Fidelity Bank assures support to traders affected in Lagos explosions

Fidelity Bank Plc, on Monday commiserated with traders and others victims of Sunday’s tragic explosion in Abule Ado, Amuwo Odofin Local Government Area (LGA) of Lagos State.

Accompanied by other executive management staff, Nnamdi Okonkwo, managing director/CEO, who visited the affected market areas was received by the leaders of the Balogun Business Association (BBA), Auto Spare Parts and Machinery Dealers Association (ASPAMDA) and Association of Progressive Traders (APT). He prayed for the repose of the souls of those who died in the explosion and disclosed the bank’s readiness to make some token contributions to members of the traders’ associations whose shops and properties were destroyed. “We thought to come this morning to commiserate with you and see first-hand the damages caused by effects of the explosions” said Okonkwo.

Responding, the market leaders thanked the bank for the gesture, noting that Fidelity Bank has been a true supporter and remains the most responsive of all financial institutions in the market. “Fidelity is not the only bank in this market. Coming here barely 24 hours after this incidence and offering financial support in addition, is quite commendable. We are still evaluating the extent of damages and the number of our members affected” said President BBA, Chief Anthony Obih.

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The presidents of ASPAMDA and APT also expressed gratitude to Fidelity Bank. “You have indeed demonstrated to us that we are indeed partners. We will reciprocate this kindness and will continue to do everything within our powers to support the bank” stated President ASPAMDA, Chief Daniel Oforkansi. On his part the APT market association president Chief Eric Ilechukwu called on other corporate entities to emulate Fidelity Bank saying “it is people and organizations like you that we want. If others are like you, things will be better for it”.

Several residential and commercial buildings as well as cars were destroyed in the explosion that rocked Abule Ado to its core. The resulting fire, from the explosion, later spread to the Nigerian National Petroleum Corporation (NNPC) oil pipeline passing through the area, although the pipeline was shut down as a precautionary measure. The explosion caused widespread panic among Lagos residents after it shook many houses in Ijegun, Festac Town and other communities outside Amuwo Odofin.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.