Fidelity Bank has announced the appointment of Mustafa Chike-Obi as Chairman of the Board of Directors. The appointment has been approved by the Central Bank of Nigeria, and will take effect on August 14, 2020, after the expiration of the tenure of the current Chairman, Mr Ernest Ebi.
Mustafa Chike Obi, who was the pioneer Chief Executive Officer (CEO) of Asset Management Company of Nigeria (AMCON), succeeds Ernest Ebi, whose tenure expired in conformity to the Fidelity Bank’ corporate governance culture, the lender said in a statement on Sunday.
Chike-Obi is also the executive vice-chairman of Alpha African Advisory, a Lagos-based financial consultancy covering financial services, manufacturing, transport, oil and gas, agriculture among others.
He was the inaugural CEO of AMCON, which set out at inception to resolve the challenge of humongous non-performing debt portfolio of Nigerian banks through recovery following the 2008 global financial crisis.
Fidelity Bank’s CEO, Nnamdi Okonkwo lauded exiting board members for their contributions while in service, acknowledging the benefits gained by the organisation from their experiences and saying the bank was hopeful that Chike-Obi would sustain its upward progression.
For the time being, Ebi will hold the position before his successor takes over. A statement from Fidelity Bank said the two top officials successfully completed their tenure in accordance with the bank’s internal governance policy.
In a statement sent to Premium Times, the bank Spokesperson said; “Under the chairmanship of Mr. Ebi, Fidelity Bank recorded significant growth across key financial metrics with both Messrs. 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 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. 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. 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 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.
“Mr 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.
“Mr 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 Fidelity 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. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.
Mr Adetu, the outgoing Independent Non-Executive Director, said, “It has been an honor 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.”