Echotitbits – Nigeria News

Tag: Corporate Governance

  • Amaka Onwughalu Steps in as New Chairperson of Fidelity Bank Board

    Amaka Onwughalu Steps in as New Chairperson of Fidelity Bank Board

    According to The Guardian, Fidelity Bank Plc has officially transitioned its leadership, with Amaka Onwughalu assuming the role of Chairperson of the Board of Directors. She succeeds Mustafa Chike-Obi, whose highly successful tenure concluded on December 31, 2025. Onwughalu, a veteran with over three decades of experience in the banking sector, including senior roles at the former Mainstreet Bank and Skye Bank, is expected to lead the institution through its next phase of international expansion.

    The transition comes as the bank celebrates a period of significant growth, including the oversubscription of its recent public offer and its successful expansion into the United Kingdom market. The Board expressed confidence that Onwughalu’s deep expertise in risk management and corporate governance will sustain the bank’s upward trajectory and strengthen market confidence.

    This corporate update was also tracked by ThisDay and Leadership. ThisDay noted that ‘Onwughalu’s appointment aligns with the CBN’s guidelines on board diversity and tenure,’ while Leadership quoted an industry analyst who stated, ‘Replacing a titan like Chike-Obi is a tall order, but Onwughalu has the institutional memory to pull it off.’

    Echotitbits take: Fidelity Bank is currently one of the most aggressive ‘tier-2’ banks aiming for ‘tier-1’ status. Onwughalu’s primary challenge will be maintaining the digital innovation and Eurobond repayment momentum established by her predecessor. Watch for new retail banking products targeting the Nigerian diaspora in the UK under her leadership.
    Source: Fidelity Bank – https://www.fidelitybank.ng/fidelity-bank-appoints-onwughalu-as-chairman-following-completion-of-chike-obis-tenure/ January 5, 2026

    Photo Credit: Fidelity Bank

  • IEI shareholders approve ₦17.5bn recapitalisation drive amid tighter insurance rules

    IEI shareholders approve ₦17.5bn recapitalisation drive amid tighter insurance rules

    In an update published by Punch, shareholders of International Energy Insurance (IEI) approved a ₦17.5bn recapitalisation plan aimed at strengthening the firm’s capital base.

    The company says the move is designed to improve compliance and expand underwriting capacity as regulators and market expectations raise the bar for solvency and governance.

    Recapitalisation remains a defining test in Nigeria’s insurance sector, influencing reinsurance terms, corporate ticket size, and customer confidence.

    Echotitbits take: The key questions are who funds the raise, valuation terms, and how quickly cash is injected. Watch for filings, NAICOM response, and IEI’s post-raise strategy—whether it targets retail expansion or larger corporate lines.

    Source: The Punch — January 4, 2026 (https://punchng.com/iei-shareholders-approve-n17-5bn-recapitalisation/)

    The Punch January 4, 2026

    Photo Credit: The Punch

  • Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    Fidelity Bank names Amaka Onwughalu board chair as governance changes continue

    In an update published by Punch, Fidelity Bank announced the appointment of Amaka Onwughalu as board chair, a move aimed at strengthening corporate governance as the sector tightens oversight.

    The appointment comes amid heightened scrutiny of bank boards, risk management and capital adequacy, with stakeholders watching how leadership decisions translate into performance and compliance.

    Vanguard also reported the appointment, describing Onwughalu’s elevation as a notable board change at the lender. Punch’s report described the move as “appoints Onwughalu as board chair,” while Vanguard’s coverage similarly framed it as a chairmanship appointment.

    For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Echotitbits take: For investors, the practical signal will be follow-through: board composition, committee strength, and disclosures that show improved governance beyond titles.

    Source: The Punch — January 3, 2026 (https://www.google.com/amp/s/punchng.com/fidelity-bank-names-new-board-chairman-as-chike-obi-exits/%3famp)

    The Punch January 3, 2026

    Photo Credit: The Punch

  • NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    Photo Credit: The Punch
    2025-12-26 07:20:00

    In a report published by *PUNCH*, the Nigerian National Petroleum Company (NNPC) Limited’s directors’ fees and expenses reportedly increased sharply, reigniting scrutiny of cost discipline and transparency at the state-backed energy giant.

    The report is likely to energise debate around value-for-money, board oversight standards, and how corporate governance practices are evolving under the “commercial” NNPC Limited framework.

    For citizens, the optics matter: in a period of tight public finances and cost-of-living strain, governance headlines at strategic national companies quickly turn into political accountability tests.

    Market watchers will look for clearer disclosure context—what drove the increase, how it compares to peer benchmarks, and whether board performance metrics are publicly defensible.

    *PUNCH* reported directors’ pay “soars 58% to N4.1bn.”

    Echotitbits take: Governance credibility is part of energy-sector reform. Watch for fuller annual-report disclosures, audit commentary, and whether oversight bodies demand stronger explanations for board-related cost movements.

    Source: The Punch — Dec 26, 2025 (https://punchng.com/nnpc-directors-pay-soars-58-to-n4-1bn/)

  • SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    SEC Plans Q1 2026 Shift to Digital Processing as January Renewal Deadline Approaches

    Photo Credit: TheCable
    2025-12-22

    Documents reviewed by TheCable indicate the SEC will begin electronic receipt and processing of applications in Q1 2026 as it enforces a January renewal deadline for market operators.

    The shift is expected to reduce manual bottlenecks, shorten processing timelines, and improve transparency for regulated firms.

    If successful, the change could improve investor confidence by making compliance more predictable and less relationship-driven.

    TheCable reported SEC will commence “electronic receipt and processing of applications” in Q1 2026. BusinessDay reinforced the renewal timeline, stating operators should renew “from January 1 to 31, 2026.”

    Echotitbits take: Nigeria’s capital market needs both speed and trust. Watch for portal launch dates, clear fees, and published service-level timelines that reduce discretionary delays.

    Source: TheCable — December 22, 2025 (https://www.thecable.ng/sec-issues-deadline-for-capital-market-operators-to-renew-registration/)
    TheCable 2025-12-22

  • Lagos Govt hammers on adherence to corporate governance in parastatals

    Lagos Govt hammers on adherence to corporate governance in parastatals

    Lagos State Government, through the Parastatals Monitoring Office, PMO, has organised a Workshop tagged “Corporate Governance: Series II” for Chief Executive Officers (CEOs) of Government Parastatals in the State to reiterate the continuous adherence to the journey for a better and more prosperous Lagos.

    The Special Adviser, Parastatals Monitoring Office, Mr. Afolabi Ayantayo, while declaring the workshop open on Tuesday, March 16, 2021, explained that the workshop is to further enlighten the CEOs on the T.H.E.M.E.S agenda.

    “The T.H.E.M.E.S agenda is an elaborate plan of action based on extensive accurate data gathering, empirical studies and research, including projections based on collected data for realistic postulations on derivables expected from all sectors of government, all aimed at uplifting the living standards of Lagosians in a manner that is of both sustainable and enduring for generations to come”, he said.

    In order to achieve this, Ayantayo advised all CEOs of State government parastatals to ensure prompt, proper and excellent service delivery on various mandates in fulfilment of the Greater Lagos Agenda.

    The Special Adviser recalled that the first series of the workshop tagged “Digging Deep into the T.H.E.M.E.S Agenda”, was focused on the sectoral spread of the T.H.E.M.E.S agenda by exploring pillar by pillar, the functionality of each pillar of the agenda that governed with the ideals, tenets and principles of corporate establishments aimed toward enhanced efficiency for better result.

    “Just like we did in the first series, we have facilitators, as well as experts in all the sectoral divisions of the T.H.E.M.E.S Agenda, who will guide participants through and impact further knowledge and expertise that will enhance our grasp in our various fields with capabilities to perform our duties better”.

    He then enjoined all participants to utilise all principles and ideas gathered at the workshop in their respective sectors, towards achieving a Greater Lagos.