Chairman, Board of Directors and Mr. Seni Adetu who has been serving as
an Independent Non-Executive Director, having successfully completed
their tenure in accordance with the Bank’s internal governance policy,
will be stepping down from the Board.
Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant
growth across key financial metrics with both Messrs. Ebi and Adetu
playing significant roles, complementing management effort in the
delivery of these milestones; in service of the long term vision of the
Bank. The Bank’s market share position has also been materially
strengthened over this period.
The Board is also pleased to announce that the retiring Chairman will be
succeeded by Mr. Mustafa Chike-Obi who 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 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, 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.
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 changes being announced further attest to
Fidelity Bank’s high governance standards and best practices in
compliance with internal succession policies.
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 honor 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, Fidelity Bank, Mr. Nnamdi John 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.