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Fidelity Bank appoints Onyeali-Ikpe MD-designate as Okonkwo retires

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The board of directors of Fidelity Bank Plc has announced the impending retirement of Mr. Nnamdi Okonkwo, its managing director/chief executive officer, and also approved the appointment of Mrs. Nneka Onyeali-Ikpe, as new managing director cum chief executive officer.

According to a statement by the lender on Monday, Onyeali-Ikpe, will take over from Okonkwo whose tenure ends on December 31, 2020, in line with the bank’s governance policies.

The bank 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 Central Bank of Nigeria.

 

Read the full statement below:

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 a 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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CBN adjusts official exchange rate to N379 to dollar

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The Central Bank of Nigeria (CBN) on Saturday adjusted the official exchange rate to N379 to the dollar.

The official exchange rate had remained at N361 to the dollar for about five months until yesterday’s adjustment, which is seen as a big win for stakeholders – International Monetary Fund (IMF) and World Bank- canvassing for the unified exchange rate for Nigeria.

The adjustment of the official exchange rate was in line with CBN’s earlier commitment to the IMF where the regulator promised to unify the exchange rate as part of the conditions for accessing a $3.4 billion IMF loan in May.

The loan, which came under the Rapid Financing Instrument (RFI), was meant to assist Nigeria’s fight against COVID-19 and resolve urgent balance of payment needs.

In a letter to the IMF, the Federal Government had assured that it would work towards “full exchange rate unification and greater exchange rate flexibility” to help preserve foreign exchange reserves and avoid economic dislocation.

The new official exchange rate now displayed on the CBN website is closer to the N381/$ being traded on the secondary market intervention sales (SMIS) window.

The SMIS is the market where importers bid for forex using letters of credit and Form M.

With subdued oil revenues, the adjustment would help boost funds available to the federation accounts allocation committee for disbursement to the three tiers of government.

However, the naira closed at N475 to the dollar at the parallel market where a large part of the demand for dollars has shifted to.

The CBN had also devalued the currency in March when it adjusted the official peg against the dollar to N360 from N307. However, CBN Governor, Godwin Emefiele, said at the time the move was “an adjustment of price and not a devaluation of the currency.”

Foreign investors, IMF and World Bank had long called for Nigeria to merge its multiple exchange rates, saying the absence of a single rate creates confusion and deters foreign investment.

The multilateral institutions insisted that with a drop in foreign exchange reserves and a decline in Nigeria’s dollar earnings over fall in crude oil prices, Nigeria had no option but to devalue its currency.

Analysts insist that with Saturday’s new official rate for the naira, the apex bank is finally bringing all the rates together.

In an emailed note to foreign investors, Trading Desk Manager at AZA, a global investment, and research firm, Murega Mungai, said rising dollar demand is heaping pressure on the CBN for further devaluations to bolster exports.

Many African countries have been knocking on the IMF’s door for financial assistance to fight COVID-19. As the virus prepares to plunge Africa into its deepest recession in decades, the IMF has continued to support many member countries to pull out of the financial implications on their economies.

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Wema Bank launches collateral-free SMEs’ loans

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Wema Bank has launched collateral-free SMEs’ loans to assist businesses negatively affected by the Coronavirus pandemic to grow their operations.

In a statement, the bank said the product is in line the bank’s continued responsibility to support fight against the ongoing global health crisis.

The SME loan products support businesses in need of working capital finance can get up to N10 million without collateral to meet their short-term business needs.

This facility is available for business owners who are in segments such as trade /general commerce, schools, pharmacies, hospitals, clinics and diagnostic centres. Also, in the bank’s quest to enhance reach and accessibility of these facilities, it has made it available to both new and existing customers of the bank (including those doing business with their personal names).

“The bank is also offering up to N5 million without collateral and up to 12 months repayment period to businesses that are doing trading or general commerce while school owners can get up to N10 million without collateral with also 12 months repayment period.

“Health sector businesses like pharmacies, hospitals, clinics and diagnostic centres can also get up to N5million without collateral with up to 12 months repayment period to meet working capital needs. In an earlier communication, the bank had stressed how critical it is to support players in the health sector, especially with the realities of the time.

“For us, we will continue to put the health of Nigerians and the safety of our communities first,” said the Managing Director/CEO Wema Bank, Ademola Adebise.

“It is our joy to see players in the health sector grow during this difficult time and we encourage them to take advantage of all our support programmes to keep their businesses afloat.”

Recall that the bank earlier suspended loan repayments for SMEs for 3 months with effect from April 1st, 2020, to mitigate the crippling effects of the COVID-19 pandemic on small and medium scale business across the nation.

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Afreximbank, EIB pool €300 million to back Africa’s COVID-19 fight

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The African Export-Import Bank, Afreximbank, and the European Investment Bank, EIB, the lending arm of the European Union, have pooled EUR 300 million to support the resilience and recovery of African nations in response to the lingering COVID-19 pandemic.

The funds will ensure businesses across the continent have the working capital to sustain jobs and maintain vital imports. It also earmarks at least a quarter of the capital for climate change mitigation and adaptation, helping Africa maximize the opportunities of a green recovery.

The support package is the first accelerated COVID-19 response for the entire sub-saharan region under the EIB’s Team Europe initiative—a EUR 6.7 billion package to help the most vulnerable and exposed countries respond to the immediate health crisis, mitigate social and economic impacts, and build resilience for the future.

The support for sub-Saharan Africa delivered with Afreximbank is structured in two parts. The package redeploys EUR 200 million of funds previously allocated to trade-related investments, directing them specifically to sectors most impacted by the pandemic.

Recognizing the pressing need for support, Afreximbank and the EIB are also injecting a further EUR 100m to the package. This combination of existing and new funds, in addition to Afreximbank’s position on the ground, means support can be activated immediately – a degree of agility that would not have been possible under a new agreement.

Furthermore, Afreximbank’s deep knowledge and broad presence across African markets will ensure capital reaches businesses and communities in all areas of the continent.

The COVID-19 pandemic is inflicting an unprecedented negative impact on African economies, just as it has on nations around the globe. Manufacturing has been impacted by disruptions in global supply chains.

Meanwhile, migrant remittances to some of the poorest economies in the world have dwindled, exposing the most vulnerable in those markets to exacerbated difficulties. As a result, many African economies are suffering serious vulnerabilities including liquidity pressure, trade payment defaults risk and fiscal challenges, alongside cuts to FDI, long term financing and portfolio flows.

A portion of the Afreximbank and EIB support package will be targeted at enabling cross-border trade in medical supplies and equipment essential for slowing the spread of COVID-19. In addition, the support package will provide financing to long-term investments in trade expansion, helping both the availability of goods and growth in economic prosperity.

The package will support participating Member States of Afreximbank, 46 of which a part of the Cotonou Agreement in Sub-Saharan Africa.

Two key focus areas in Africa are on women in business and the Green Revolution. As a result, a portion of the package will target businesses owned or managed by women. In addition, at least 25% of the funds allocated under the partnership will be earmarked for green projects, such as renewable power, energy efficiency and climate change adaptation measures.

Afreximbank is currently appraising renewable energy projects in excess of circa EUR 100 million for which the EBI facility will support. In addition, part of the funds will support the re-purposing of factories to manufacture PPE and other COVID-19 materials, through the African Medical Supplies Platform, a digital platform promoted by Africa CDC, Afreximbank, UNECA and AU Envoy, Mr. Strive Masiyiwa.

Sun/Signaturetv.org

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