Fidelity Bank plc has notified the Nigerian Stock Exchange (NSE) and the general public of the impending retirement of Nnamdi J. Okonkwo, its managing director/chief executive officer (MD/CEO), from the Board of Directors of the bank with effect from December 31, 2020, upon completion of his contract tenure.
In compliance with the succession policy of the bank, the Board has approved the appointment of Nneka Onyeali-Ikpe, the current executive director, Lagos and South West Directorate, as the MD/CEO-designate of the bank to assume office with effect from January 1, 2021.
As part of the process of ensuring a smooth and successful transition, Nnamdi Okonkwo will continue in his role as the MD/CEO until December 31, 2020, while Nneka Onyeali-Ikpe will assume office as the substantive MD/CEO on January 01, 2021.
The approval of the Central Bank of Nigeria (CBN) has been obtained for the appointment.
The Board has also approved the appointment of Kevin Ugwuoke, the current chief risk officer of the bank, as executive director/chief risk officer, subject to the approval of the CBN.
Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an executive director and was subsequently appointed the MD/CEO on January 01, 2014.
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He implemented a Digital-led Strategy which led to significant growth across key performance metrics and increased market share, with the Bank currently ranked 6th amongst Nigerian Banks on most performance indices. Some of his key achievements include: profit before tax (PBT) growth of 236percent from N9billion to N30.4billion; return-on-equity (RoE) increase from 5.5percent to 13.3percent; Customer Deposits growth of 68percent from N806.3billion to N1.352trillion; Savings Deposit growth of 275percent from N83.3billion to N312.1billion; Net Loans and Advances growth of 174percent from N426.1billion to N1.165trillion; Customer Base increase by 121percent from 2.4 million to 5.3 million; Digital Banking penetration improved from 1percent to 50.1percent and now accounts for 28.4percent of total fee income. In addition, Fidelity Bank successfully accessed the local and international markets through the issuance of N30billion Corporate Bonds in 2015 and $400million Eurobonds in 2017.
The Board expressed appreciation to Nnamdi Okonkwo for his significant contributions to the growth and development of the Bank during his tenure on the Board.
Nneka Onyeali -Ikpe was appointed to the Board of Fidelity Bank in 2015 as an Executive Director and currently oversees the Lagos and Southwest Directorate. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth across key performance metrics.
Nneka has been an integral part of the current management team responsible for the remarkable increase in the Bank’s performance in the last 5 years with the area under her direct responsibility contributing over 28percent of the Bank’s PBT, Deposits and Loans.
Nneka has over 30 years of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank Limited, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking, in addition to serving as an Executive Director on the Board of Enterprise Bank Plc.
Nneka has been involved in the structuring of complex transactions in various sectors including Oil & Gas; Manufacturing, Aviation, Real Estate and Export. As an Executive Director at Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON) as a member of the management team that successfully turned around Enterprise Bank Plc.
Nneka holds Bachelor of Laws (LLB) and Master of Laws (LLM) degrees from the University of Nigeria, Nsukka and Kings College, London, respectively. She has attended executive training programs at Harvard Business School, The Wharton School University of Pennsylvania, INSEAD School of Business, Chicago Booth School of Business, London Business School and IMD amongst others. She is currently undergoing a Diploma programme in Organizational Leadership at Said Business School, Oxford University, UK. She is an Honorary Senior Member (HCIB) of The Chartered Institute of Bankers of Nigeria. She is married with children.
Kevin Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer. Under his supervision, the Bank’s Total Loan Book has grown by a Compound Annual Growth Rate of 17percent from N559.1billion to N1.218trillion with Cost of Risk averaging 0.7percent within the period and Non-Performing Loans Ratio below the regulatory threshold at 4.8percent in Q1 2020.
He has over 29 years of banking experience across various banks namely Citi Bank, Access Bank Plc, United Bank for Africa Plc and Mainstreet Bank Limited, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management. Over the period, he was also Chief Risk Officer of United Bank for Africa Plc and Mainstreet Bank Limited.
Kevin holds a bachelor’s degree (First Class) in Civil Engineering from the University of Nigeria, Nsukka. He also holds a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University. He has attended several executive trainings in world-class institutions, including Harvard Business School.
