Fidelity Bank Earns Top Corporate Governance Rating, CG+

Fidelity Bank Plc has once again demonstrated its commitment to the highest standards of corporate governance, securing the coveted CG+ rating under the Corporate Governance Rating System (CGRS). This top-tier rating reflects the bank’s adherence to global best practices and its consistent fulfillment of all disclosure requirements.

The CG+ rating, which is the highest under the CGRS, signifies Fidelity Bank’s exemplary compliance with prescribed governance standards, earning it accolades from shareholders and market analysts alike.

A recent compliance review by NGX Regulation (NGXRegCo) highlighted Fidelity Bank’s sustained commitment to corporate governance excellence. Mr. Godstime Iwenekhai, Head of the Listings Regulation Department at NGXRegCo, praised the bank’s governance framework, noting that the CGRS was established to enhance the governance structures of listed companies and to provide investors with a reliable benchmark for assessing corporate governance compliance. “Corporate governance promotes ethical business practices, transparency, and fair competition,” Iwenekhai stated, emphasizing the importance of the CG+ rating as an indicator of top-tier corporate conduct.

The CG+ rating comes with special privileges at the stock market, underscoring Fidelity Bank’s compliance with best practices, including the prompt submission of detailed operational results, full disclosure of material information, and accurate financial reporting. The bank’s commitment to transparency is further evidenced by its meticulous adherence to investor protection safeguards, ensuring that shareholders are well-informed and that the bank’s shares remain freely traded, enabling efficient price discovery.

Market experts and shareholders have commended Fidelity Bank for its unwavering dedication to corporate governance. Mr. Olatunde Amolegbe, Managing Director of Arthur Steven Asset Management and former President of the Chartered Institute of Stockbrokers (CIS), emphasized the significance of the CG+ rating, describing it as a key factor for discerning investors. “Stock prices are driven by available information, and Fidelity Bank’s high level of disclosure assures investors of the bank’s compliance with listing requirements,” Amolegbe remarked.

Other market operators, including Mallam Garba Kurfi, Managing Director of APT Securities & Funds, and Mr. David Adonri, Managing Director of HighCap Securities, also lauded Fidelity Bank’s governance standards. They noted that the CG+ rating reflects the bank’s consistent efforts to maintain an organized and transparent corporate structure, which in turn maximizes benefits for stakeholders. According to Adonri, “When a company upholds good corporate governance, the benefit to stakeholders is maximized.”

Shareholders have expressed strong confidence in Fidelity Bank, attributing its sustained growth and impressive performance to its robust governance framework. Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), praised the bank’s board for its effective oversight and strategic planning, while Mr. Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), urged the bank to continue its tradition of good corporate governance to sustain its impressive trajectory.