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Fidelity Bank Announces Board Retirements, New Appointments

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Fidelity Bank Plc wishes to announce new Board appointments in place of some of its outgoing Directors, who recently successfully completed their tenure on the Board in accordance with the Bank’s internal governance policies.

 

Mrs. Aku Odinkemelu, Executive Director, South Directorate, who was appointed to the Board on August 4, 2014, will be retiring by December 31, 2020.

As Executive Director, Aku played a defining role as a member of the transformation team in Fidelity Bank over the last 6 plus years. Her responsibilities covered the Commercial, SME, Consumer and Public Sector businesses of Fidelity Bank in the South East and South-South Regions of Nigeria and she provided leadership for 90 business offices within the 11 States under her purview, with her Directorate accounting for 31% of deposits, and 21% of Loans. In addition, the South Directorate under her supervision generated the highest PBT in the bank over the last 5 years 2015 – 2019, contributing over 23% of the total bank’s profit over the period.

Mr. Chinedu Eric Okeke.

Chief Charles Umolu, Non-Executive Director, completed his tenure and retired from the Board on December 16, 2020. He served on the Board Risk, Credit, Finance & General Purpose, Audit and Corporate Governance Committees and chaired the Board Credit Committee until he retired. Mr. Michael Okeke, also a Non-Executive Director, successfully completed his tenure and retired on December 18, 2020. He was a member of various Board Committees including the Board Corporate Governance Committee, which he chaired from October 2018 to December 2019. Another Non- Executive Director, Mr. Alex Ojukwu, will complete his tenure and retire by December 31, 2020. He currently serves on the Board Credit, Risk, Audit and Corporate Governance Committees and chairs the Board Risk Committee.
The Board expresses its profound appreciation to the outgoing Executive and Non-Executive Directors for their impressive contributions to the growth and development of the Bank. “Fidelity Bank is privileged to have benefited from the combined experience and expertise of these very accomplished Lady and Gentlemen. We thank them for their service to the Bank and wish them the very best in their future endeavors” said Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc.

Mrs. Amaka Theodora Onwughalu

In place of the retired and outgoing Non-Executive Directors, the Board is pleased to announce the appointment of Mrs. Amaka Theodora Onwughalu, Mr. Nelson Chidozie Nweke and Mr. Chinedu Eric Okeke as Non-Executive Directors. The appointments of Mrs. Onwughalu and Mr. Nweke have been approved by the Central Bank of Nigeria (CBN) whilst that of Mr. Okeke is awaiting CBN approval.
Mrs. Amaka Onwughalu has over 30 years’ banking experience including over 10 years in Executive Management in various financial institutions, with proven expertise across diverse segments including Commercial Banking, Retail Banking, Treasury Management, Banking Operations and Corporate Banking. She served in executive management positions in different institutions and was the former Group Managing Director of legacy Mainstreet Bank Limited where she led the successful execution of a seamless integration of the bank with Skye Bank Plc where she served as Deputy Managing Director until her retirement in July 2016.
She is currently the Chief Executive Officer of Blueshield Financial Services Limited and holds a BSc Degree in Economics from the University of Buckingham, an MSc Degree in Corporate Governance from Leeds Metropolitan University, United Kingdom and an MBA from the University of Port Harcourt, Nigeria. She gained further exposure and training at the Executive Business School, INSEAD, France; IMD Business School, Lausanne, Switzerland; Judge Business School, University of Cambridge; and Columbia Business School, USA.

Mrs. Onwughalu is a Senior Fellow of the Institute of Internal Auditors of Nigeria; a Fellow of the Institute of Credit Administration (ICA); a Member of the Nigeria Institute of Management (NIM); an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN); and a Fellow of the Institute of Directors (IoD). She is passionate about mentoring the Girl Child and committed to supporting women entrepreneurs/professionals to contribute their quota to stimulating economic development in Nigeria. She is a Paul Harris Fellow and recipient of various prestigious awards including the National Merit Award for Accountability and Transparency (NMAT), the Award of Excellence and Distinction for Financial Management (AEDFM) and the Vocational Service Award (VSA) from the Rotary Club, Enugu.

 

Mr. Nelson Nweke.

Mr. Nelson Nweke, currently serves as the Managing Director of Neilville Nigeria Limited and had an extensive career in the financial services sector, rising to the position of Executive Director at legacy Intercontinental Bank Plc. His banking industry experience covers Operations, Public Sector, Corporate Services and Human Resources Administration. He holds a Bsc. in Political Science and an Msc. in Industrial and Labour Relations, both from the University of Ibadan and has attended various executive development programmes at world class business schools including INSEAD, France; IMD, Lausanne, Switzerland; and Harvard Business School amongst others.
Mr. Nweke is an Associate Member of the Chartered Institute of Stockbrokers (CIS), Member Chartered Institute of Personnel Management (CIPM) and Nigeria Institute of Management (NIM). Prior to joining the Board of Fidelity Bank, Mr. Nelson Nweke had previously served as a Non-Executive Director of Premium Pension Limited and was a member of the Governing Council of Anambra State Investment Promotion and Protection Agency between 2014 and 2018. He is presently an Independent Non-Executive Director at Berger Paints PLC.

 

Mr. Chinedu Eric Okeke is the Managing Director of Azura Power West Africa Limited, an infrastructure development and operating company with special focus on emerging markets in Africa, including Nigeria. Prior to joining Azura in 2014, Mr. Okeke had a stellar career spanning over nineteen years in a succession of blue-chip companies including Guinness Nigeria Plc, Lafarge Plc, Schlumberger Oilfield Services, and General Electric (GE). His areas of interest and specialization across geographies (Nigeria, France, South Africa, Vietnam and Pakistan), covers Technology, Power, Corporate Strategy, Finance, Market Analysis and International Development.
Mr. Okeke has held executive and senior management positions in various climes, with direct responsibility for teams of diverse and multicultural professionals and demonstrated ability to develop and maintain strategic client relationships and deliver quality results under complex conditions. He holds a B.Eng. Degree in Electronic Engineering from the University of Nigeria, Nsukka (UNN) and an MBA from Imperial College, London. He has attended executive training programmes at various premier institutions including Gordon Institute of Business Science, South Africa; INSEAD, France; Graduate School of Business, Stanford, USA, College of Management, Georgia Institute of Technology, USA and GE John F. Welch Leadership Development Centre, USA.
The Board is pleased with the appointments and confident that the new Directors will bring their considerable experience to bear in the bank’s growth trajectory. “We are very delighted to welcome the newly appointed Directors to the Fidelity family. These appointments end the on-going board realignment, occasioned by the retirements that had to happen, in line with our governance policies. We look forward to leveraging on the multi-disciplinary experiences of Amaka, Nelson and Chinedu in executing the next growth phase of Fidelity Bank”, stated Chike-Obi.

 

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th March 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 27th March, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1310 and sell at N1330 on Wednesday 27th March 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N1310
Selling Rate N1330

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1415
Selling Rate 1416

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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Yemi Cardoso Policies Paying Off As Exchange Rate Posts Best Gain In 6 Weeks

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JomogNews Nigeria reports that the exchange rate between the Naira and the Dollar strengthened to N1,431/$ on Friday, March 22, 2024, closing the week on a positive note.

This Nigeria news platform understands that data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.

The Naira has now gained over 12% in one week, suggesting the central bank’s policies, implemented aggressively since February, are beginning to show success.

The exchange rate closed at N1,431/$1, the best rate since February 5th when it closed at N1419.86/$1

According to the FMDQ, the Naira recorded an intra-day high and low of N1,468/$1 and N1,301/$1 respectively, while the NAFEX rate is currently N1,381.35/$1.

Daily turnover was $199.7 million culminating in a total turnover of $1 billion this week alone suggesting that improved liquidity is now been experienced in the market.

Nigeria’s external reserve position is currently $34.3 billion and is expected to rise to $35 billion according to projections from the apex bank.

On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling.

The UK Pounds also fell below N2000/£1 in the parallel market.

Yemi Cardoso Interventions paying off

JomogNews Nigeria reports that Yemi Cardoso led Central Bank of Nigeria’s (CBN) recent policies have played a pivotal role in the strengthening of the Naira against the dollar, a trend highlighted by the significant appreciation in its value over the past week.

Among the measures that have contributed to this positive outcome, the CBN’s strategic interventions in the foreign exchange market stand out.

Traders who spoke to Nairametrics suggest the central bank was active in the official market during the week. The CBN likely sold over $50 million according to one trader with knowledge of the matter.

By increasing the supply of dollars, the apex bank is addressing the demand-supply mismatch that is perceived to have previously led to the Naira’s depreciation.

The CBN’s rigorous enforcement of foreign exchange regulations has curtailed speculative activities, contributing to exchange rate stability.

The recent strengthening of the Naira comes as a significant relief to the Central Bank of Nigeria (CBN), which had been facing considerable scrutiny over the currency’s depreciation.

This scrutiny intensified with the introduction of the willing buyer, willing seller model, aimed at creating a more transparent and market-driven forex trading environment.

However, critics suggest this may have exacerbated the currency crisis, especially as Nigeria’s external reserves were not robust enough to support such a move. They also pointed to its impact on inflation.

The exchange rate’s impact on inflation is profound, given the correlation between the two.

In Nigeria, where the economy is significantly import-dependent, a weaker Naira makes imported goods more expensive, thereby fueling inflation.

The rise in the February inflation rate to 31.7%, coinciding with a period of notable depreciation of the Naira, underscores this dynamic.

A stronger Naira can help temper inflationary pressures by making imports less costly, contributing to overall price stability.

For most Nigerians, a stronger Naira signals potential economic recovery and stability and that the country might be on the verge of overcoming some of its economic challenges.

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Heirs Holdings Launches Maiden Television Commercial, Tells Bold Story Of Transformational Investment In Africa

Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential

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Heirs Holdings has launched its first-ever television commercial. The newly released television commercial (TVC) showcases the company’s diverse portfolio, spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors while highlighting its commitment to driving positive change and sustainable development across Africa and beyond.

With its compelling narrative, the commercial is captivating audiences worldwide, shining a spotlight on Heirs Holdings’ vision, and commitment to improving lives and transforming the continent.

Link to the HH’s TVC:

https://www.youtube.com/watch?v=c1G4MzBO7SU

 

In 2010, Tony O. Elumelu, CFR, founded Heirs Holdings after making significant strides in reshaping Nigeria’s banking industry. Elumelu made history when he led the biggest merger in sub-Saharan Africa at the time, combining Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s 3rd largest financial services institution. In establishing Heirs Holdings, Elumelu’s goal was to transform the African economy through strategic long-term investments in sectors critical for Africa’s progress.

Speaking on the new TVC, the Company’s Group Head of Marketing and Corporate Communications, Clari Green, said that in its thirteen years of existence, Heirs Holdings has established a reputation for being consistent in creating value while driving Africa’s social and economic agenda.

She stated, “Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential,” while listing some of the key milestones which include:

  

  • In 2011, Heirs Holdings identified its first strategic investment opportunity, acquiring a controlling stake in Transcorp, leading the organisation into an era of year-on-year growth and expansion into the power sector.

 

  • Transcorp Power acquired 100% ownership and management of Ughelli Power Plc, with 972 MW installed capacity, but actual production of only 160MW. Transcorp Power surpassed the five-year performance target of 670MW set for it in 2013 by the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE), by increasing the available capacity of Ughelli Power Plant from 160MW to 701MW within four (4) years of taking over the Plant. Last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring.

 

  • Afriland Properties Plc, a real estate investee company of Heirs Holdings grew its portfolio size to over N12 billion and has become one of the largest land banks in Nigeria. 

 

  • Heirs Holdings founded Avon Healthcare Limited (Avon HMO), which celebrated a decade of unwavering commitment to exceptional healthcare last year, impacting over 230,000 lives through 2,500 hospitals across the world, paying over N24bn ($32m) in claims in 10 years.

 

  • In 2015, Heirs Holdings’ philanthropic arm, the Tony Elumelu Foundation launched its flagship Entrepreneurship Programme committing US $100 million to identify, train, mentor, and fund 10,000 African entrepreneurs over 10 years, across 54 African countries. Today, the Tony Elumelu Foundation has surpassed its initial goal by directly funding 20,000 entrepreneurs and has provided over 1.5 million young Africans with access to training via its digital platform, TEFConnect.

 

  • Heirs Holdings successfully acquired OML17 from Shell, TOTAL, and ENI in a $1.2 billion transaction, the largest oil and gas transaction in Africa for the year 2021. OML 17, operated by Heirs Energies, has a peak production of over 80 MMSCFD (million standard cubic feet per day) of gas at its gas plant in Agbada, Rivers State.

 

  • In 2021, Heirs Holdings launched digital-first insurance companies rebranded as Heirs Insurance Group, a formidable family of three insurance brands offering General Insurance, Life Insurance, and insurance broking services, to democratise access to insurance and drive financial inclusion. The Group’s commitment to simplifying the insurance experience has led to its rollout of digital and mobile service channels, as well as the launch of innovative customer-first initiatives such as the first digital insurance Experience Centre.  

In the same vein, 2024 is shaping up to be an amazing year for the Heirs Holdings Group. With the year just nearing the end of its first quarter, Heirs Holdings (HH) has continued in its track record of success.

The year started for HH with a surge as the market capitalisation of its Nigerian Exchange (NGX) listed investee companies skyrocketed to an astounding N2.4 trillion, with two of the companies, United Bank for Africa, and Transcorp Group’s hotel subsidiary, Transcorp Hotels, crossing the one-trillion-naira mark, joining the league of SWOOTs. 

In another significant stride, Transcorp Group orchestrated the successful listing of Transcorp Power, one of its power subsidiaries, on the main board of the Nigerian Exchange (NGX). 

This move not only further bolstered the company’s portfolio but also injected an additional N1.8 trillion into the market capitalisation of NGX. In less than two weeks Transcorp Power’s market capitalisation grew to over N2.8 trillion. With a combined generating capacity of approximately 2,000 MW between itself and its sister company, Transafam Power, Transcorp Group’s power subsidiaries account for 15.5% of the total installed capacity in Nigeria.

Additionally,  Heirs Energies, a subsidiary of Heirs Holdings, recently announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State. Heirs Energies also supplies gas to TransAfamPower Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW, as well as local distribution companies, gas-based industries, and other industrial customers, directly contributing to Nigeria’s industrial and economic growth.

Over the course of thirteen years, Elumelu built Heirs Holdings into a symbol of business excellence, becoming a dominant force in Africa’s corporate sphere as a transformation expert. Not only is Heirs Holdings generating socio-economic prosperity, but it’s also spearheading and championing African-centric solutions on a global scale, through its philanthropic arm, the Tony Elumelu Foundation.

Amidst these triumphs, Heirs Holdings unveiled yet another ambitious venture: the launch of its new subsidiary, Heirs Technologies, a world-class digital transformation company, set to define excellence in the technology sector.

However, the crescendo of Heirs Holdings’ remarkable year came with the highly anticipated launch of its pioneer television commercial on CNN International. The unveiling of this commercial marks a pivotal moment for the company as it embarked on a new chapter of global visibility and engagement.

As Heirs Holdings continues to chart new frontiers and push the boundaries of possibility, the launch of its pioneer television commercial echoes the broader narrative of Africa’s transformative potential, heralding a future filled with endless possibilities and opportunities for growth and prosperity for the ‘Heirs’ of the African heritage.

 

 

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