Fidelity Bank Plc has announced new appointments in place of some of its outgoing Directors, who recently completed their tenure on the Board in accordance with the Bank’s internal governance policies. A statement by the bank’s spokeman, Ejike Ndiulo, made available to Classic International Magazine said, 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. Herresponsibilities 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.
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.
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, 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.”
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of 300.4billion on the back of strong performance posted on the core₦ earnings lines of interest income which grew y-o-y by 41.1% and fee income up by 41.2%. The strong performance enabled the group to douse the impact of the 331.6₦ billion fair value gains recognised in Q1-2024 which did not recur in Q1-2025. The Group’s loan book (net) increased by 15.6% from 2.79trillion recorded as at December 2024 to₦ 3.22trillion in March 2025, while deposit liabilities grew by 7.7% from 10.40trillion to 11.20trillion during₦ ₦ ₦ the same period. The Group recorded growths across all its asset lines and continues to maintain a robust, well-structured, highly de-risked, and well-diversified balance sheet in all the jurisdictions wherein it operates. Total assets and shareholders’ funds closed at 15.9trillion and 3.0trillion, respectively. Full₦ ₦ Impact Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 34.6%, equally asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% at Bank Level and 4.5% % at Group in Q1-2025 (Bank -3.5% (Group- 5.2% in December 2024) and Cost of Risk (COR) closed at 0.4% from 4.9% in December 2024. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO), Mr. Segun Agbaje, said; “Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings. While the fair value gains of N331.6billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across most income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.”He further stated that, “We remain optimistic about the year ahead. The fundamentals of our business are strong, our customer base continues to grow, and we are executing with discipline across our strategic priorities. Importantly, at this pace, the Group is well-positioned to deliver the full year PBT of 2024 at the very minimum by the end of the 2025 FYE.”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 42.2%, Pre-Tax Return on Assets (ROAA) of 7.8%, Full Impact Capital Adequacy Ratio (CAR) of 34.6% and Cost to Income ratio of 29.0%. Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services, including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across It’s markets. 
