Business
Encomiums as Okodu Bows Out Of NCC
AJAGBE ADEYEMI TESLIM
Sponsored by: H&H
Importantly, Okodu’s humility and affable disposition easily endear him to everyone.
So, expectedly, last Friday, April 8, 2022, staff of NCC gathered at the imposing auditorium of the Commission’s Head Office Annex at Mbora District, Abuja, to honour Okodu, also known as “Baba Naira”, as he bowed out of NCC having reached the mandatory retirement age of 60 years and after 28 years of meritorious service.
Okudu began his career at the Commission in July 1994, as a cashier on transfer from the erstwhile Ministry of Communications, where he was headhunted by a former director of the Commission, Felicia Onwuegbuchulam. From then on, he had risen through the ranks, before eventually retiring as a Principal Manager, Projects, at NCC.
At the well-attended valedictory session, staff, friends, and well-wishers of Okudu, paid glowing tributes in torrents to the man who can aptly be described as man of the people.
Many were nostalgic and poignant while others were joyous, optimistic and tellingly introspective that Okodu would thrive in the next phase of his life.
In her remark, the NCC’s Director, Projects, Iyabode Solanke, who is Okodu’s last supervisor before his retirement, and who was Okodu’s head of Department while they both worked at the Commission’s Department of Financial Services, extolled the retiree for his dedication, as well as his dressing code and excellent work ethics, which she said are worthy of emulation. Sholanke was represented by a Deputy Director in the department, Philip Eretan, who also attended the valedictory session in his own capacity as a friend of Okodu.
In the same vein, NCC’s Director, Zonal Operations, Amina Shehu, in her goodwill message, stated that in every interaction she had with Okodu, she had observed his stellar qualities, such as empathy, kindness, and gentleness. She added that he was also consistent in everything he did.
For Dr. Ikechukwu Adinde, NCC’s Director, Public Affairs, who also attended the valedictory party, anyone would be easily impressed by Okodu’s level of dedication to duty, which has become a mark of Okodu’s outings and career at the Commission.
Adinde said that Okodu was not merely ever-present whenever he was needed most, he also, every so often, displays emotional intelligence, and never lost his temper no matter the level of provocation. “I am also impressed by Okodu’s social networking skills which had enabled him to remain connected with every staff,” Adinde emphasised.
The Director, Compliance Monitoring and Enforcement, at the Commission, Ephraim Nwokonneya, profoundly recalled the attributes exhibited by Okodu that are so quite distinctive when he had the opportunity of working with Okodu in the Financial Services Department of the Commission.
Nwokonneya said when he was assigned to the Department of Financial Services of the Commission as a Principal Manager, he had worked closely with Okodu, who characteristically was full of zeal and energy. He said Okodu was very efficient and easily endeared himself to everyone.
Nwokonneya encouraged him to look at retirement as a time of rejuvenation, reflection and prosperity.
A longtime companion and friend of Okodu, who was so evidently elated at Okodu’s befitting retirement, Olatokunbo Oyeleye, a Deputy Director at the New Media and Information Security Department of the Commission, said Okodu made her beginnings at the Commission a wonderful experience.
To Oyeleye, Okodu is more than a colleague, “he is a brother,” she said and proceeded to recall with gratitude when she joined the Commission as a fresh graduate, “Okodu and his wife accommodated me, taking me under their wings”.
This humane side of Okudu was underscored by Hafsat Lawal, Head, Consumer Policy Development and Monitoring, who asserted that Okudu was a mentor and a friend in need.
“He is reliable and dependable, exuding high level of understanding in all matters and he would go out of his way to ensure everyone was comfortable,” Lawal said.
Former staff of the Commission were also not left out of the celebration. Among them, who attended and poured encomiums on Okodu, are Felicia Onwuegbuchulam, who retired from NCC as Director Consumer Affairs two years ago, and Abubakar Yakubu, a former Director at the Commission who voluntarily retired in 2019.
Onwuegbuchulam, a noted friend and confidant of Okodu who influenced Okodu to join the Commission 28 years ago, said she had no regrets in recommending Okudu to the Management of the Commission at the time.
She said she was gratified that Okodu did not only had a chequered career at the Commission, he also excelled remarkably.
Yakubu, in a goodwill message he sent to the valedictory programme which was read on his behalf, praised Okodu for his dedication to the Commission.
He declared that Okodu was one of the few staff who would work long hours, and would even work at home.
He added that Okodu’s commitment and relentlessness to delivering on his assigned duties were total and spectacular.
Okudu, who spoke at the end of the speeches, thanked the audience and all those who had honoured him with their presence and kind words.
Reflecting on the occasion with philosophical calmness and thanksgiving to God, Okodu said there had to be an end to every beginning but he thanked God for the privilege to witness his retirement day alive.
While expressing delight over all the goodwill messages received, he enjoined the younger staff who would be taking over the baton, to be hardworking.
He also advised that Commission can only thrive if staff remain hardworking in a consistent manner, and are dedicated and loyal to the Commission.
Other contributors at the event included Ajoke Atte, Head, Procurement; Solomon Igbayue, Assistant Director, Policy Competition and Economic Analysis; Emeka Nnama, Senior Manager, Zonal Operations; and Anthony Bassey, Senior Manager, Administration, all staff of the Commission who extolled Okodu’s distinctive virtues and dedication to the aspirations of the Commission.
They all wished Okodu a life of grace and bliss in retirement.
Business
Analyst Predict Fidelity Bank to meet Recaptalization Threshold ahead of Regulatory Deadline
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With the successful completion of the first phase of its capital-raising initiative that was oversubscribed by 238% and its share price growth of over 100%, investor confidence in the bank is at an all time high.
Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold but to also fuel its growth trajectory in the long-term.
With the conclusion of its equity capital raise, the response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to ₦231.7 billion. The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling ₦40.7 billion.
Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.” Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.
Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of ₦0.50 each.
This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of ₦500 billion for banks with international authorization before March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.
Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of ₦9.75 per share during the Public Offer, shares soared to a high of ₦21.15 on February 7, 2025, representing an impressive growth rate of over 116%. This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.
Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at ₦23.15 against a reference price of ₦19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.
The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.
As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.
Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.
The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.
Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.
Business
GTCO Plc Launches Initiative to Improve Quality of Life for Households and Empower Women
AJAGBE ADEYEMI TESLIM
Guaranty Trust Holding Company Plc (GTCO), a leading financial services institution renowned for its innovative approach to corporate social responsibility (CSR) and stakeholder engagement, today announced the launch of its “Waste for Gas” project to improve quality of life for households and empower women in underserved communities.
This transformative initiative aims to distribute 3,000 3kg gas cylinders with burners to low-income households in Obafemi Owode Local Government, Mowe, Ogun State.
The Waste for Gas project underscores GTCO’s unwavering commitment to improving outcomes for people and communities. By providing households with gas-powered cooking, the initiative simplifies daily routines, freeing up time for essential activities that support financial resilience.
The initiative also introduces a structured “waste for gas” exchange programme that promotes responsible waste management, fostering a culture of sustainability.
The project will unfold in two key phases, ensuring that it reaches those most in need.
In the first phase, teams from GTCO, in collaboration with local government representatives, will conduct door-to-door visits across 12 wards in Obafemi Owode Local Government from Monday to Friday, February 18th – 21st, 2025.
These visits will help identify beneficiaries who currently rely on firewood and charcoal for cooking. Participating households will collect and return plastic waste in exchange for gas cylinders and burners.
In the second phase, scheduled for Saturday and Sunday, February 22nd and 23rd, 2025, efforts will be shifted to monitoring and increasing adoption of the new cooking method among the beneficiaries.
Speaking on the initiative, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, stated: “At GTCO, we are committed to driving progress, not just through innovative financial solutions but by creating real impact in the communities where we operate.
Waste for Gas is about making life easier for families, giving them more time for what truly matters—whether it’s education, meaningful work, or personal development.
Beyond this initiative, our goal is to continually evolve sustainable platforms that empower people, strengthen communities, and contribute to socioeconomic progress.”
As GTCO continues to expand its CSR footprint, the Waste for Gas project serves as a blueprint for future interventions that drive meaningful, long-lasting impact in underserved communities.
Business
Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025
Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Dr. Owen D. Omogiafo, OON the President and Group Chief Executive Officer of Transcorp Plc, is set to deliver a keynote address at the Women in Energy Forum during the Nigeria International Energy Summit (NIES) 2025. The summit is scheduled from February 24th to 27th, 2025 in Abuja.
The Women in Energy Forum, themed “Advancing Africa’s Energy Transformation and Inclusion,” aims to highlight the pivotal role of women in Africa’s evolving energy landscape. Dr. Omogiafo’s keynote, titled “Leadership, Innovation, and the Future of Women in Energy,” will delve into the significance of innovative leadership and the increasing contributions of women in the sector.
Dr. Omogiafo has been a prominent advocate for equitable energy access and gender-inclusive leadership. Her participation underscores the importance of diversity and innovation in driving Africa’s energy transformation.
The NIES 2025 serves as a premier platform for international energy discourse, uniting stakeholders to foster innovation and unlock value across the continent. The inclusion of forums like the Women in Energy Forum highlights the summit’s commitment to comprehensive and inclusive discussions on Africa’s energy future.
Dr. Omogiafo’s insights are expected to inspire and influence strategies for leadership and innovation, emphasizing the critical role of women in shaping the future of energy in Africa.
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