Fidelity Bank Invests N17bn in Transport Sector

by Research 15. July 2013 10:16

Fidelity Bank Plc said its total portfolio in the Nigerian transport sector in has  risen to about N17 billion.

Executive Director, Corporate Banking, Fidelity Bank, Mr. John Obi, who disclosed this in a chat with journalists at the end of the: “Fidelity Transport Customers’ Forum,” in Lagos at the weekend, argued that the bank now controls 10 per cent of the market share of the road transport business.

According to Obi, the transport sector is a very critical part of any economy.

“For goods and services to be moved across the country, it is necessary to develop the sector. Goods cannot be manufactured and kept in a warehouse, it is only when they are delivered to consumers that the goals can be said to be achieved. That is why we are investing in that sector of the economy.

“We decided to bring our customers together to share experiences, know their perceptions of our services and for us to communicate to them about their performances in return. The forum is planned to be two-way affair. This is necessary because it is one of our ways of keeping abreast with what our customers are doing,” the Fidelity Bank official explained.

On his part, the Managing Director/Chief Executive Officer, ABC Transport Plc, Mr. Frank Nnaji, who said the forum was of immense benefits to operators, disclosed that his firm had been transacting business with Fidelity Bank for about 15 years.
Nnaji added: “Even though banks run general business, transport is a specific business, with a desk in the bank. Of course, there are peculiarities in this business.

“So it makes sense that the bank got people together who are directly involved in this business to talk about their specific problems, while the bank in turn will say what their plans are going forward. Bringing everybody together to share experience, learn from the bank and what other plans they have is very valuable and commendable.”

Also, the Chairman/Chief Executive Officer, GPC Energy and Logistics Limited, Mr. Elvis Okonji noted that the transport sector was yet to realise its potentials in the country.
“We are still in a very low level. The rails system is just coming up, even though we are not so sure. Maybe, in the next five to 10 years or more, it might pick up.


“For today, we are only trying to define what transport means. I just hoped that government will look at the rail system and ensure that their acclaimed proposals will be implemented, then we are getting there. Currently, there are moves towards improving the road network in the geopolitical zones,” he declared. 

source: Thisday live


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