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Fidelity Bank Appoints Mustafa Chike-Obi Chairman, As Ebi Retires

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Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi (MFR) who has been serving as Chairman, Board of Directors and Mr. Seni Adetu who has been serving as an Independent Non-Executive Director, having successfully completed their tenure in accordance with the Bank’s internal governance policy, will be stepping down from the Board.

Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period.

The Board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi who is currently the Executive Vice Chairman at Alpha African Advisory.

He has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division.

Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Government backed institution, established to resolve the problem of non-performing loan assets of Nigerian Banks after the 2008 global financial crisis.

Mr Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.

Mr. Ebi will however continue in the role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition. The changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.

The outgoing Chairman expressed pride in the results that the Bank achieved during his time as Chairman. ‘I feel that the management team has consolidated on our plans to become one of the fastest-growing Banks in the country strongly rooted in technology only comparable with the best in the world.

I am confident that my successor will continue on that path to take the Bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.

Adetu, the outgoing Independent Non-Executive Director, said, “It has been an honor to be part of the Board over the last few years. Throughout this time, I have been humbled by the commitment and hard work of the Board and Management, and their passion for creating a truly global bank.

I am very grateful to them, as I am to Fidelity Bank’s many other stakeholders, with whom we have worked to build a long-term, sustainable business”.

The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi John Okonkwo, commended the contributions of the outgoing Board members, saying that the Board and indeed the bank has benefited immensely from their experiences and looks forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.

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Business

USSD: Banks’ Debt To Telcos Hit N17b

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The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Garba Danbatta, has said commercial banks in the country are owing telecommunications companies over N17 billion following the regulator’s suspension of its Determination on Unstructured Supplementary Service Data Pricing last year.

The NCC, in furtherance of its mandate to protect the interests of consumers and support a robust telecommunications sector, recently announced that it had revised the Determination on the USSD.

Speaking at ATCON’s virtual forum on: “Meeting the Interests of Government, Consumers and Telecoms Companies in the Era of Covid-19 and Post Covid-19 Pandemic for Digital Economy Development,” Danbatta noted that the Minister of Communications and Digital Economy, Dr. Ali Isa Ibrahim Pantami, had already been briefed on the development with a view to ensuring a quick settlement of the debt.

Explaining the Commission’s efforts at resolving consumer-related issues, he noted that when the Commission introduced the Do-Not-Disturb code in 2015, less than 500,000 people activated the code, but there are now 22,722,366 lines on the DND.

Danbatta further stated that 98 per cent of the total service-related complaints received from telecoms consumers within a 15-month period, spanning January 2019 to April 2020, have been successfully resolved by the Commission.

On quality of service, Danbatta said: “The Commission has monthly engagements with operators as well as quarterly industry working group on Quality of Service and Short Codes, and is currently monitoring 2G Key Performance Indicators, while the KPIs for 4G are being prepared.”

It should be recalled that the NCC in a statement released to the media recently, observed that the amendment to its USSD Determination was necessitated by a protracted dispute between Mobile Network Operators and Financial Institutions on the applicable charges for USSD services and the method of billing.

As a responsive and effective regulatory authority, the Commission said it recognises that its policies are not static and may be modified from time to time as circumstances demand.

According to Danbatta, in the interest of the consumers and other stakeholders, the Commission revised the Determination previously issued by removing the Price Floor and the Cap to allow Mobile Network Operators and the banks negotiate rates that will be mutually beneficial to all parties concerned.

The NCC also determined that Mobile Network Operators must not charge the consumers directly for the use of USSD channels for financial services in the form of end-user-billing, but revert to corporate billing.

The transaction should be between the MNOs and the entity to which the service is provided, that is Banks and Financial Institutions.

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We Are Not Leaving Nigeria, Shoprite Says

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Shoprite Nigeria has come out to debunk the story making the rounds that it intends to close shop in Nigeria.

The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria.”

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.”

“We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.”

“I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria.

The report said the retailer had struggled in the Nigeria market after some South African owned retailer shops exited the Nigeria market.

The report further stated that Shoprite results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.

The report also said international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.

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Shoprite To Leave Nigeria After 15 Years

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South Africa’s grocery retailer Shoprite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country.

The announcement by Shoprite came months after another South African brand, Mr Price, exited the market.

International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

The company said it has been approached by potential investors willing to take over its Nigerian operations. It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” Shoprite said in a statement on Monday.

In April the supermarket announced it lost 8.1% of its sales in constant currency terms at the end of the second half (H2) of 2019 due to the September xenophobic attacks.

In September, Shoprite stores in Nigeria were vandalised and looted following an alleged xenophobic attack in South Africa, targeting Nigerians.

Owing to fears of further attacks several Shoprite stores across Lagos were sealed and guarded by police.

In the report released in April, the parent company stated that the impact of the store closures and drop in customer count resulted in a difficult half for the company.

Shoprite said the subsequent reduction in customer count during and after the crisis implies that some customers of the supermarkets in Nigeria boycotted the brand.

The difficult half development is not limited to Nigeria alone, as activities in some African nations also created holes in the revenue of Shoprite Holdings, especially the supermarkets out of the shores of South Africa (Non-RSA).

Also, the challenging trading conditions, store closures, load shedding, and currency devaluations in these counties resulted in the company’s furniture division, which includes its Non-RSA business. Due to this, Shoprite’s sale of merchandise dropped by 2.7%, while credit participation increased to 13.7% (2018: 12.5%) of the business’ R3.3 billion sales for the interim period.

However, ShopRite is not the only South African country leaving Nigeria. In June, Mr. Price Group also stated plans to close its Nigerian business to focus on its home market business in South Africa.

The popular affordable clothing, sport, and home wear brand has closed four out of its five Nigerian stores and expects to close the last one in the coming months.

Nigeria is the third country where the company has exited, as it had left Australia and Poland in 2019.

The Durban-based company cited challenges like supply-chain disruptions and challenges in getting funds out of the country as reasons it has struggled to operate in Nigeria.

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