cent year-on-year (yoy) to N192.1 billion from N101.1bn in Q1 2023.

The increase was led by a combination of interest income (90.7 per cent yoy) and non-interest income (84.0 per cent yoy).

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, the managing director and chief executive officer, Fidelity Bank Plc stated,

“We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5 per cent yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7 per cent from 10.1 per cent in Q1 2023 (2023FY: 11.6 per cent).

In line with the steady rise in interest rates through the year, average funding cost increased by 80 basis points ytd to 5.2 per cent.

However, NIM came in at 8.8 per cent compared to 8.1 per cent in 2023FY, as increased yield on earning assets surpassed funding cost to 15.1 per cent from 13.3 per cent in Q1 2023 (2023FY: 13.5 per cent).

Similarly, Total Deposits increased by 17.2 per cent ytd to N4.7 trillion from N4.0 trillion in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2 per cent to N3.7 trillion from N3.1 trillion in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

Fidelity Bank Plc has completed the acquisition of Union Bank UK (UBUK), a subsidiary of Union Bank of Nigeria Plc, as part of its international expansion plan.

According to the bank’s board of directors, the acquisition of Union Bank UK, which was approved by the Bank of England’s Prudential Regulatory Authority, is expected to unlock significant value for the Fidelity Bank Group.

Fidelity Bank had earlier received a letter of no objection to the transaction from the Central Bank of Nigeria (CBN).

“The acquisition of UBUK is in furtherance of Fidelity Bank Plc’s strategic initiatives on international expansion,” the bank said in the statement.

Meanwhile, the shareholders of Fidelity Bank Plc will receive an interim dividend of 25 Kobo per share, amounting to N8 billion for the half-year financial period ended June 30, 2023.

The dividend payment is a testament to the bank’s strong financial performance in the first half of the year, as it grew its gross earnings by 59.6% to N247.1 billion, driven by a 39.4% growth in interest income and a 207.2% increase in non-interest income.

The bank’s total deposits also crossed the N3 trillion mark, as customer deposits grew by 23.2% year-to-date to N3.2 trillion from N2.6 trillion in the 2022 financial year.

Commenting on the bank’s performance, Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, said: “We are pleased to report on another period of quality growth across all financial and non-financial indices.

“Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterised by global economic headwinds.

“As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.”

Union Bank Plc, which has also been acquired by Titan Trust Bank, said the divestment of UBUK was to enable it to focus on its core banking business in Nigeria.

The bank’s interventions in recent years have  helped  to  unlock spontaneous financing opportunities for a large swathe of paddy  rice  farmers  with  significant  contributions  to  the expansion of national paddy rice output.

Only recently, the bank part-financed the construction of a 400 metric tons per day mega rice mill in Kano state owned by the Gerawa Group of Companies.

Commenting on the development, Mrs. Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc, said, “Through our interventions in the rice space, we have created positive impact in rural communities by way of farmer empowerment and employment generation. This is also in alignment with the business sustainability imperative of our banking business.”

Shedding light on the bank’s activities further down the value chain, Mrs. Onyeali-Ikpe stated that the bank directly financed the construction and installation of several integrated rice mills across different geo-political zones in Nigeria. These rice mills have a combined rice milling capacity in excess of 500,000 MT per annum.

Recognizing the importance of the last mile traders in the value chain, she noted, “We have also provided low-cost funds to rice traders to purchase rice from indigenous rice millers for sale to the final consumers. This has helped in stabilizing the prices of locally produced rice.”

Whilst stressing the importance of imbibing sustainability practices, Mrs. Onyeali-Ikpe points out that the bank has modelled effective social and environmental sustainability frameworks into its agribusiness deal structuring workflow to address social and environmental sustainability requirements.

This, she adds follows the CBN’s Sustainable Banking Principles and Sector Guideline, IFC Performance Standards and Equator Principles.

Fidelity Bank ’s activities have continued to receive recognition by operators, funding partners and all other actors in the agribusiness space. At the Bankers’ Committee meeting of December 2019, for instance, Fidelity Bank was awarded 2nd position in Sustainable Agriculture Transaction of the year.