Fidelity Bank Plc has a new Chairman.
He is Mr. Mustafa Chike-Obi and he takes over from Mr. Ernest Ebi, who has been Chairman since 2016 and has completed his tenure in line with the Bank’s internal governance policy.
Mr. Chike-Obi who is currently Executive Vice-Chairman at Alpha African Advisory, was the inaugural Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON). He has over 40 years’ experience in investment banking and the financial services sector, having worked 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.
He joined Alpha African Advisory after his tenure as CEO of 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, USA, specializing in hedge funds and private equity investment advisory services. He holds a First Class Honours Bachelor’s degree in Mathematics from the University of Lagos and an MBA from Stanford University Graduate School of Business.
As part of the changes to its Board, Fidelity Bank also announced the departure of Otunba Seni Adetu who has been serving as an Independent Non-Executive Director, and who has also successfully completed his tenure in accordance with the Bank’s internal governance policy.
Fidelity Bank, in a statement by Mr. Charles Aigbe, Divisional Head, Brand and Communications said that under the chairmanship of Mr. Ebi, the Bank recorded significant growth across key financial metrics with both he and Otunba Adetu playing significant roles by complementing management’s effort in the delivery of these milestones, aimed at achieving the long term vision of the Bank. The Bank’s market share position has also been materially strengthened over this period.
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 new changes, according to the statement, attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.
The statement said the outgoing Chairman expressed pride in the results the Bank achieved during his tenure. “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 Non-Executive Director, on his part said:
“It has been an honour 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 of Fidelity Bank, Mr. Nnamdi John Okonkwo, commended the contributions of the outgoing Board members, saying that the Board and indeed the bank had benefited immensely from their experience and they look forward to continuing the Bank’s upward growth trajectory with the incoming Chairman Designate.
