Fidelity Bank Plc. has appointed Mr. Mustafa Chike- Obi as Chairman to succeed Mr. Ernest Ebi, who has been serving as Chairman, Board of Directors, and having completed his tenure. Ebi will be stepping down from the Board.
In a statement, the lender also announced that Mr. Seni Adetu, who has been serving as an Independent Non-Executive Director, will, in accordance with the Bank’s internal governance policy, be stepping down from the Board having successfully completed his tenure. Chike-Obi is currently the Executive Vice Chairman at Alpha African Advisory.
He has over 40 years of experience in investment banking and the financial services sector, working 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. Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Governmentbacked institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.
Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice.
He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.
According to the statement, under Ebi’s Chairmanship, Fidelity Bank recorded significant growth across key financial metrics.
“Both Messrs Ebi and Adetu played significant roles and complemented management effort in the delivery of these milestones in service of the long term vision of the bank,” the lender said in the statement, adding that its market share position has also been materially strengthened over this period.
It said that 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 changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies,” it said. The outgoing chairman expressed pride in the results that the bank achieved during his time as chairman.
“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 Independent Non-Executive Director, 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”.
Managing Director/ CEO, Fidelity Bank, Mr. Nnamdi Okonkwo, commended the contributions of the outgoing Board members, saying that the Board, and indeed the bank, has benefited immensely from their experiences and looks forward to continuing the bank’s upward growth trajectory with the incoming Chairman- designate