Personality in Focus
Nneka Onyeali-Ikpe: Undisputed Amazon of Banking
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By Eric Elezuo
The reward for hardwork has always been hardwork, and so it was when the Fidelity Bank group rewarded its indefatigable Group Managing Director and Chief Executive Officer, Mrs Nneka Onyeali-Ikpe, with an extension of her employment contract. No doubt, Mrs Onyeali-Ikpe, reputed as a solid amazon in the finance sector, and a go-getter, has seen and conquered the banking arena, and is honoured among veterans as a solid foundation in Nigeria’s money business.
Born on July 28, 1964, and on the verge of hitting the diamond age, Nneka, as beloved and close family members, friends and colleagues fondly call her, is a force to reckon with, and has in a space of 32 years and counting, of career banking, brought to bear all the stops that make for great banking and financial experience, climbing to the topmost echelon of investment banking and related areas.
It was not surprising therefore that Fidelity Bank Plc has announced its decision after a thorough Board of Directors’ meeting to extend the employment contract of the ebullient achiever from 2024 to 2026.
The announcement, which was taken on February 12, 2024, and contained in the company’s notice to the Nigerian Exchange Limited (NGX), and signed by Ezinwa Unuigboje, the Company Secretary noted that the extension is in furtherance of the Bank’s strategic objectives and premised on Dr. Nneka Onyeali-Ikpe’s sterling performance since the assumption of office on January 1, 2021.
The statement reads:
“Fidelity Bank Plc (the Bank) is pleased to announce its Board of Directors’ decision to extend the employment contract of its GMD/CEO, Dr. Nneka Onyeali-Ikpe, from 2024 to 2026.
“The decision was taken at the Board meeting on February 12, 2024. The extension is in furtherance of the Bank’s strategic objectives and premised on Dr. Nneka Onyeali-Ikpe’s sterling performance since assumption of office on January 1, 2021,”
The Board noted, and without equivocation, that it is confident that the Bank’s performance will continue its upward trajectory under Dr. Nneka Onyeali-Ikpe’s leadership, and looks forward to working closely with her and the Executive Management Team on execution of various strategic initiatives including international expansion.
Before attaining the enviable GMD with Fidelity Bank, Onyeali-Ikpe had out of dint of hardwork, paid her dues from lesser positions.
She began her career in 1990, when she was employed as a legal officer for the now-defunct African Continental Bank. She later worked as a treasury officer for the First African Trust Bank, and thereafter joined Zenith Bank, and subsequently the Standard Chartered Bank. Her experience in the course of her sojourn are combined to make her a toast of the banking industry today.
Having cut her teeth, and garnered a lot of experience and good, she was in 2011, absorbed by Enterprise Bank as an Executive director of the bank’s operations in Lagos and other locations in the South-Western region in Nigeria. She wasted no time in turning around the fortunes of the bank.
In January, 2015, Onyeali-Ikpe joined Fidelity Bank as an Executive Director, and rose through the ranks until she was announced the Managing Director in December, 2020. Following her appointment, Nneka became the first female MD/CEO in the history of the bank.
Presently, Dr Nneka Onyeali-Ikpe, with the national honour of Officer of the Order of the Niger (OON) is the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, a foremost financial institution with a client base of about nine million customers.
Apart from her Law degrees, from the prestigious University of Nigeria, Nsukka and Kings College, Onyeali-Ikpe has also attended executive training programs at 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.
It is worthy of note that she recently completed a Diploma programme in Organizational Leadership at Said Business School, Oxford University, UK and received an honorary doctorate degree in Business Administration at the University of Nigeria, Nsukka (UNN). She is also the recipient of the national award of the Officer of the Order of the Niger (OON) which was awarded to her by the Federal Government of Nigeria in 2023.
With close to 34 years of rewarding banking experience through Enterprise Bank, Citizens International Bank, Zenith Bank and Standard Chartered Bank among others, the woman is surely a force to reckon with.
A woman of many parts, Onyeali-Ikpe has also been involved in the structuring of complex transactions in Oil and Gas, Manufacturing, Aviation, Real Estate and Export among many others.
She is, without an iota of doubt, widely regarded as one of Africa’s leading female CEOs with a reputation for authentic leadership and proven people skills in identifying talents, opportunities and executing complex business deals. She has extensive business development experience with proficiency in retail, corporate and commercial banking and treasury management among others.
LANDMARK ACHIEVEMENTS IN FIDELITY BANK
Under Nneka’s watch, the Bank grew its PBT from N25.22bn in FY 2021 to N122bn in FY 2023. Nneka has now set her horizon on leveraging the opportunities in select high growth international markets where the Bank has a competitive advantage. She most recently guided the bank to obtain the approval of the Central Bank of Nigeria to expand its operations to the United Kingdom with the acquisition of the former Union Bank UK, now Fidelity Bank UK Limited.
Passionate about innovation and embracing technology, Nneka has pioneered several innovative and pacesetting products such as the PayGate Plus, an online platform that enables businesses make and receive payments.
Dr. Onyeali-Ikpe has also radically repositioned the bank as the go-to financial institution for Small and Medium Enterprises. Understanding the crucial role of small businesses in the sustenance of economic growth and development, she led the bank to create the Fidelity International Trade & Creative Connect (FITCC) which is aimed at providing a global platform for exporters, regulators, subject matter experts and foreign markets to connect.
The FITCC 2022 edition was attended by representatives of both the UK & the Nigerian Governments, Nigerian exporters, investors, regulators from the United Kingdom and Nigeria, the business community and other practitioners. The pipeline deals from the event was in excess of $200m. Over 2,000 people registered to attend the event and daily foot-fall was about 1,000.
The second edition of FITCC, which was hosted in Houston, Texas, United States of America in October 2023, was even bigger with projected pipeline deals of over $250m and more than 160 businesses in participation. Tagged, FITCC Houston, the success of the event is signposted by the designation of 25 October 2023 as the “Fidelity International Trade and Creative Connect Day” by Mr. Sylvester Turner, Mayor of Houston.
HER CORPORATE SOCIAL RESPONSIBILITY EFFORTS
In her bid to give back to the communities the Bank serves and as part of her efforts to combat the twin issues of poverty and hunger, Dr. Onyeali-Ikpe recently launched a National Corporate Social Responsibility initiative tagged The Fidelity Food Bank which provides free food bags to people across Nigeria monthly.
In recognition of her leadership and outstanding performance, she received commendation from AMCON as a member of the Management Team that restructured and turned around the fortunes of the erstwhile Enterprise Bank. She also received several board commendations from the Managing Directors of Standard Chartered Bank and Citizens International Bank for outstanding performance at various times.
FIDELITY AWARDS UNDER ONYEALI-IKPE’S WATCH
With Onyeali-Ikpe as the Chief Executive Officer, Fidelity Bank has been the recipient of several awards within and outside Nigeria some of which are:
1. Best Commercial Banking Brand in Nigeria by the Global Brands Magazine Awards
2. Best Private Bank in Nigeria by The Financial Times in association with The Banker Magazine
3. Trade Ambassador Award by the Nigerian-American Chamber of Commerce (NACC)
4. Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria
5. The Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards
6. Export Finance Bank of the Year at the BusinessDay and Other Financial Institutions’ (BAFI) Awards 2023.
7. The “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
PERSONAL RECOGNITIONS AND AWARDS
On her own part, Dr. Onyeali-Ikpe has been recognized by numerous local and international bodies for her sterling achievements. These include:
1. The national award of the Officer of the Order of the Niger (OON) by the Federal Government of Nigeria in 2023.
2. The Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards and
3. The Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards.
4. 2023 Top 25 CEOs in Nigeria at the BusinessDay Awards
5. The Banker of the Year 2022 at the Champion Newspapers’ Awards of the Year 2022.
Considering her versatility, industry knowledge and vast network, she also serves on the following Committees and organizations:
1. Chairperson, Financial Literacy and Public Enlightenment Sub-Committee of the CBN Bankers Committee.
2. Chairperson, Funds and Grants Committee of the Chartered Institute of Bankers of Nigeria
3. Member, Audit Committee of FMDQ Group PLC
4. Member of the Board, Shared Agent Network Expansion Facilities (SANEF)
5. Member of the Board, Unified Payment Services Limited
PERSONAL LIFE
Onyeali-Ikpe is married to Dr. Ken Onyeali Ikpe, PhD, a visionary leader with strong business acumen and respected for his demonstrated knowledge in Marketing, Branding and Consumer Consulting and Business acceleration.
She is a celebrated wife and mother, who has combined home duties with professional endeavours with allowing any to suffer.
Gunmen who kidnapped the chairman of Jezco Group, Chief Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion for his release.
Ezeokafor, a septuagenarian businessman, was reportedly abducted in Anambra State about a week ago.
The kidnappers initially demanded N700 million from the businessman’s family.
Unofficial reports quoting an anonymous source said the kidnappers had established contact with the family after the abduction.
The source said the family accepted the initial N700 million demand as part of efforts to secure Ezeokafor’s release.
However, the kidnappers later increased the ransom to N1.5 billion.
The source said the family remains willing to negotiate with the abductors, but the kidnappers have allegedly stopped further communication.
The development has reportedly left the family in a difficult situation, as attempts to restore contact with the abductors have not yielded results.
Ezeokafor was kidnapped on Tuesday at about 2am after he reportedly left his home for a prayer ground as part of his annual spiritual rejuvenation.
He was said to have left his security details behind when he stepped out of his residence, which the kidnappers capitalized on, to abduct him.
One week after the incident, the police and the State government authorities have yet to make any official statement on the businessman’s abduction.
The Anambra State Police Command has also not publicly commented on the incident.
Personality in Focus
Lessons from Dickem Farms: Two Decades of Pioneering Innovation in Nigeria’s Aquaculture Industry
By Ayo Oyoze Baje
“Our philosophy has always been simple: innovation should solve real problems, create opportunities and improve livelihoods.”
Introduction
For over two decades, Dickem Farms has remained committed to transforming Nigeria’s aquaculture industry through innovation, technology, enterprise development and human capacity building. What began in 1999 as a vision to improve fish production has evolved into one of the country’s respected aquaculture enterprises, recognized for pioneering practical solutions that have strengthened fish farming and empowered the next generation of agripreneurs.
Dickem Farms was the first to introduce mobile fish ponds into the Nigerian market, making fish farming more flexible, affordable and accessible to investors and smallholder farmers. The company also pioneered the local production of a floating fish feed extruder that uses locally available materials, reducing dependence on imported technology while lowering production costs for fish farmers. In addition, Dickem Farms has invested in modern hatchery systems that produce healthy, high-quality fingerlings to support commercial fish production.
Our philosophy has always been simple: innovation should solve real problems, create opportunities and improve livelihoods.
Recent experiences and initiatives
To get more important information about the farm there were questions on the different aspects, starting with the experiences in the past five years. Let us glean from the horse’s mouth. According to the Managing Director, Godwin Emaketenemi, “Over the last five years, we have continued to strengthen our production systems for both catfish and tilapia. Our focus has been on improving fingerling quality, enhancing pond management practices and maintaining strict water-quality monitoring to maximise fish survival and productivity.
“We also introduced better feeding programmes and comprehensive record-keeping systems that enable us to monitor growth performance, feed conversion efficiency and mortality rates.
Rather than pursuing rapid expansion, we have adopted a disciplined strategy of scaling only after achieving consistent operational results.
“This measured approach has enabled Dickem Farms to build a resilient business capable of supplying quality fish and aquaculture services to customers in Lagos and across Nigeria.”
Overcoming challenges:
On the challenges faced and how they were overcome, he stated that: “Like every agricultural enterprise, we have encountered significant challenges. Rising feed costs, unreliable electricity supply and disease management remain major concerns within the aquaculture industry. Instead of allowing these obstacles to limit our growth, we viewed them as opportunities for innovation.
Producing our own quality fish feed has significantly reduced production costs while giving us greater control over feed quality and formulation. We have also improved water-management systems and operational planning to minimize the effects of power instability.
“At the farm level, stronger biosecurity measures, improved hygiene and proactive fish-health monitoring have substantially reduced disease outbreaks and production losses.”
Marketing strategies
With regards to marketing he explained that; “Production alone does not guarantee success; a reliable market is equally important. Dickem Farms has therefore, built long-term relationships with wholesalers, retailers, restaurants and institutional buyers. We grade our fish according to customer specifications and schedule harvesting to coincide with periods of stronger market demand.”
Training programs
Furthermore, with the focus on training he explained that: “Our reputation has been built on dependable supply, consistent quality and customer trust.
One of our proudest achievements is our investment in people. We believe that sustainable agriculture depends not only on technology but also on developing competent professionals and entrepreneurs.
Over the years, Dickem Farms has trained hundreds of staff, industrial attachment (IT) students, graduates and aspiring fish farmers in practical aquaculture.
“Our training covers hatchery management, pond construction and management, fish nutrition, water-quality management, fish-health monitoring, biosecurity and business record-keeping.
More importantly, we do not stop at training. We mentor young graduates and entrepreneurs, providing technical guidance and business support until they are confident enough to establish and successfully manage their own enterprises. Seeing former trainees become successful employers and business owners remains one of our greatest rewards.
“Continuous learning has also shaped our growth. Through partnerships with foreign organisations and technical visits to leading aquaculture companies, we have gained valuable knowledge in modern hatchery technology, fish-health management, production efficiency and operational excellence.”
Government ‘s support
Coming to the need for government’s support he beamed light on it this way:
“These experiences have strengthened our technical capacity and enabled us to transfer global best practices to Nigerian farmers.
Nigeria possesses enormous potential to become a leading aquaculture producer in Africa. However, unlocking that potential requires stronger collaboration between government and the private sector.
We recommend tax exemptions or significant tax incentives for fish farming and aquaculture value-chain businesses to encourage investment.
“Farmers also need affordable financing with realistic repayment terms, reliable access to quality fingerlings, improved energy support and stronger extension services that provide timely technical guidance on fish health and disease prevention. Organized marketing systems that connect producers directly with institutional buyers will further strengthen the industry’s competitiveness.”
Piece of advice to the younger generation:
His piece of advice to young people who might be interested to go into fish farming:
“To young people considering aquaculture as a career or business, my advice is straightforward: seek proper training and find a credible mentor. Fish farming is a science and a business that rewards discipline, knowledge and patience. Begin with manageable investments, keep accurate records, master water-quality management and learn from experienced practitioners before expanding.
“A good mentor can save years of costly mistakes and accelerate the journey to success.”
As the future beckons:
As for plans for the future he highlighted that: “Looking ahead, Dickem Farms will continue to invest in innovation, local technology development, commercial hatchery expansion, fish-feed production, modern aquaculture equipment and practical capacity building. Our ambition is not only to grow our business but also to contribute meaningfully to food security, employment creation and economic development.
Our long-term vision extends beyond Nigeria.
“We believe Africa possesses the resources, talent and entrepreneurial spirit to feed itself and compete globally. Through innovation, strategic partnerships and investment in people, Dickem Farms will continue to play its part in building a modern aquaculture industry that delivers prosperity for farmers, affordable nutrition for families and sustainable growth for the continent.
Our mission remains unwavering: to inspire a future where Africans feed Africa through innovation, enterprise and excellence in agriculture.”
These indeed, are brilliant submissions for us all to learn from now and always.
The Chairman of First HoldCo, Femi Otedola, has strengthened his stake in the financial institution after acquiring an additional 1.77 billion shares valued at N222.20 billion.
Details contained in a disclosure filed with the Nigerian Exchange (NGX) showed that the shares were purchased on Thursday through his investment company, Calvados Global Services Limited.
The latest transaction raised Otedola’s shareholding in First HoldCo from 9.99 billion shares to 11.77 billion shares, with his ownership increasing from 21.96 per cent to 25.88 per cent.
The purchase marks Otedola’s second major investment in the company this July, following his acquisition of 706.13 million shares worth N77.58 billion on July 22.
With the fresh acquisition, Otedola’s total investment in First HoldCo has climbed to N1.47 trillion, making him the institution’s largest shareholder.
