New MD/CEO For Fidelity Bank

Mrs. Nneka Onyeali-Ikpe has been appointed Managing Director & Chief Executive Officer of Fidelity Bank Plc.

She will take over from Mr. Nnamdi Okonkwo who will be stepping down from the Board of Directors with effect from 31^st of December this year at the end of his contract tenure, in line with the bank’s governance policies.

Mrs. Onyeali-Ikpe’s appointment has been approved by both the Board of Directors of the Bank and the Central Bank of Nigeria, CBN, to take effect from 1^st of January 2021.

In a statement released in Lagos by the Bank’s Divisional Head, Brand & Communications, Mr. Charles Aigbe, the Board explained that Mrs. Onyeali-Ikpe’s appointment was in compliance with the succession policy of the Bank. She is currently the Executive Director, Lagos and South-West Directorate of the bank.

Mrs. Onyeali-Ikpe was appointed to the Board of Fidelity Bank in 2015 as an Executive Director and she led the transformation of the South-West Directorate to profitability, sustaining its impressive year-on-year growth across key performance metrics. She has been an integral part of the current management team, responsible for the remarkable increase in the Bank’s performance in the last 5 years, with the area under her direct responsibility, contributing over 28% of the Bank’s PBT, Deposits and Loans.

The incoming MD/CEO has over 30 years’ experience across various banks including Standard Chartered Bank, Zenith Bank and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking. As an Executive Director at legacy Enterprise Bank, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON), as a member of the management team that successfully turned around Enterprise Bank.

Mrs. Onyeali-Ikpe holds a Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London and has attended executive training programs at notable global institutions including; Harvard Business School; The Wharton School University of Pennsylvania; INSEAD School of Business; Chicago Booth School of Business; London Business School and IMD, among others.

The Board of Fidelity Bank has also approved the appointment of Mr. Kevin Ugwuoke, the current Chief Risk Officer of the bank, as Executive Director, Chief Risk Officer, subject to the approval of the CBN.

Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer. Under his supervision, the Bank’s Total Loan Book has grown by a Compound Annual Growth Rate (CAGR) of 17% from N559.1bn to N1,218.9 billion with Cost of Risk averaging 0.7% within the period and Non-Performing Loans Ratio below the regulatory threshold at 4.8% in Q1 2020.

He has over 29 years banking experience in various banks including Citi Bank, Access Bank, United Bank for Africa and the legacy Mainstreet Bank, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management, rising to the position of Chief Risk Officer at United Bank for Africa and Mainstreet Bank before joining Fidelity Bank.

Kevin Ugwuoke holds a First Class Honours degree in Civil Engineering from the University of Nigeria, Nsukka and a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University. He has attended several executive courses at Harvard Business School and other top institutions.

In the statement announcing the announcements, the Chairman of Fidelity Bank Board of Directors, Mr. Ernest Ebi is quoted as saying that, “To ensure a smooth and successful transition, Nnamdi Okonkwo will continue in his role as the MD/CEO until December 31, 2020, while Nneka Onyeali-Ikpe will assume office as the substantive MD/CEO by January 1, 2021”.

Mr. Ebi commended the Mr. Okonkwo for his significant contributions to the growth and development of the bank, stressing that Fidelity Bank has enjoyed a very stable leadership since inception.

The new appointments, the Chairman said, underscore the bank’s robust human capital capabilities, governance and succession policies. He expressed gratitude to the out-going MD/CEO not only for his sterling performance, but also for nurturing the new team and current crop of leaders to continue to steer the bank on its growth trajectory.

Mr. Nnamdi Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 1, 2014. He is credited with implementing a Digital-led Strategy which led to significant growth across key performance matrix and increased market share, with the Bank currently ranked 6^th among Nigerian Banks on most performance indices.

Some of his key achievements include:

Profit Before Tax growth of 236% from N9.0 billion to N30.4 billion.
Return on Equity increase from 5.5% to 13.3%.
Customer Deposits growth of 68% from N806.3 billion to N1,352.3 billion.
Savings Deposit growth of 275% from N83.3 billion to N312.1 billion.
Net Loans and Advances growth of 174% from N426.1 billion to N1,165.8 billion.
Customer Base increase by 121% from 2.4 million to 5.3 million
Digital Banking penetration improvement from 1.0% to 50.1%, accounting for 28.4% of total fee income.
In addition, the Bank successfully accessed the local and international markets through the issuance of N30 billion Corporate Bonds in 2015 and $400 million Eurobonds in 2017 under Okonkwo’s leadership.