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60 Hearty Cheers to Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank

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Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank
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Tomorrow is your birthday Madam, kindly permit me to be the first to strike a positive chord and shine a spotlight on you, an exceptional woman, who is helping shape modern finance in Nigeria and indeed the world.

60 Hearty Cheers to Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank

Dr. Nneka Onyeali-Ikpe, GMD/CEO, Fidelity Bank

You are inspirational, an elegant stallion that radiates beauty in brilliance.

Meet, Dr. Nneka Onyeali-Ikpe, OON, an Amazon and group managing director and chief executive officer, Fidelity Bank Plc who turns 60 in a few hours.

She is a leader who instills in her people a hope for success and a belief in themselves.

Born July 28, 1964 in Lagos, Dr. Nneka Onyeali-Ikpe, is a creative problem solver motivated by obstacles.

The desire to overcome a challenge fuels her to get things accomplished.

She does not take ‘no’ for an answer.”

Dr. Nneka Onyeali-Ikpe, joined Fidelity Bank as an executive director in 2015 and was appointed managing director/CEO in January 2021, becoming the first female MD/CEO in the bank’s history.

The birthday lady holds a Bachelor of Law from the University of Nigeria, Nsukka, and a Master of Law from King’s College London.

She has attended executive training programs at various institutions including Harvard Business School, The Wharton School University of Pennsylvania, and London Business School.

Additionally, she recently completed a Diploma program in Organizational Leadership at Said Business School, Oxford University, UK.

She holds an honorary doctorate degree in Business Administration from the University of Nigeria, Nsukka (UNN) and is an Officer of the Order of the Niger (OON), awarded by the Federal Government of Nigeria in 2023.

In 1990, she began working in banking as a legal officer for the now-defunct African Continental Bank. She subsequently worked as a treasury officer for the First African Trust Bank.

She later joined Zenith Bank and Standard Chartered Bank respectively.

Nneka Onyeali-Ikpe has held leadership positions at Citizens International Bank, Zenith Bank, and Standard Chartered Bank, among others.

She has been instrumental in structuring complex transactions across various sectors including Oil and Gas, Manufacturing, Aviation, Real Estate, and Export.

In 2011, she joined Enterprise Bank as an executive director of the bank’s operations in Lagos and other locations in the South-Western region in Nigeria.

Nneka Onyeali-Ikpe joined the commercial bank Fidelity as an executive director in January, 2015. Fidelity Bank announced Onyeali-Ikpe as its managing director in December 2021.

Under her leadership, Fidelity Bank witnessed significant growth, increasing its Profit Before Tax (PBT) from N25.22bn in FY 2021 to N122bn in FY 2023.

She has led the bank’s expansion into international markets, including the recent approval by the Central Bank of Nigeria to acquire Union Bank UK, now Fidelity Bank UK Limited.

Passionate about innovation and technology, Nneka Onyeali-Ikpe has spearheaded initiatives such as PayGate Plus, an online payment platform, and the Fidelity International Trade & Creative Connect (FITCC) aimed at supporting Small and Medium Enterprises (SMEs) globally.

In recognition of her leadership, Nneka Onyeali-Ikpe has received several awards including The Banker of the Year 2022 at the 14th Leadership Annual Conference, Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards, 2023 Top 25 CEOs in Nigeria at the BusinessDay Awards, and Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022.

She also received acknowledgment from the Assets Management Corporation of Nigeria (AMCON) for her role in restructuring the former Enterprise Bank. As an Executive Director, she oversaw operations in the Lagos and southwest regions, managing the Retail and SME divisions. Additionally, she played a key role in establishing the Bank’s SME group.

She serves on various Committees and organizations including the Financial Literacy and Public Enlightenment Sub-Committee of the CBN Bankers Committee and the Chartered Institute of Bankers of Nigeria.

Onyeali-Ikpe is married to Dr. Ken Onyeali Ikpe, PhD, a leader in Marketing, Branding, and Consumer Consulting.

As you celebrate tomorrow (July 28), may you have all the love your heart can hold, all the happiness a day can bring, and all the blessings a life can unfold.

May the years ahead be greater.

Happy birthday, God Bless!

 

 


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Senate Probes Federal Character Violations by NDIC, Others

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The Senate on Tuesday deplored what it described as violations of the principles of federal character in the appointments, recruitments and promotions in some key federal institutions and agencies.

Senate Probes Federal Character Violations by NDIC, Others

Specifically, the upper legislative chamber fingered the Nigerian National Petroleum Company Limited (NNPCL), Pension Commission (PENCOM), the Nigeria Deposit Insurance Corporation (NDIC) and several other Ministries, Departments and Agencies (MDAs) as culprits.

The matter was a subject of debate at plenary as Senator Osita Ngwu called the Senate’s attention to the alleged violations through a motion.

Ngwu’s motion, entitled “Urgent Need to Address Systemic Abuse and Ineffective Implementation of the Federal Character Principle in Nigeria’s Public Sector,” got the attention of the lawmakers.

Ngwu, who led the debate, cited Sections 14(3) and 14(4) of the 1999 Constitution, which explicitly prohibit the dominance of individuals from a few states or ethnic groups in federal institutions.

He observed that while recruitment opportunities are limited, promotions are often based solely on years of service rather than merit, leading to the continued marginalisation of certain regions.

According to him, the lack of accountability in enforcing federal character principles has compromised fairness in the public sector, with senior-level recruitments often influenced by cronyism instead of competence.

Ngwu further observed that while the federal capital principle aims to balance merit with equitable state representation, its poor implementation has negatively affected discipline, morale, and institutional efficiency.

According to him, “The federal character principle, entrenched in the 1999 Constitution of the Federal Republic of Nigeria, mandates fair representation in federal appointments to reflect the linguistic, ethnic, religious, and geographic diversity of the nation.”

He continued, “Section 14(3) and (4) of the Constitution unequivocally stipulate that ‘no predominance of persons from a few states or a few ethnic or sectional groups’ should exist within the federal government or its agencies.”

Ngwu listed the NNPCL and its subsidiaries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Agency for Food and Drug Administration and Control (NAFDAC), the Nigerian Ports Authority (NPA), PENCOM, NDIC, the Federal University of Technology Akure (FUTA), the National Library of Nigeria (NLN), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Energy Commission of Nigeria (ECN), the Solid Minerals Development Fund (SMDF), and the Nigerian Nuclear Regulatory Authority (NNRA) as non comliant entities.

He accused them of consistently failing to adhere to federal character Mandates, and often bypassing regulations in their recruitment exercises.

Ngwu warned that unchecked violations of federal character laws would continue to erode the effectiveness of key legislative provisions.

He listed the affected legislative provions to include Section 14(d) & (e) of the Legislative Houses (Powers and Privileges) Act, 2017, Part I(1)-(2) of the Subsidiary Legislation 23 of 1997, and Section 11(2) of the Freedom of Information Act, 2011.

He also raised concerns about the lack of independence of the Federal Character Commission (FCC).

Ngwu observed that despite the Commission’s constitutional mandate, it remains weakened by underfunding, political interference, and a lack of enforcement power.

While approving the probe of the affected entities, the Senate directed its Committee on Federal Character and Inter-Governmental Affairs to conduct investigative hearings into their activities.

The committee is expected to submit its findings within four weeks.

 


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Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering

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The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270 million) from international airline accounts.

Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering

CSP Benjamin Hundeyin, command’s spokesperson, disclosed the arrests on Monday during a press briefing at the state police headquarters in Ikeja.

According to CSP Hundeyin, “The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

“The fraud was uncovered when the affected bank detected unauthorized transactions and alerted the police.”

Explaining further, the spokesperson said: “Subsequent investigations led to the arrest of the following suspects: Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.

Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.

Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being transferred to multiple other accounts, making it harder to trace. Authorities are now working to track down additional accomplices and recover the remaining funds.

“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.

 

 

 

 

 

 

 


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Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs

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Tony Elumelu
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Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs

Tony Elumelu, founder, TEF, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.

He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.

Elumelu, who is also chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.

“We understand the challenges they face in contributing to Africa’s economic transformation.

“If empowered and encouraged, these young Africans can drive meaningful change,” he said.

He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.

“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.

Somachi Chris-Asoluka, chief executive officer (CEO), TEF, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

According to Chris-Asoluka, these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.

“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.

She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.


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