Business
Fidelity Bank Plc appoints new non-executive director
Fidelity Bank Plc has appointed Jonathan Ososuakpor as a Non-Executive Director of the bank, taking effect from 22 May.
The bank disclosed the appointment in a statement posted on NGX Group and signed by the Fidelity Bank’s secretary, Ezinwa Unuigboje, on Monday, noting that Mr Ososuakpor can achieve the bank’s strategic objectives.
According to the statement, the appointment has been approved by the Central Bank of Nigeria, while the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria have also been notified about the appointment.
“The Board of Directors is pleased to announce the appointment of Dr. Jonathan Oniovosa Ososuakpor as a Non-Executive Director of Fidelity Bank Plc with effect from May 22, 2026.
“The appointment has been approved by the Central Bank of Nigeria, and notice of the same has been communicated to the Securities and Exchange Commission, Nigeria Deposit Insurance Corporation, and Financial Reporting Council of Nigeria.
“The Board is pleased with the appointment and looks forward to working closely with Dr. Jonathan Oniovosa Ososuakpor to achieve the Bank’s strategic objectives,” the bank stated.
The bank said Mr Ososuakpor brings impressive cross-functional experience to the Board.
Profile
Mr Ososuakpor joins the Board of Fidelity Bank Plc with over 40 years of experience in the financial services industry, including Credit and Marketing; Retail; Consumer and Commercial Banking; Public Sector; Banking Operations; and Risk Management.
He enjoyed an illustrious banking career, which commenced in 1983 with Union Bank of Nigeria Plc and served in various capacities at notable financial institutions, including former Gateway Bank, Oceanic Bank, Ecobank Nigeria Plc, and Access Bank Plc.
Mr Ososuakpor held key leadership and management positions before he was appointed Managing Director/Chief Executive Officer of AMJU Unique Microfinance Bank Limited in 2012, a position he held until he retired from the bank in July 2025.
He was Chairman of Universal Finance Consult & Investment Limited from 2007 to 2017, and V-Capital Consulting Limited from 2015 to 2025.
He currently chairs the Board of Directors of Top Rank Oil Services Limited, a leading multifunctional engineering company providing diverse services to the nation’s Oil and Gas industry, Public and Private Sectors.
Mr Ososuakpor holds a Bachelor’s degree in Banking and Finance, and Masters Degree in Banking and Finance from the University of Benin. He also has both a Master of Science and a Doctorate Degree in Economics from Delta State University, Nigeria, and a Master of Business Administration (Finance) Degree from Bangor University, Wales, UK.
His professional qualifications include Fellowship of the Chartered Institute of Bankers of Nigeria; Institute of Credit Administration; Institute of Chartered Economists of Nigeria, and Association of Enterprise Risk Management Professionals.
He is also a Fellow of the Chartered Institute of Taxation of Nigeria; Member of the Nigeria Economic Society, and Chartered Banker Institute, Wales, UK.
READ ALSO: Fidelity Banks first quarter revenue up by 38%
The new non-executive director is also a Certified Expert in Risk Management and a key resource person at local and international training. His areas of interest include Risk Management, Data Analytics, Monetary, Macro, and Microeconomics, Financial Inclusion, and Corporate Governance.
He has attended leadership and executive development programmes at world-class institutions, including the London Business School and United Nations Institute for Training and Research.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
READ ALSO: NRS launches Rev360 to ease tax compliance
Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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