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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 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.

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“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.

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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

Airtel Africa Plc appoints Kelly Bayer Rosmarin as Non-Executive Director

Kelly Bayer Rosmarin has been appointed by Airtel Nigeria Plc as a Non-Executive Director.

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Airtel Nigeria Plc has announced the appointment of Kelly Bayer Rosmarin as a Non-Executive Director (NED), with effect from 27 October 2020.

This information is contained in a note sent to the floor of the Nigerian Stock Exchange on the 27th of October 2020 and signed by Secretary, Airtel Africa Plc, Simon O’ Hara.

READ: Airtel Africa set to expand its Nigeria and other Africa operations with $1.25 billion

The appointment of Ms. Bayer Rosmarin is by the nomination of the controlling shareholder, pursuant to the terms of relationship agreement dated 17 June 2019, between the Company, Bharti Airtel, Airtel Africa Mauritius Limited, the majority shareholder, and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. Ms. Bayer Rosmarin will replace Arthur Lang, who stepped down as a non-executive director on the same day.

READ: Airtel Africa secures fund from Qatar Investment Authority

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Ms. Bayer Rosmarin is currently the CEO of Singtel Optus and Consumer Australia. She was previously with Commonwealth Bank of Australia, where she held several senior positions and varied portfolios, before being appointed as Group Executive of Institutional Banking and Markets.

READ: Scandal: Another blow on Nissan as CEO steps aside  

What they are saying

Commenting on the appointment, Chairman, Sunil Bharti Mittal said, “On behalf of the Board, I would like to thank Arthur, who joined the Board in October 2018 and supported the company through its IPO, for his significant contribution to the success of our strategy to build Airtel Africa into a market-leading mobile service provider and wish him well for the future.”

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READ: MTN: Data subscriptions triggered surge in Q2 2020 Revenues

He further stated, “I am delighted that Kelly has agreed to join the Airtel Africa Board and we very much look forward to working closely with her.”

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Appointments

MTN Nigeria announces the appointment of Karl Toriola as CEO designate

MTN Nigeria has announced the appointment of Karl Toriola as new CEO designate, to replace Ferdi Moolman. 

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MTN Nigeria announces the appointment of CEO designate to replace Ferdi Moolman  

The Management of MTN Nigeria Communications Plc has announced the appointment of Mr Karl Toriola as the CEO designate. 

This information is contained in a note sent to the floor of the Nigerian Stock Exchange on 26th October 2020 and signed by MTN Nigeria Plc Secretary, Uto Ukpanah. 

READ: Africa’s largest telecoms firm, MTN, to divest from its Middle East operations

The note partly reads: 

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders, of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 19 March 2021, providing enough time for an orderly handover.

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(READ MORE: MTN launches e-sim, a virtual sim card for more security and quality service)

Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO Of MTN Cameroon and MTN Group Operations Executive.

Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group’s subsidiaries and served on various MTN boards, including MTN Nigeria.

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(READ MORE: MTN Nigeria begins N100 billion commercial paper issuance today)

What they are saying

Speaking on the appointment, Dr Ernest Ndukwe OFR, Chairman of MTN Nigeria said, “After a thorough and rigorous selection process, we are delighted to welcome Karl back to MTN Nigeria. Karl Toriola is recognized throughout the industry as a highly experienced and well-regarded business leader.

“With his rich credentials, I am personally pleased that Mr. Karl Toriola is well-suited to lead MTN Nigeria’s Executive Management team through the next stages of growth in the years ahead.” 

(READ MORE:MTN Nigeria, Zenith Bank post gains, as investors gain N54.42 billion)

What to expect

Mr. Karl Toriola’s appointment as CEO of MTN Communications Nigeria Plc is effective from 19 March 2021, providing enough time for an orderly handover by Mr. Ferdinand Moolman.

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READ: NB Plc to raise additional N20 billion from its N100 billion Commercial Paper

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The current CEO of MTN Nigeria, Mr. Ferdinand Moolman, will exit this role with effect from 19 March 2021 and assume a new role as MTN Group Chief Risk Officer. He will remain on the Board of MTN Nigeria in his new role as the MTN Group Chief Risk Officer.

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Appointments

TCN MD, Sule Abdulaziz appointed Chairman of West Africa Power Pool

The acting Managing Director of TCN, Sule Abdulaziz, has been appointed the new Chairman of WAPP.

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TCN MD Abdulaziz, four other directors receive appointment letters

The acting Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, has been appointed the new Chairman of the Executive Board of West African Power Pool (WAPP). Abdulaziz was nominated by the former Managing Director of Power Holding Company of Nigeria (PHCN), Joe Makoju, who is an honorary member of WAPP.

READ: NNPC signs gas development and commercialization deal with SEEPCO

This disclosure was made by TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, through a public statement in Abuja on Thursday, October 22, 2020.

In her statement, Mbah revealed that the West African Power Pool was created by Decision A/DEC.5/12/99 of the 22nd Summit of the ECOWAS Authority of Heads of State and Government, and adopted during the 29th Summit of the ECOWAS Authority of Heads of State and Government held in Niamey, Niger.

READ: Indian firm, Ramco signs partnership deal with Nigerian airline

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The appointment was made during the 46th meeting of the WAPP Executive Board which was chaired by the Secretary-General of ECOWAS, Ki Sengui, and held through video conference on October 21.

The statement from Mba partly reads, “While making the nomination, Makoju noted that Abdulaziz is an expert in engineering with vast experience in the electricity sector and therefore will perform creditably as the new WAPP Executive Board Chairman.

READ: Continental Reinsurance Plc acquires 100% ownership of its Botswana subsidiary

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“His proposal was endorsed by MDs and Director Generals and other members of the board,” she said.

According to the statement, Abdulaziz in his acceptance speech thanked the board members and the honourary members for his nomination as the Chairman of the board and assured them of his total commitment to the overall objective of the regional electricity body.

READ: A bitter family feud has continued to hamper this company’s growth

He also expressed the need to move the pool to the next level of operational efficiency and solicited the support of member utilities, especially members of the executive board in this regard.

Explore Data on the Nairametrics Research Website 

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He urged members to ensure prompt payment of their contributions to the pool and also continue to collaborate actively with the secretariat to ensure effective and efficient coordination and implementation of all WAPP programmes.

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