How Fidelity Bank’s Strategic Investment in Allen Onyema’s Air Peace Transformed the Airline into West Africa’s Largest Carrier
In a remarkable tale of loyalty, trust, and strategic investment, Fidelity Bank’s 10-year partnership with Air Peace has yielded unprecedented returns, transforming the airline into the largest carrier in West Africa.
According to sources, Fidelity Bank took a bold step approximately 10 years ago by providing critical funding to Air Peace, enabling the airline to acquire new aircraft from Boeing. This move was particularly significant, given that most banks at the time were hesitant to invest in the fledgling airline.
The bank’s commitment to Air Peace was unwavering, providing the necessary funds to facilitate the airline’s growth and expansion. One notable instance was when Allen Onyema, Air Peace’s CEO, signed an agreement with Boeing for 10 new aircraft. Fidelity Bank once again provided the requisite funding, demonstrating its unshakeable faith in Onyema’s vision.
Today, Air Peace boasts an impressive daily turnover of between 50 and 100 million naira, making it an extremely attractive partner for banks. However, Onyema’s loyalty to Fidelity Bank remains unwavering, a testament to the bank’s instrumental role in Air Peace’s success.
The lesson from this remarkable partnership is clear: investing in people, relationships, and promising young entrepreneurs can yield extraordinary returns. By taking a calculated risk on Air Peace, Fidelity Bank has reaped the rewards of loyalty, trust, and strategic investment.
As the business world continues to evolve, this inspiring tale serves as a poignant reminder of the importance of building strong relationships, fostering loyalty, and investing in people who share your vision.
Excerpt
About 10 years ago, Fidelity Bank placed a bet on Allen Onyema and his Air Peace brand, when most banks stayed away from touching the airline.
Air Peace was a small airline not this big, so you can’t blame the banks that stayed away.
Despite their size, Fidelity Bank chose to stick with Allen Onyema.
This is what Fidelity did for Allen Onyema 👇
They provided him with funding to buy his new aircraft from Boeing.
Sometimes the amount in question could run up to $1 billion, but it does not matter; the bank will look for it and guarantee Allen that the transaction will proceed.
There was a time when Allen Onyema signed an agreement with Boeing for 10 new aircraft.
Guess who provided the funding? Fidelity bank.
Fidelity Bank provided the funds required for Air Pece’s growth and expansion.
Air Peace has scaled up and is now the largest airline in West Africa.
They were no longer the small airlines they were 10 years ago.
Allen Onyema has not forgotten this favour, so he has kept faith in Fidelity Bank by choosing to bank with them even in the face of multiple choices.
When it comes to cash flow, no airline in Nigeria today comes close to Air Peace in terms of daily turnover and liquidity.
We are talking about an airline that generates between 50 and 100 million naira daily, according to unofficial estimates.
Banks love businesses with this type of liquidity and healthy cash flow, but even if you pitch Allen Onyema to open an account with you, he will casually tell you that he is okay with the value and service Fidelity Bank is providing for him.
This is why, when you go to Air Peace’s website to book your flight, you send the money to Fidelity Bank when it is time for payment.
The lesson from this is simple.
Invest in people.
Invest in relationships.
Take a bet on promising young people, even when it is not convenient.
Take an interest in people’s lives and see how you can contribute to their growth and scale. And more importantly be loyal to people who believed in you when everyone one else could not touch you.
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