Business
FIDELITY BANK ANNOUNCES BOARD RETIREMENTS AND NEW APPOINTMENTS
Fidelity Bank Plc wishes to announce new Board appointments in place of some of its outgoing Directors, who recently successfully completed their tenure on the Board in accordance with the Bank’s internal governance policies.
Mrs. Aku Odinkemelu, Executive Director, South Directorate, who was appointed to the Board on August 4, 2014, will be retiring by December 31, 2020. As Executive Director, Aku played a defining role as a member of the transformation team in Fidelity Bank over the last 6 plus years.
Her responsibilities covered the Commercial, SME, Consumer and Public Sector businesses of Fidelity Bank in the South East and South-South Regions of Nigeria and she provided leadership for 90 business offices within the 11 States under her purview, with her Directorate accounting for 31% of deposits, and 21% of Loans. In addition, the South Directorate under her supervision generated the highest PBT in the bank over the last 5 years 2015 – 2019, contributing over 23% of the total bank’s profit over the period.
Chief Charles Umolu, Non-Executive Director, completed his tenure and retired from the Board on December 16, 2020. He served on the Board Risk, Credit, Finance & General Purpose, Audit and Corporate Governance Committees and chaired the Board Credit Committee until he retired. Mr. Michael Okeke, also a Non-Executive Director, successfully completed his tenure and retired on December 18, 2020. He was a member of various Board Committees including the Board Corporate Governance Committee, which he chaired from October 2018 to December 2019. Another Non- Executive Director, Mr. Alex Ojukwu, will complete his tenure and retire by December 31, 2020. He currently serves on the Board Credit, Risk, Audit and Corporate Governance Committees and chairs the Board Risk Committee.
The Board expresses its profound appreciation to the outgoing Executive and Non-Executive Directors for their impressive contributions to the growth and development of the Bank. “Fidelity Bank is privileged to have benefited from the combined experience and expertise of these very accomplished Lady and Gentlemen. We thank them for their service to the Bank and wish them the very best in their future endeavors” said Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc.
In place of the retired and outgoing Non-Executive Directors, the Board is pleased to announce the appointment of Mrs. Amaka Theodora Onwughalu, Mr. Nelson Chidozie Nweke and Mr. Chinedu Eric Okeke as Non-Executive Directors. The appointments of Mrs. Onwughalu and Mr. Nweke have been approved by the Central Bank of Nigeria (CBN) whilst that of Mr. Okeke is awaiting CBN approval.
Mrs. Amaka Onwughalu has over 30 years’ banking experience including over 10 years in Executive Management in various financial institutions, with proven expertise across diverse segments including Commercial Banking, Retail Banking, Treasury Management, Banking Operations and Corporate Banking. She served in executive management positions in different institutions and was the former Group Managing Director of legacy Mainstreet Bank Limited where she led the successful execution of a seamless integration of the bank with Skye Bank Plc where she served as Deputy Managing Director until her retirement in July 2016.
She is currently the Chief Executive Officer of Blueshield Financial Services Limited and holds a BSc Degree in Economics from the University of Buckingham, an MSc Degree in Corporate Governance from Leeds Metropolitan University, United Kingdom and an MBA from the University of Port Harcourt, Nigeria. She gained further exposure and training at the Executive Business School, INSEAD, France; IMD Business School, Lausanne, Switzerland; Judge Business School, University of Cambridge; and Columbia Business School, USA.
Mrs. Onwughalu is a Senior Fellow of the Institute of Internal Auditors of Nigeria; a Fellow of the Institute of Credit Administration (ICA); a Member of the Nigeria Institute of Management (NIM); an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN); and a Fellow of the Institute of Directors (IoD). She is passionate about mentoring the Girl Child and committed to supporting women entrepreneurs/professionals to contribute their quota to stimulating economic development in Nigeria. She is a Paul Harris Fellow and recipient of various prestigious awards including the National Merit Award for Accountability and Transparency (NMAT), the Award of Excellence and Distinction for Financial Management (AEDFM) and the Vocational Service Award (VSA) from the Rotary Club, Enugu.
Mr. Nelson Nweke, currently serves as the Managing Director of Neilville Nigeria Limited and had an extensive career in the financial services sector, rising to the position of Executive Director at legacy Intercontinental Bank Plc. His banking industry experience covers Operations, Public Sector, Corporate Services and Human Resources Administration. He holds a Bsc. in Political Science and an Msc. in Industrial and Labour Relations, both from the University of Ibadan and has attended various executive development programmes at world class business schools including INSEAD, France; IMD, Lausanne, Switzerland; and Harvard Business School amongst others.
Mr. Nweke is an Associate Member of the Chartered Institute of Stockbrokers (CIS), Member Chartered Institute of Personnel Management (CIPM) and Nigeria Institute of Management (NIM). Prior to joining the Board of Fidelity Bank, Mr. Nelson Nweke had previously served as a Non-Executive Director of Premium Pension Limited and was a member of the Governing Council of Anambra State Investment Promotion and Protection Agency between 2014 and 2018. He is presently an Independent Non-Executive Director at Berger Paints PLC.
Mr. Chinedu Eric Okeke is the Managing Director of Azura Power West Africa Limited, an infrastructure development and operating company with special focus on emerging markets in Africa, including Nigeria. Prior to joining Azura in 2014, Mr. Okeke had a stellar career spanning over nineteen years in a succession of blue-chip companies including Guinness Nigeria Plc, Lafarge Plc, Schlumberger Oilfield Services, and General Electric (GE). His areas of interest and specialization across geographies (Nigeria, France, South Africa, Vietnam and Pakistan), covers Technology, Power, Corporate Strategy, Finance, Market Analysis and International Development.
Mr. Okeke has held executive and senior management positions in various climes, with direct responsibility for teams of diverse and multicultural professionals and demonstrated ability to develop and maintain strategic client relationships and deliver quality results under complex conditions. He holds a B.Eng. Degree in Electronic Engineering from the University of Nigeria, Nsukka (UNN) and an MBA from Imperial College, London. He has attended executive training programmes at various premier institutions including Gordon Institute of Business Science, South Africa; INSEAD, France; Graduate School of Business, Stanford, USA, College of Management, Georgia Institute of Technology, USA and GE John F. Welch Leadership Development Centre, USA.
The Board is pleased with the appointments and confident that the new Directors will bring their considerable experience to bear in the bank’s growth trajectory. “We are very delighted to welcome the newly appointed Directors to the Fidelity family. These appointments end the on-going board realignment, occasioned by the retirements that had to happen, in line with our governance policies. We look forward to leveraging on the multi-disciplinary experiences of Amaka, Nelson and Chinedu in executing the next growth phase of Fidelity Bank”, stated Chike-Obi.
Herbal Life Hikers Take On De Wildt Trails in Empower-Active Adventure!
De Wildt, July 19, 2025 – The crisp morning air of De Wildt did little to deter a vibrant group of adventure-seekers who came out in full force for the “#Empower-Active! Let’s Have Some Fun! Let’s Go Hiking” event. Dressed in lime green and black, the enthusiastic hikers turned the trails into a vibrant wave of energy, unity, and wellness.
Organized by wellness coach Busi Jele—popularly known as Aunty BJ—and anchored by Neo Kgosana, the event was hosted under the banner of community wellness and empowerment. Kicking off at 7 a.m., participants set off with smiles, camaraderie, and a shared goal of physical rejuvenation and social connection.
“This is more than a hike,” said Aunty BJ. “It’s a movement to get people active, connected, and recharged—away from the stress of everyday life. We’re thrilled at the turnout and the energy everyone brought today.”
The event drew a diverse mix of nature lovers, fitness enthusiasts, and first-time hikers, all eager to embrace the outdoors. For a registration fee of R250, participants received a hike pack, entry access, and a refreshing post-hike snack—carefully curated to support health and vitality.
As hikers made their way through the picturesque De Wildt trails, laughter echoed through the hills, new friendships were forged, and many paused to soak in the breathtaking views and stillness of nature. The event’s theme colours, lime green and black, symbolized vitality and strength—perfectly capturing the spirit of the day.
With the success of this edition, there are growing calls for the hike to become a regular wellness fixture. For many attendees, today’s hike was not just a physical activity but a therapeutic experience—filled with joy, connection, and empowerment.
Business
Group slams NMDPRA Boss Farouk’s Diversionary Newspapers Ads On $5.5 Million In Children’s Tuition Fees
…charges relevant agencies to open immediate investigation.
The Concerned Citizens Network of Nigeria (CCNN) has slammed Engineer Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for his full-page newspaper advertisements published on July 11, 2025, as a “disgraceful charade” and “diversionary” designed to dodge accountability.
The group said the ads, appearing on page 12 of Thisday, page 17 of The Guardian, page 15 of Vanguard, page 3 of BusinessDay, and page 19 of Daily Trust, were unsigned and devoid of substance, failing to address explosive allegations that Ahmed spent over $5.5 million (approximately N8.25 billion) on his children’s secondary education abroad.
In a fiery press conference on Monday in Abuja, the CCNN, led by Dr. Emmanuel Agibi, demanded an immediate investigation, accusing Ahmed of insulting Nigerians’ intelligence with his evasive tactics.
The CCNN highlighted that Ahmed’s children—Faisal Farouk attended the Montreux school, Farouk Jr attended the Aiglon college, Ashraf Farouk attended the Institut Le Rosey while Farhana Farouk attended the La Garenne International School for six years each.
With annual tuition and upkeep exceeding $200,000 per school, the total cost for the four children is estimated at $5 million, or roughly $1.2 million per child over six years.
“The cost per child included annual tuition fees of approximately $130,000–$150,000 and an additional $50,000 for upkeep, flights, and other expenses. For each child, this amounts to roughly $180,000–$200,000 annually, or $1,080,000–$1,200,000 over six years,” the statement said.
“For four children, the total expenditure ranges from $4,320,000–$4,800,000. Even now, questions remain unanswered about the tertiary education of Ahmed’s children. Having completed their secondary education, Faisal, Farouk Jr., Ashraf, and Farhana are enrolled in prestigious universities abroad, where annual costs often exceed $70,000–$100,000 per student.
“Further compounding public outrage, Engr. Farouk Ahmed’s son recently graduated from Harvard University, where tuition and associated costs exceeded $152,000, with additional expenses in the range of $100,000. This extravagant expenditure, far beyond the gross earnings of a civil servant of his calibre, places an immense burden on Nigeria’s poor taxpayers, many of whom struggle to afford three meals a day or school uniforms for their children, particularly in the northern regions.
“Notably, Ahmed has never held employment outside his role with the Federal Government since leaving school, raising further questions about the source of his wealth. The opulence displayed in funding such elite education underscores a stark disconnect between Ahmed’s lifestyle and the economic realities faced by ordinary Nigerians.”
The group urged the Code of Conduct Bureau (CCB), Independent Corrupt Practices Commission (ICPC), and Economic and Financial Crimes Commission (EFCC) to investigate how a civil servant’s salary could fund such lavish expenditure.
“In a nation where over 10 million children, particularly in the north, lack access to basic education, this lavish spending by a public servant is not merely a matter of personal choice—it is a moral outrage,” the statement added.
“While countless Nigerian families struggle to afford primary schooling, Ahmed’s children attended secondary institutions costing more per term than the annual budgets of some federal colleges. This stark inequality represents an injustice that cannot be ignored.
“The absence of transparency regarding how these ongoing expenses are funded further fuels public suspicion. If Ahmed’s wealth can support such elite secondary and tertiary education, the public deserves to know the legitimate sources of these funds, especially given his role as a public servant accountable to Nigerian taxpayers.
“The CCNN’s allegations are grounded in rigorous evidence, stemming from a petition to the Attorney-General of the Federation after weeks of verification, fact-finding, and public record reviews.We question how a public official, whose salary is known and whose assets must be constitutionally declared, could finance such an extraordinary level of overseas education without a visible commercial empire or disclosed inheritance.
“The petition raises serious concerns about potential abuse of office, asset concealment, or diversion of public funds under Ahmed’s leadership at NMDPRA. Public response has been resolute, with peaceful protests by lawyers, students, and civic groups targeting the Attorney-General’s office, ICPC, EFCC, National Assembly, and NMDPRA headquarters. These demonstrations, supported by formal letters and placards, demanded a transparent investigation.
“The NMDPRA’s attempt to dismiss these voices as ‘faceless’ is a cynical effort to undermine lawful civic engagement, further eroding public trust. The NMDPRA’s statement conspicuously avoided addressing key issues: it did not deny the children’s attendance at the listed secondary schools, nor did it provide any breakdown of how tuition was funded.
“It offered no details on asset declarations, loans, business income, family inheritance, or blind trusts, relying instead on vague appeals to Ahmed’s ‘reputation’ and ‘integrity.’ In a democracy, such claims are insufficient when a public servant’s lifestyle appears misaligned with their declared income. The burden of proof rests with Ahmed, not the public.
“The CCB, ICPC, and EFCC have constitutional mandates to investigate cases of unexplained wealth, ensuring that public officials are held accountable. This case tests the credibility of President Bola Tinubu’s anti-corruption and transparency agenda. The CCNN is not calling for Ahmed’s immediate removal but for an open, independent investigation. If he is innocent, a transparent process will vindicate him.
“However, continued silence risks tarnishing both his reputation and the government’s reform efforts. Ignoring these allegations would be a grave miscalculation. The CCNN is submitting additional letters, pursuing legal action, and mobilising further protests to ensure accountability. Civic vigilance is not a nuisance—it is the cornerstone of a functioning democracy.
“Engr. Farouk Ahmed must step forward, disclose his funding sources, and submit to a full inquiry. This is not persecution—it is the price of public trust. The CCB, ICPC, and EFCC must act swiftly to investigate these allegations, ensuring that justice and transparency prevail.”
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