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Banking Sector

Fidelity Bank CEO Mrs. Nneka Onyeali-Ikpe Honored as Banker of the Year 2022 at Champion Newspapers’ Awards



Fidelity Bank MD - Mrs Nneka Onyeali-Ikpe

In a spectacular celebration of exceptional achievements and outstanding leadership, Mrs. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, has been recognized as the Banker of the Year 2022 at the prestigious Champion Newspapers’ Awards.

The ceremony, held at the renowned Eko Hotel and Suites, was attended by distinguished personalities from various sectors, adding grandeur to the occasion.

The Banker of the Year award is a testament to Mrs. Onyeali-Ikpe’s remarkable contributions to the banking industry and her exceptional leadership at Fidelity Bank. This recognition serves as a testament to her unwavering dedication, visionary approach, and relentless pursuit of excellence.

Surrounded by her family, friends, and colleagues, Mrs. Onyeali-Ikpe accepted the award with heartfelt gratitude. She expressed her deep appreciation for the honor bestowed upon her and dedicated it to the board, management, and staff of Fidelity Bank PLC, as well as her supportive family.

The accolade not only celebrates her personal achievements but also highlights the collective efforts of the entire Fidelity Bank team in driving the institution’s success.

The Chairman of the occasion, Otunba Olusegun Runsewe, who is also the Director General of the National Council for Arts and Culture, emphasized the importance of recognizing and rewarding exceptional performance. He emphasized that when hard work and integrity are duly recognized, it sets a precedent for promoting excellence and discouraging mediocrity. Runsewe commended the rigorous process undertaken to select the awardees, affirming their merit and deserving nature.

Dr. Nwadiuto Iheakanwa, the Group Managing Director of Champion Newspapers, delivered the opening remarks, underlining the significance of hard work and continuous efforts to unlock Nigeria’s full potential across all sectors. She specifically challenged the incoming administration to prioritize improving the ease of doing business by streamlining administrative structures and eliminating bottlenecks. Dr. Iheakanwa believes that fostering a conducive environment for business will enable the nation to expand its productive capacity and attract more foreign earnings beyond the oil sector.

The Champion Newspapers’ Awards also recognized other distinguished individuals who have made significant contributions to their respective fields. Brigadier-General Mohamed Buba Marwa (rtd), the Chairman of the National Drug Law Enforcement Agency (NDLEA), was honored as the Man of the Year. Chief Ayo Adebanjo, the Afenifere Leader, received the Life Achievement Award, while Governor Babajide Sanwo-Olu of Lagos State was named the Governor of the Year. Governor Ademola Adeleke of Osun State received the Governor of the Year, Good Governance award. Chief Dr. Cyril Onyekwelu Umunna Ajagu was recognized as the Most Outstanding Savvy Investor of the Year, and High Chief Michael Onuoha received the Most Innovative Brand CEO of the Year award.

This latest accolade adds to Mrs. Onyeali-Ikpe’s growing list of achievements. She was previously awarded the Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards, and also named the Best Banking CEO Nigeria 2023 in the prestigious Global Banking & Finance Awards. Her consistent recognition as a top industry leader and being listed as one of the top 10 female finalists in the Definitive List of Women Chief Executive Officers (CEOs) further solidify her standing in the business world.


Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Financial Institutions Racked Up N678m in Fines Last Year



Retail banking

Financial institutions in Nigeria paid a total of N678 million in fines in the 2023 financial year, according to analysis of their various financial statements.

The analysis examined the annual reports of nine prominent financial groups, including FBN Holdings, Access Holdings, Guaranty Trust Holding Company, Zenith Bank Plc, United Bank for Africa Plc, Fidelity Bank, Wema Bank, Stanbic IBTC Holdings, and FCMB Group.

These reports provided insights into the fines imposed by various regulatory authorities, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Insurance Commission, and others.

Compared to the previous year, the total amount of fines paid by these institutions decreased significantly by 89.25% from N6.31 billion in 2022 to N678 million in 2023.

This decline reflects improved regulatory compliance among financial institutions and signals a positive trend toward greater adherence to established guidelines and standards.

Among the financial groups analyzed, Zenith Bank stood out for its increase in penalties compared to the previous year. While the bank had incurred no fines in 2022, it paid N21 million in penalties in 2023.

The penalties levied against Zenith Bank included fines for late rendition of CBN returns, unauthorized employment practices, outstanding auditor recommendations, and compliance checks on politically exposed persons.

Similarly, FBN Holdings reported a decrease in fines paid during the period, totaling N17.26 million compared to N26 million in the previous year.

The fines imposed on FBN Holdings were related to late submission of audited financial statements and non-compliance with regulatory reporting requirements.

Access Holdings also experienced a significant reduction in penalties, with fines decreasing from approximately N604 million in 2022 to N81.60 million in 2023.

Despite the decrease, Access Holdings incurred fines from various regulatory bodies, including the CBN, PenCom, and NGX RegCo, for infractions such as unauthorized advertising, data recapture sanctions, and late filing of financial statements.

Other financial institutions, such as GTCO, UBA Group, Fidelity Bank, Wema Bank, Stanbic IBTC Holdings, and FCMB Group, also reported fines for various regulatory violations, including breaches of transaction rules, late submission of reports, and non-compliance with industry regulations.

The significant decrease in fines paid by financial institutions in 2023 reflects the industry’s commitment to improving regulatory compliance and upholding best practices.

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Banking Sector

CBN Governor Vows to Tackle High Inflation, Signals Prolonged High Interest Rates



Central Bank of Nigeria - Investors King

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged to employ decisive measures, including maintaining high interest rates for as long as necessary.

This announcement comes amidst growing concerns over the country’s soaring inflation rates, which have posed significant economic challenges in recent times.

Speaking in an interview with the Financial Times, Cardoso emphasized the unwavering commitment of the Monetary Policy Committee (MPC) to take whatever steps are essential to rein in inflation.

He underscored the urgency of the situation, stating that there is “every indication” that the MPC is prepared to implement stringent measures to curb the upward trajectory of inflation.

“They will continue to do what has to be done to ensure that inflation comes down,” Cardoso affirmed, highlighting the determination of the CBN to confront the inflationary pressures gripping the economy.

The CBN’s proactive stance on inflation was evident from the outset of the year, with the MPC taking bold steps to tighten monetary policy.

The committee notably raised the benchmark lending rate by 400 basis points during its February meeting, further increasing it to 24.75% in March.

Looking ahead, the next MPC meeting, scheduled for May 20-21, will likely serve as a platform for further deliberations on monetary policy adjustments in response to evolving economic conditions.

Financial analysts have projected continued tightening measures by the MPC in light of stubbornly high inflation rates. Meristem Securities, for instance, anticipates a further uptick in headline inflation for April, underscoring the persistent inflationary pressures facing the economy.

Despite the necessity of maintaining high interest rates to address inflationary concerns, Cardoso acknowledged the potential drawbacks of such measures.

He expressed hope that the prolonged high rates would not dampen investment and production activities in the economy, recognizing the need for a delicate balance in monetary policy decisions.

“Hiking interest rates obviously has had a dampening effect on the foreign exchange market, so that has begun to moderate,” Cardoso remarked, highlighting the multifaceted impacts of monetary policy adjustments.

Addressing recent fluctuations in the value of the naira, Cardoso reassured investors of the central bank’s commitment to market stability.

He emphasized the importance of returning to orthodox monetary policies, signaling a departure from previous unconventional approaches to monetary management.

As the CBN governor charts a course towards stabilizing the economy and combating inflation, his steadfast resolve underscores the gravity of the challenges facing Nigeria’s monetary authorities.

In the face of daunting inflationary pressures, the commitment to decisive action offers a glimmer of hope for achieving stability and sustainable economic growth in the country.

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Banking Sector

NDIC Managing Director Reveals: Only 25% of Customers’ Deposits Insured



Retail banking

The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has revealed that a mere 25% of customers’ deposits are insured by the corporation.

This revelation has sparked concerns about the vulnerability of depositors’ funds and raised questions about the adequacy of regulatory safeguards in Nigeria’s banking sector.

Speaking on the sidelines of the 2024 Sensitisation Seminar for justices of the court of appeal in Lagos, themed ‘Building Strong Depositors Confidence in Banks and Other Financial Institutions through Adjudication,’ Hassan shed light on the limited coverage of deposit insurance for bank customers.

Hassan addressed recent concerns surrounding the hike in deposit insurance coverage and emphasized the need for periodic reviews to ensure adequacy and credibility.

He explained that the decision to increase deposit insurance limits was based on various factors, including the average deposit size, inflation impact, GDP per capita, and exchange rate fluctuations.

Despite the coverage extending to approximately 98% of depositors, Hassan underscored the critical gap between the number of depositors covered and the value of deposits insured.

He stressed that while nearly all depositors are accounted for, only a quarter of the total value of deposits is protected, leaving a significant portion of funds vulnerable to risk.

“The coverage is just 25% of the total value of the deposits,” Hassan affirmed, highlighting the disparity between the number of depositors covered and the actual value of deposits within the banking system.

Moreover, Hassan addressed concerns about moral hazard, emphasizing that the presence of uninsured deposits would incentivize banks to exercise market discipline and mitigate risks associated with reckless behavior.

“The quantum of deposits not covered will enable banks to exercise market discipline and eliminate the issue of moral hazards,” Hassan stated, suggesting that the lack of full coverage serves as a safeguard against irresponsible banking practices.

However, Hassan’s revelations have prompted calls for greater regulatory oversight and transparency within Nigeria’s financial institutions. Critics argue that the current level of deposit insurance falls short of providing adequate protection for depositors, especially in the event of bank failures or financial crises.

The disclosure comes amid ongoing efforts by regulatory authorities to bolster depositor confidence and strengthen the resilience of the banking sector. With concerns mounting over the stability of Nigeria’s financial system, stakeholders are urging for proactive measures to address vulnerabilities and enhance consumer protection.

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