By Aduragbemi Omiyale

Fidelity Bank Plc now has a new chairman and she is Mrs Amaka Onwughalu, with her appointment taking effect from Thursday, January 1, 2026.

The lender confirmed this in a statement to announce the retirement of Mr Mustafa Chike-Obi from the position effective Wednesday, December 31, 2025.

In the statement, the bank disclosed that the board transitions were in alignment with its policy, with the Central Bank of Nigeria, the Nigerian Exchange (NGX) Limited and other stakeholders notified.

Under Mr Chike-Obi’s leadership, Fidelity Bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 per cent and 137.73 per cent, respectively.

The financial institution under his watch expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements.

His tenure also saw the bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition.

The company equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and its sustained upward performance trajectory.

“It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our board, management, and staff has enabled us to reach significant milestones. I am confident that the bank will continue to thrive and deliver value to all stakeholders,” Mr Chike-Obi reflected of his tenure

Mrs Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the board in December 2020 and has chaired key committees.

With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions.

Mrs Onwughalu is a Fellow of several professional bodies and has received awards for accountability and financial management.

“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value,” commented Mrs Onwughalu.

By Adedapo Adesanya

Nigerians will start paying a N50 stamp duty on all bank related electronic transfers of N10,000 and above from January 1, 2026, following the implementation of the Tax Act.

The stamp duty or electronic money transfer levy (EMTL) is a single, one-off charge of N50 on electronic receipt or transfer of money deposited in any commercial money bank or financial institution on any type of account on sums of N10,000 and above.

Before the new policy, electronic transfers of N10,000 and above attracted a N50 EMTL, but the charge was typically deducted from the receiver’s account.

This was disclosed in notices sent by a series of Nigerian banks to their customers ahead of the policy’s implementation seen by Business Post.

In an email sent to customers on Tuesday, the United Bank for Africa (UBA) said the N50 EMTL on transfers would now be referred to as stamp duty across all financial institutions.

“Please note the following: Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies),” the email reads. Salary payments and Intra-bank self-transfers are exempt from stamp duty. “The Sender now bears the Stamp Duty charge. Previously, this charge was deducted from the Beneficiary/ Receiver.”

Also Access Bank customers received the same notice.

Banks clarified that this charge is separate from regular bank transfer fees and will be clearly disclosed to customers at the point of transaction.

The notice also stated that transfers below N10,000 are exempt from the stamp duty.

In addition, salary payments and intra-bank transfers—transactions between accounts within the same bank—will not attract the N50 charge.

This replaces the previous percentage-based charges, which often created uncertainty around the total cost of documentation.

Banks say the adjustment is aimed at simplifying compliance and making stamp duty charges easier for individuals and businesses to understand upfront.

President Bola Tinubu on Sunday insisted that the implementation of the new tax laws will commence on January 1 as planned, despite criticisms from opposition and pressure groups.

In a statement, President Tinubu said the tax laws are not designed to raise taxes, but rather to support a structural reset, drive harmonisation, and protect dignity while strengthening the social contract.

“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” the president said on Tuesday.

By Adedapo Adesanya

The Nigeria Deposit Insurance Corporation (NDIC) has warned that the federal government’s 50 per cent cost-to-income ratio policy was limiting its ability to build a strong financial buffer to protect depositors.

The chief executive of the agency, Mr Thompson Sunday, in a statement by the Head of the Communication and Public Affairs Department, Mrs Hawwau Gambo, on Tuesday, said the NDIC complies with the policy but lamented that “the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.”

Mr Sunday restated the corporation’s adherence to fiscal and financial regulations, including the Fiscal Responsibility Act 2007, during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Mr Armstrong Takang, in Abuja.

According to the statement, Mr Sunday stressed that the NDIC “complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable,” adding that the corporation also submits its financial statements ahead of statutory deadlines.

The NDIC boss said this commitment to transparency aligns with its role as a key financial safety-net agency responsible for protecting depositors and supporting confidence in the banking system.

However, he cautioned that while the corporation also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, “the policy poses operational constraints.”

He explained that maintaining a robust Deposit Insurance Fund is critical to the NDIC’s ability to respond promptly and effectively to bank failures without depending on government support.

He added that international standards under the Core Principles for Effective Deposit Insurance, issued by the International Association of Deposit Insurers, require deposit insurers to maintain adequate funds for this purpose.

To strengthen its capacity, Sunday said the NDIC is seeking an exemption from the policy.

He described MOFI as a critical stakeholder, noting that the Federal Government, through the agency, holds a 40 per cent equity stake in the NDIC.

According to him, continued collaboration is essential to ensure the NDIC meets its obligations to the government while safeguarding depositors’ funds.

In his remarks, Mr Takang commended the NDIC’s spirit of collaboration and its compliance with fiscal regulations.

He assured that MOFI would continue to engage the Federal Ministry of Finance on the NDIC’s behalf, adding that a strong NDIC is vital to maintaining confidence in the financial system.

Both institutions reaffirmed their commitment to cooperation, transparency and accountability.

The federal government’s 50 per cent cost-to-income ratio policy was introduced through a circular dated December 28, 2023, signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

The circular directed federal agencies and parastatals to remit 50 per cent of their internally generated revenue to the Treasury Single Account as part of broader presidential fiscal directives.

The directive, to be implemented by the Office of the Accountant-General of the Federation in early January 2024, builds on existing rules for IGR remittances under the Fiscal Responsibility Act and related circulars, with the aim of improving revenue mobilisation and fiscal discipline across Ministries, Departments and Agencies (MDAs).