Fidelity Bank Plc has appointed Mustafa Chike-Obi as its Chairman following the resignation of Ernest Ebi, who held the position.
The bank’s board also announced that Seni Adetu, who has been serving as an Independent Non-Executive Director, will be stepping down.
Both Ebi and Adetu have successfully completed their tenure in accordance with the bank’s internal governance policy.
In a statement, the bank said Ebi will 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 bank’s Managing Director/CEO, Nnamdi Okonkwo, commended the contributions of the outgoing board members, saying the board and indeed the bank has benefited immensely from their experiences.
Chike-Obi, the inaugural Managing Director/CEO of the Asset Management Corporation of Nigeria (AMCON) 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.
The bank’s market share position has also been materially strengthened over this period.
Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specialising 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.
Under the Chairmanship of Ebi, the bank recorded significant growth across key financial metrics with both 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 outgoing chairman expressed pride in the results that the bank achieved during his time as chairman.
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 a 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.”
