By Eric Elezuo
The last couple of days had been designed by detractors to be a trying period for Fidelity Bank, and its indefatigable Chief Executive Officer, Mrs Nneka Onyeali-Ikpe, but hard work cannot be shortchanged as it ended up becoming a week of triumph for the a-list top lender commercial bank, and its top grade boss.
Onyeali-Ikpe has proved herself so remarkable in the triumphant journey of the Fidelity Bank group that she was rewarded with an extension of her employment contract in 2024. 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.
It would be recalled that recently, she led the bank to 238% oversubscription of the bank shares; a feat that has been described as unprecedented.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders,” Onyeali-Ikpe noted.
These triumps have triggered negative reactions from a cross section of most uninformed players in the industry to begin a campaign of calumny. During the week, an online news platform claimed that Mrs Onyeali-Ikpe violated one of the listing rules of the Nigerian Exchange (NGX) Limited with the acquisition of fresh 18 million equities of the company. This is while the financial amazon was striking a master stroke to lift Fidelity Bank to maximum level of achievement.
Responding, through a notice to the Nigerian Exchange (NGX), which literally exonerated the bank, the lender described the report as “patently false, misleading and malicious,” clarifying that Mrs Onyeali-Ikpe did not take “personal advantage of material price sensitive information to engage in insider trading” as being alleged.
In a show of transparency and accountability, Onyeali-Ikpe’s Fidelity requested an independent review of the transaction by the NGX. From its findings, the stock exchange cleared the company and Mrs Onyeali-Ikpe of any wrongdoing.
In a letter dated May 22, 2025, the regulator dismissed allegations of insider trading and the misuse of bank funds for the transaction, saying, “Following the filing of the bank’s 2025 Q1 UFS on April 30, 2025, the directors and other insiders of the bank became eligible to trade on the securities of the bank after 24 hours.
“Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on May 19, 2025, was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the bank by insiders.”
Additionally, the Divisional Head of Brand and Communications for Fidelity Bank, Mr Meksley Nwagboh, in a statement, also disclosed that, “As a publicly quoted company regulated by the NGX and subject to the Listing Rules of the NGX and the Securities and Exchange Commission (SEC) regulations, we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading.”
He also stressed that Mrs Onyeali-Ikpe personally funded the share purchase and did not utilize bank funds or take a loan for the share purchase, reaffirming that the deal was conducted in strict adherence to the Listing Rules and insider trading regulations governing publicly traded companies.
While the naysayers were plotting her downfall, Onyeali-Ikpe was busy elevating Fidelity Bank, and giving investors reason to sleep with both eyes closed.
Born on July 28, 1964, 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.
Fidelity Bank Plc knows this, and announced its decision after a thorough Board of Directors’ meeting to extend the employment contract of the ebullient achiever from 2024 to 2026. It won’t come as a shock if by 2026 when the tenure expires, the board decides to further extend the tenure.
The Board had 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. They were not wrong.
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 goodwill, 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 over 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.
The Awards are still counting.
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 without allowing any to suffer.
