Fidelity Bank Plc yesterday announced that appointment of the former pioneer Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi as the new chairman of its Board of Directors. Fidelity in a statement, said, Mr. Chike-Obi, who is currently the Executive Vice-Chairman at Alpha African Advisory, replaces Mr. Ernest Ebi who is stepping down, in accordance with the Bank’s internal governance policy, after successfully completing his tenure.
“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,” the statement noted.
To ensure a smooth and hitch-free transition, Ebi is expected to continue in the role until the new chairman assumes office. “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 extolled the bank’s achievements under his stewardship, and expressed confidence that Fidelity will continue on the path of innovation and sustained growth. His words: “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.”
Fidelity also announced that another board member, Mr. Seni Adetu, who had been serving as an Independent Non-Executive Director, would be stepping down from the board, having also successfully completed his tenure in accordance with its internal governance policy. “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,” Adetu said.
On his part, Mr. Nnamdi Okonkwo, Managing Director/CEO, Fidelity Bank, lauded the contributions of the outgoing board members, saying the board and entire staff of the bank benefited immensely from their experiences and expressed optimism and confidence that Fidelity Bank will continue its upward growth trajectory with the new incoming board chairman.
Chike-Obi has over 40 years of experience in investment banking and the financial services sector, having worked 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 first Managing Director/CEO of AMCON, created by the federal government to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.
The new board chairman was also the founding president of Madison Advisors, a financial services advisory and consulting firm in New Jersey, United States specialized in hedge funds and private equity investment consultancy. Mr. Chike-Obi hast strong Ivy League credentials; he holds a Bachelor’s degree in Mathematics from University of Lagos (First Class Honors) and an MBA from the prestigious Stanford University Graduate School of Business in California, United States of America.