Fidelity Bank announces changes to its board

Fidelity Bank plc has announced that two of its Board members, Ernest Ebi who has been serving as chairman, Board of Directors, and 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 Ernest Ebi, the nank 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 bank’s market share position has also been materially strengthened over this period.

The Board also announced that the retiring chairman will be succeeded by Mustafa Chike-Obi who is currently the executive vice chairman at Alpha African Advisory.

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, Chike-Obi 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. He 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 Honours) 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 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,” Ebi said.
“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.”

The managing director/CEO, Fidelity Bank, 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.