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FIDELITY BANK APPOINTS ONYEALI-IKPE, MD/CEO AS OKONKWO RETIRES

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The Board of Directors of Fidelity Bank Plc wishes to announce the impending retirement of Mr. Nnamdi J. Okonkwo, the Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank Plc. He will be stepping down from the Board of Directors of the Bank, with effect from December 31, 2020, upon completion of his contract tenure, in line with the bank’s governance policies.


​In compliance with the succession policy of the Bank, the Board has approved the appointment of Mrs. Nneka Onyeali-Ikpe, the current Executive Director, Lagos and South West Directorate as the MD/CEO Designate. The approval of the Central Bank of Nigeria(CBN) has been obtained for the appointment.

​The Board has also approved the appointment of Mr. Kevin Ugwuoke, the current Chief Risk Officer of the Bank, as Executive Director, Chief Risk Officer, subject to the approval of the CBN.

​“To ensure a smooth and successful transition, Nnamdi Okonkwo will continue in his role as the MD/CEO​ until December 31, 2020, while Nneka Onyeali-Ikpe will assume office as the substantive MD/CEO by​ January 1, 2021” said Chairman Board of Directors of Fidelity Bank Mr. Ernest Ebi.

He commended the MD/CEO for his significant contributions to the growth and development of the bank. “Fidelity Bank has enjoyed a very stable leadership since inception. These appointments underscore the bank’s robust human capital capabilities, governance and succession policies. We thank Nnamdi not only for his sterling performance but also for nurturing the new team and current crop of leaders to continue to steer the bank on its growth trajectory” he stated.

​Mr. Nnamdi Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 01, 2014. He implemented a Digital-led Strategy which led to significant growth across key performance matrix and increased market share, with the Bank currently ranked 6th amongst Nigerian Banks on most performance indices. Some of his key achievements include PBT growth of 236% from N9.0bn to N30.4bn; RoE increase from 5.5% to 13.3%; Customer Deposits growth of 68% from N806.3bn to N1,352.3bn and Savings Deposit growth of 275% from N83.3bn to N312.1bn.

​Other notable achievements include Net Loans and Advances growth of 174% from N426.1bn to N1,165.8bn; Customer Base increase by 121% from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0% to 50.1%, accounting for 28.4% of total fee income. In addition, the Bank successfully accessed the local and international markets through the issuance of N30bn Corporate Bonds in 2015 and $400million Eurobonds in 2017 under his leadership.
​Mrs. Onyeali-Ikpe was appointed to the Board of Fidelity Bank in 2015 as an Executive Director and currently oversees the Lagos and Southwest Directorate. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth across key performance metrics. Nneka has been an integral part of the current management team, responsible for the remarkable increase in the Bank’s performance in the last 5 years, with the area under her direct responsibility, contributing over 28% of the Bank’s PBT, Deposits and Loans.

​Nneka has over 30 years of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking. As an Executive Director at legacy Enterprise​ Bank​ Plc,​ she received formal commendation from the Asset Management Corporation of Nigeria (AMCON), as a member of the management team, that successfully turned around Enterprise Bank Plc.

​She holds Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London and has attended executive training programs at notable global institutions including; Harvard Business School; The Wharton School University of Pennsylvania; INSEAD School of Business; Chicago Booth School of Business; London Business School and IMD amongst others.

​Kevin Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer. Under his supervision, the Bank’s Total Loan Book has grown by a Compound Annual Growth Rate (CAGR) of 17% from N559.1bn to N1,218.9bn with Cost of Risk averaging 0.7% within the period and Non-Performing Loans Ratio below the regulatory threshold at 4.8% in Q1 2020.He has over 29 years of banking experience across various banks namely Citi Bank, Access Bank Plc, United Bank for Africa Plc and legacy Mainstreet Bank Limited, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management. Prior to joining Fidelity Bank, he was Chief Risk Officer at United Bank for Africa Plc and Mainstreet Bank Limited.

Kevin holds a First Class Honors degree in Civil Engineering from the University of Nigeria, Nsukka and a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University. He has attended several executive trainings at Harvard Business School and other world-class institutions of learning.
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Tinubu Intensifies Lobbying Efforts Amid Northern Opposition to Tax Reform Bills

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Tinubu Intensifies Lobbying Efforts Amid Northern Opposition to Tax Reform Bills

Tinubu Intensifies Lobbying Efforts Amid Northern Opposition to Tax Reform Bills

President Bola Tinubu has ramped up efforts to win support for his administration’s contentious tax reform bills, enlisting emissaries and back-channel negotiations to address concerns from the northern elite. This move comes amid fierce opposition from northern governors and stakeholders who argue that the proposed reforms would disproportionately disadvantage their region.

Lobbying the Northern Elite
According to sources within the Presidency, Tinubu has been consulting influential northern leaders both individually and as groups to garner support for the bills. A senior official, speaking anonymously, revealed that consultations began even before the holidays.

“What I know is that he [President Tinubu] has been consulting with some of the northern elite at an individual level and as groups, even before the holidays,” the source disclosed.

Another insider confirmed that the President is using “back channels” to address contentious aspects of the bills. “He is reaching out through different channels that are available to him to make sure that the grey areas of the bills are smoothened out,” the source said.

Northern Governors Stand Firm
Despite Tinubu’s overtures, the Northern Governors Forum has maintained its staunch opposition to the reforms. The governors are demanding that the bills be withdrawn from the National Assembly to allow for further consultation.

In a communiqué issued on October 28, the forum expressed deep dissatisfaction with the proposed amendments, particularly the shift to a derivation-based model for Value Added Tax (VAT) distribution. They argued that this model, which allocates VAT based on the location of a company’s headquarters, tax office, and where goods or services are consumed, would undermine the economic stability of the northern region.

“The forum notes with dismay the contents of the recent Tax Reform Bills forwarded to the National Assembly. The reforms, particularly the proposed amendment to the distribution of VAT to a derivation-based model, are detrimental to the interests of the north and other sub-nations,” the communiqué read.

Bauchi State Governor Bala Mohammed criticized the reforms, calling them “anti-northern” and warning of potential consequences. “If these policies persist, the northern region will show its true colors in response,” he cautioned during an interview.

Tinubu Stands His Ground
Undeterred by the backlash, Tinubu defended the tax reform bills during a media chat in December. The President emphasized the need for sweeping reforms to address the country’s economic challenges.

“Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy. We cannot retool this economy with the old broken tools,” Tinubu said.

The President also dismissed concerns about the reforms being anti-poor, explaining that vulnerable groups would not be taxed. “This tax reform is pro-poor. All we are asking for is to widen the tax net and bake the cake larger so that we can share a larger meal,” he added.

Looking Ahead
The tax reform bills, introduced to the National Assembly in October 2024, include the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

With Tinubu’s administration doubling down on consultations and the northern governors refusing to budge, the fate of the proposed reforms remains uncertain. The unfolding political tussle highlights the challenges of implementing sweeping policy changes in a country marked by diverse regional interests.

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NAPS Leadership Meets with OPAY Top Management in Lagos

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NAPS Leadership Meets with OPAY Top Management in Lagos

NAPS Leadership Meets with OPAY Top Management in Lagos

Lagos, Nigeria – December 30, 2024 – The leadership of the National Association of Polytechnic Students (NAPS), led by Senate President Comrade Adeniji Boluwaji Temitope, met with the top management of OPAY in Lagos State to discuss the inclusion of polytechnic students in OPAY’s scholarship program.

NAPS Leadership Meets with OPAY Top Management in Lagos

Other NAPS representatives at the meeting included Comrade Abdulmumeen Ibrahim, Comrade Olalere Benedict (NAPS Southwest PRO), and the Director of Media and Publicity.

 

The meeting was made possible through the intervention of the Lagos State Department of State Services (DSS) in response to an official letter sent to OPAY.

 

Polytechnic Students Demand Inclusion in OPAY Scholarship

During the meeting, Comrade Olalere Benedict highlighted the marginalization of polytechnic students in Nigeria. He pointed out that many corporate organizations prioritize university students over polytechnic students, despite the significant contributions of polytechnic graduates to Nigeria’s economic development.

He further noted that, despite polytechnic students being a major demographic of OPAY’s users, they had not been considered in the company’s Corporate Social Responsibility (CSR) programs, particularly the scholarship initiative. He urged OPAY to address this issue and ensure that the HND/BSc dichotomy does not hinder the inclusion of polytechnic students in the scheme.

The Chief Operating Officer (COO) of OPAY reassured NAPS that OPAY does not support the HND/BSc dichotomy, emphasizing that he himself is a polytechnic graduate. He explained that the scholarship program was initially designed for primary and secondary school students, but was later extended to tertiary institutions as a pilot scheme.

 

He clarified that universities were selected randomly for the initial phase, but assured NAPS that some polytechnics had also been chosen and would be communicated in due time. He further stated that while OPAY cannot reach every institution, all regions of Nigeria would benefit from the initiative.

 

The Head of Risk Management and the Head of CSR echoed these sentiments, assuring NAPS that polytechnic students were not intentionally excluded. They appreciated NAPS for engaging OPAY in dialogue and expressed commitment to further collaboration.

The meeting ended on a positive note, with the NAPS leadership expressing satisfaction with OPAY’s responses.

Comrade Adeniji Boluwaji Temitope, NAPS Senate President, commended OPAY for its efforts in financial inclusion and community service and called for stronger collaboration between NAPS and OPAY in future initiatives.

Comrade Oyewumi Festus, NAPS PRO Southwest, raised concerns about proof of funds for students applying for visas, urging OPAY to address this issue, as many students rely on OPAY for daily transactions.

Comrade Abdulmumeen Ibrahim, National Secretary of the NAPS Stakeholders Forum, praised OPAY for its efficient financial services and requested more business opportunities for polytechnic graduates and undergraduates.

The meeting strengthened communication between OPAY and NAPS, paving the way for polytechnic students to benefit from OPAY’s scholarship program and other future initiatives.

Aluta Continua… Victoria Ascerta!

Signed:
Comrade Adeniji Boluwaji Temitope
NAPS Senate President

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DECEMBERISSAVYBE: FIRSTBANK SPONSORS ‘THE CAVEMEN CONCERT’, THRILLS AUDIENCE   By Oladapo Sofowora

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DECEMBERISSAVYBE: FIRSTBANK SPONSORS ‘THE CAVEMEN CONCERT’, THRILLS AUDIENCE

 

By Oladapo Sofowora

 

December is a particularly vibrant and deeply meaningful month in Nigeria, imbued with a palpable sense of excitement and celebration that permeates the air. As daily life slows down, this festive season offers a welcome opportunity for relaxation and togetherness. Families and friends gather to create cherished memories, participating in a rich tapestry of cultural activities that showcase Nigeria’s diverse heritage. The month is characterized by a colourful array of events, including theatrical plays, musical concerts, traditional festivals, operas, fashion shows, poetry readings, and various forms of performance arts, all reflecting the dynamic cultural expressions of Nigerian society.

As December unfolds, the excitement continues to build, with streets and homes becoming vibrant displays of holiday spirit. Elaborate decorations adorn every corner, featuring colourful Christmas ornaments, twinkling lights, and festive paraphernalia that evoke a sense of wonder and joy. Evening skies light up with breathtaking fireworks, illuminating the night and further enhancing the joyous mood of the season. Year-end Thanksgiving parties have become commonplace, offering spaces for loved ones to gather, share meals, and express gratitude for the blessings and experiences of the past year. This period also allows Nigerians to reconnect with family and friends, many of whom travel from various parts of the globe to partake in these significant celebrations.

As the year-end festivities for 2024 draw near, FirstBank has thoughtfully curated an exhilarating lineup of events under the DecemberIssaVybe program, aimed at enhancing the enjoyment of this festive season. A highlight of this initiative is the much-anticipated concert featuring The Cavemen, a celebrated musical duo. Which was held on Friday, December 27, 2024, at Muri Okunola Park, located along the bustling Lekki-Epe Expressway, the event brought Lagos to life with a captivating performance that seamlessly blends highlife, soul, and folk music. Attendees enjoyed an engaging experience filled with mesmerizing sounds for over an hour, keeping them on their feet and immersed in the rhythm.

The atmosphere at the concert was electrifying, drawing a diverse crowd of enthusiastic youth eager to experience The Cavemen’s unique interpretation of highlife music—a genre deeply rooted in Nigerian culture and characterized by its rich, rhythmic beats and soulful melodies. The concert also featured an impressive lineup of other notable artists, such as the popular act Ckay, who collectively contributed to a night filled with remarkable entertainment and unforgettable performances.

The stage witnessed a pulsation of energy as The Cavemen’s talented band propelled the evening forward, delivering an infectious performance marked by masterfully executed guitar riffs, powerful drumming, and enchanting vocals. Audiences found themselves wholly absorbed in the moment, as the music unites them in joy and celebration, showcasing the revitalization and redefinition of the highlife genre that The Cavemen have pioneered.

In addition to the music, the concert artfully integrates comedic performances, highlighting the vibrant and diverse creative entertainment scene in Africa. Acclaimed comedians took to the stage, drawing laughter and delight from the crowd, while emerging music also had their moment in the spotlight, receiving enthusiastic applause and encouragement from an appreciative audience.

Recognising the profound impact of December in nurturing relationships and spreading joy, FirstBank has actively engaged its First@arts initiative to launch the annual DecemberIssaVybe campaign. This initiative is meticulously crafted to inspire and empower individuals across Nigeria to create and experience exhilarating moments throughout this joyous season. By providing fully sponsored access to premium concerts, theatrical performances, shows, and festivals featuring some of the industry’s top entertainers, FirstBank aims to alleviate the financial burdens that often accompany festive celebrations.

In a time marked by economic uncertainty, FirstBank stands as a crucial support system for Nigerians wishing to celebrate without the weight of added financial stress. With a proud legacy spanning over 130 years, this esteemed financial institution has woven itself into the fabric of Nigerian life. FirstBank has long championed numerous festive concerts showcasing Africa’s music icons, including Kizz Daniel, Davido, Burna Boy, Asake, and Tiwa Savage, crafting unforgettable experiences for music aficionados across the nation.

The DecemberIssaVybe campaign encapsulates the essence of creating lasting memories during this festive season. It serves as a dynamic platform for both local and international audiences to immerse themselves in unique, culturally rich experiences tailored to the holiday spirit. Since its inception in 2018, the FirstBankIssaVybe campaign has quickly become a highly anticipated annual event, delighting participants with exhilarating moments designed to resonate and linger long after the celebrations are over.

Olayinka Ijabiyi, the Acting Group Head of Marketing & Corporate Communications at FirstBank, emphasized the institution’s unwavering commitment to crafting a ‘Wow December to Remember’ experience for individuals of all ages. He stated, “FirstBank is devoted to facilitating memorable homecoming experiences this December through gatherings such as weddings, family reunions, and festive celebrations, ensuring that every moment spent together is cherished.” Through this commitment, FirstBank continues to play a pivotal role in the celebration of culture and community during this significant time of year.

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