Fidelity Bank Plc on Monday appointed Mr. Mustafa Chike-Obi as the new chairman of its Board of Directors.
The bank, in a statement, said the current Chairman, Mr. Ernest Ebi, having successfully completed his tenure in accordance with its internal governance policy would be stepping down from the board.
Ebi is, however, expected to continue in the role until the in-coming chairman assumes office, as part of the process of ensuring a smooth and successful transition.
Also, the bank announced that another member of its board, Mr. Seni Adetu, who had been serving as an Independent Non-Executive Director, having also successfully completed his tenure in accordance with its internal governance policy would be stepping down from the board.
“Under the chairmanship of Mr. Ernest Ebi, the bank recorded significant growth across key financial metrics with both Ebi and Adetu playing significant roles, complementing management efforts 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,” it stated.
Chike-Obi 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 Managing Director/Chief Executive Officer, 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.
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.
“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 statement added.
The outgoing chairman expressed delight in the results that the bank achieved under his stewardship.
He said: “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.”
Adetu 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, Fidelity Bank, Mr. Nnamdi Okonkwo, commended the contributions of the outgoing board members, saying the board and entire staff of the bank benefited immensely from their experiences and looks forward to continuing the bank’s upward growth trajectory with the incoming chairman-designate.
