Head , legal services | Fidelity Bank
Kingsley Onyewuchi Ohiri
Head , legal services | Fidelity Bank
How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?
The role of the Head of Legal Services (or General Counsel, as it is more commonly referred to) is to manage the organisation’s legal risks and guide the organisation through the complex array of legal challenges it faces within its business environment. Naturally, these challenges become more complex during periods of instability or crisis. By proactively identifying and analysing legal risks, my team and I are able to advise the bank on the most effective ways to mitigate any identified risks and prepare for emerging issues. We place a strong emphasis on compliance with laws and regulations, working closely with the Bank’s Compliance Teams to develop policies and guidelines that promote compliance and ensure the Bank’s resilience during times of instability.
In your opinion, what are the main trends affecting your work now (these can be legal, political, economic or business-based)?
There are several trends which we continue to watch very closely, a few of which are highlighted below. First, data protection and associated regulations have been at the forefront of policy and regulatory discussions in recent times. The Nigerian Data Protection Commission has been rather aggressive in its stance on policing data protection issues, and we expect this trend to continue. It is therefore incumbent on data processors to ensure compliance with all data protection guidelines, as this will remain a key focus in the foreseeable future.
Secondly, the increase in cooperation and trade between African countries has resulted in the cross-border expansion of African businesses across the continent. The implication is that African businesses, especially banks, are increasingly exposed to multi-jurisdictional regulatory and compliance issues.
Further, the emergence of fintech and neobanks within the banking landscape over the last few years has continued to reshape the competitive landscape. Traditional banks must continue to monitor these developments and rethink their strategies accordingly.
What strategic priorities are guiding your legal team into 2025?
Our strategic priorities include fostering innovation through creative legal solutions, ensuring strict compliance, and supporting the Bank’s long-term business objectives.
