12 new CEOs, chairmen appointed by NGX-listed companies in H1 2026

The first half of 2026 saw a wave of leadership changes across companies listed on the Nigerian Exchange (NGX), as boards announced new chief executives, chairmen and senior executives to drive their next phase of growth. The appointments were driven by a combination of regulatory tenure limits, retirements, succession planning and strategic restructuring across sectors including banking, energy, manufacturing, insurance and consumer goods.

Several of the new appointees are long-serving insiders with deep institutional knowledge, while others were recruited from leading local and multinational organisations, bringing decades of experience in finance, engineering, manufacturing, energy, consumer goods, corporate governance, and public policy. Their appointments highlight the increasing emphasis boards are placing on leadership continuity, operational excellence, and the ability to navigate an increasingly competitive business environment.

Amaka Onwughalu appointed Chairman of Fidelity Bank

Mrs. Amaka Onwughalu is a seasoned banking executive with more than three decades of experience spanning commercial banking, retail banking, and executive leadership. Since January 1, 2026, she was appointed Chairman of the Board of Fidelity Bank Plc, succeeding Mr. Mustafa Chike-Obi following the completion of his tenure.

Before assuming the chairmanship, Onwughalu had served as a Non-Executive Director on Fidelity Bank's Board since December 2020, where she chaired the Board Credit Committee and the Board Committee on Bank Capitalisation. She also played key oversight roles as a member of the Board Finance and General-Purpose Committee, Board Remuneration, Nomination and Governance Committee, and previously chaired the Board Risk Management Committee.

She is the former Group Managing Director of legacy Mainstreet Bank Limited, where she led the successful integration of the bank with Skye Bank Plc before serving as Deputy Managing Director until her retirement in 2016. Onwughalu holds a Bachelor's degree in Economics from the University of Buckingham, an MBA from the University of Port Harcourt, and an MSc in Corporate Governance from Leeds Metropolitan University. She has completed executive programmes at leading global institutions, including INSEAD, IMD, the University of Cambridge, Columbia Business School, Stanford Graduate School of Business, and Harvard Kennedy School.

Lucas Durojaiye named MD/CEO of Sovereign Trust Insurance

Dr. Lucas A. Durojaiye is an accomplished insurance executive with more than 27 years of experience spanning insurance brokerage and public sector insurance. He was appointed Managing Director/Chief Executive Officer of Sovereign Trust Insurance Plc following the retirement of Mr. Olaotan Soyinka in December 2025, after receiving the approval of the Board of Directors and the National Insurance Commission (NAICOM) on January 3, 2026.

Prior to his appointment, Durojaiye served as General Manager at Sovereign Trust Insurance Plc, where he also headed the Northern Area Operations and the National Public Sector business. Popularly known as 'Dr. LAD,' his career spans several leading institutions in Nigeria's insurance industry, including FBN Insurance Brokers, where he rose to Acting Managing Director, as well as Cornerstone Insurance Plc and Mutual Benefits Assurance Plc before joining Sovereign Trust Insurance Plc.

Durojaiye holds a Master's degree from Anglia Ruskin University, London, a Postgraduate Diploma in Business Strategy from ABP United Kingdom, and both a Master's and Doctorate in Business Administration from Nasarawa State University, Keffi. He also earned a Graduate Diploma in Insurance from Lagos State Polytechnic. An alumnus of Lagos Business School's Senior Management Programme (SMP 51), he is an Associate Member of the Chartered Insurance Institute of Nigeria (CIIN) and the Nigerian Council of Registered Insurance Brokers (NCRIB), and a Chartered Fellow of several professional institutes.

Adewale Arikawe takes over as Group CEO of SIAT

Adewale Arikawe is an experienced business leader with a distinguished career spanning more than 26 years across the fast-moving consumer goods (FMCG) and agribusiness sectors. Appointed Group Chief Executive Officer of SIAT since January 2, 2026, he is responsible for leading the group's operations across West Africa, including Presco Plc, SIAT Nigeria Limited, and Ghana Oil Palm Development Company Limited.

In addition to his role as Group CEO, Arikawe was appointed a Non-Executive Director of Presco Plc, succeeding Mr. Felix Nwabuko, who retired after years of service to SIAT and its subsidiaries. Before joining SIAT, Arikawe held several senior leadership positions at Royal FrieslandCampina, where he oversaw operations across Sub-Saharan Africa, and at FrieslandCampina WAMCO Nigeria, contributing to the company's commercial growth and market expansion.

Earlier in his career, he held key management roles at Nestlé Nigeria Plc, leading multi-channel sales operations and supporting strategic business development initiatives. Arikawe holds a Master of Business Administration (MBA) in Business Administration and Management from the University of Chichester. He has also completed executive leadership programmes at London Business School and IMD Lausanne, Switzerland, with a focus on leadership, execution excellence, and organisational performance.