24/11/2024
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 and smallness, 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.
© Chukwudi Iwuchukwu
