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Appointments

Fidelity Bank appoints Nneka Onyeali-Ikpe as new CEO, as Okonkwo retires soon

The current CEO is scheduled to retire by December 31st, 2020.

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Nneka Onyeali-Ikpe,Fidelity Bank M.D purchases 5 million additional shares worth N12.97 million

Fidelity Bank Plc has announced the appointment of Mrs Nneka Onyeali-Ikpe as its new Chief Executive Officer Designate. Her appointment follows the impending exit of Mr Nnamdi J. Okonkwo, who is scheduled to retire from the bank’s board of directors come December 31st, 2020.

Details of the appointment

A notice that was sent to the Nigerian Stock Exchange this afternoon stated that Nneka Onyeali-Ikpe’s appointment will take effect on January 1st, 2021. She is currently an Executive Director at Fidelity Bank, overseeing the tier-2 bank’s Lagos and South West Directorate.

READ ALSO: UPDATED: Minister of Power sacks TCN MD, confirms appointment of Directors

Note that Onyeali-Ikpe’s appointment is still subject to the approval of the Central Bank of Nigeria. Part of the notice by the bank said:

“This is to notify the Nigerian Stock Exchange and the general public of the impending retirement of Mr. Nnamdi J. Okonkwo, the Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, from the Board of Directors of the Bank, with effect from December 31, 2020, upon completion of his contract tenure.

“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 of the Bank, to assume office with effect from January 1, 2021. The approval of the Central Bank of Nigeria has been obtained for the appointment.”

Note that the company also announced the appointment of Mr Kevin Ugwuoke as an Executive Director in charge of risk management. His appointment is also subject to the approval of the Central Bank of Nigeria.

About the newly-appointed CEO Designate

Mrs Nneka Onyeali-Ikpe has over 30 years of banking experience, including stints at Standard Chartered Bank Plc, Zenith Bank Plc, and Enterprise Bank Plc. She joined Fidelity Bank Plc’s board of directors in 2015 and has reportedly played a very integral role in the transformation of the bank’s Lagos and Southwest Directorate.

READ ALSO: Naira depreciates as dollar sales top $100m a day at I&E window

Mrs Onyeali-Ikpe has also contributed immensely towards Fidelity Bank’s generally positive financial performance over the last five years.

She is a graduate of Law from the University of Nigeria, Nsukka, and also holds a Master of Laws (LLM) from Kings College in London. Other professional certifications were obtained from Harvard Business School, Wharton School, University of Pennsylvania, INSEAD School of Business, London Business School, and more.

READ MORE: Cornerstone Insurance’s board will meet July 22nd to consider 2 important issues

The backstory

Mr Nnamdi J. Okonkwo became the Chief Executive Officer of Fidelity Bank Plc on January 1st, 2014, about two years after he was appointed an Executive Director in 2012. His tenure as CEO has been largely characterised by numerous positive changes and significant growth in terms of financials. To read more about Mr Okonkwo’s performance as CEO, read the statement by the company right here.

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It should be noted that Fidelity Bank’s stock closed today’s trading on the Nigerian Stock Exchange with a share price of N1.79, after gaining by 1.70% to advance from its opening price of N1.76. Year to date, the stock has declined by about 8%.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Appointments

Africa Prudential announces appointment of Zubaida Rasheed as Director

Zubaida Rasheed has been appointed as an Independent Non-Executive Director by Africa Prudential Plc.

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African Prudential could be worth more than N4.55

The Board of Africa Prudential Plc has ratified the appointment of Mrs. Zubaida Mahey Rasheed as an Independent Non-Executive Director, effective February 24, 2021, subject to regulatory approval from the Securities and Exchange Commission.

This is according to a notification signed by the Company’s secretary, Joseph Jibunoh, and made available to the Nigerian Stock Exchange.

Given her profile and wealth of experience, the Board strongly believes that the appointment will strengthen the company by consolidating its digital transformation drive and ensuring its smooth transition from its core registrar business to providing digital solutions and technological services.

About Zubaida Mahey Rasheed 

Mrs. Zubaida is a distinguished technocrat with over forty years’ experience in the public and private sectors. A sizeable number of the aforementioned years were spent in NITEL Plc, where she served for 23 years, rising to the position of Executive Director.

Mrs. Zubaida is currently the Deputy Coordinator of Technical Working Group (TWG) for the preparation of Medium-Term National Development Plan (MTNDP) 2021-2025 & Nigeria Agenda 2050 (Business Environment, Trade, Competitiveness, and Product Space Mapping).

She is an alumna of Ahmadu Bello University (ABU), having obtained a BSC degree in Economics in the aforementioned institution. She holds professional membership in the Nigerian Institute of Management and National Institute of Marketing, Nigeria.

What you should know

  • Africa Prudential Plc had earlier declared a dividend of 50 kobo each, totaling N1 billion for its shareholders.
  • Africa Prudential Plc formerly known as UBA Registrars Ltd was incorporated as a private limited liability company on 23rd March 2006 to take over the registrar services formally operated as a department by its former parent – UBA Global Market Limited.
  • The company was listed on the Nigerian Stock Exchange on the 17th of January, 2013. It currently manages over 80 corporate clients in both the public and private sectors.

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Appointments

Cornerstone Insurance Plc appoints Ogechi Adeola as Director

Dr Ogechi Adeola has been appointed as an Independent Non-Executive Director at Cornerstone Insurance Plc.

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Cornerstone Insurance Plc has appointed Dr Ogechi Adeola as its new Independent Non-Executive Director, subject to ratification by members at general meeting.

This is according to a notification sent to the Nigerian Stock Exchange platform, dated 24th of February, 2021, as seen by Nairametrics.

READ: United Capital earmarks total dividend of N4.2 billion for shareholders

Dr. Adeola’s profile

Dr. Adeola has over two decades of work and consulting experience in the Nigerian Financial services sectors. She is an Associate Professor of Marketing at the Lagos Business School and an alumna of the Manchester Business School, United Kingdom.

On the other hand, Cornerstone Insurance closed trading today (24th of February, 2021) at the floor of the Nigerian Stock Exchange with a share price of N0.59.

Results from the recently released FY 2020 financials posted by the firm showed that gross premium written increased from N13.06 billion in 2019 to N17.6 billion. However, profit for the period declined to N1.6 billion, from N4.11 billion recorded in 2019.

READ: CWG confirms Adeyipo’s appointment as MD

What you should know:

Cornerstone Insurance Company Plc is a Nigerian-based insurance company offering services in the life and non-life categories.

It was incorporated on the 26th of July, 2021, initially as a private limited liability and subsequently became a public limited liability after its listing on the Nigerian Stock Exchange in 1997.

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