Fidelity Bank Plc. on Sunday announced the appointment of Mustafa Chike-Obi as the new Chairman of the bank.
Chike-Obi, who is currently Executive Vice Chairman at Alpha African Advisory, has over 40 years of experience in investment banking and the financial services sector.
In a statement in Lagos, Fidelity Bank said that Chike-Obi’s appointment followed the retirement of Ernest Ebi as its Chairman, Board of Directors.
It noted that Ebi and Seni Adetu, who had been serving as Chairman and Independent Non-Executive Director respectively, had successfully completed their tenure in accordance with the bank’s internal governance policy.
The bank said that they would be stepping down from the board.
It said that it recorded significant growth across key financial metrics under the leadership of Ebi and Adetu.
“The bank’s market share position has also been materially strengthened,” it said.
According to the bank, prior to joining Alpha African Advisory, Chike-Obi
was the inaugural Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON).
Fidelity Bank added that Chike-Obi was the Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, U.S., 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 a master’s degree in Business Administration from Stanford University Graduate School of Business, the bank said.
According to the bank, Ebi will continue in the role until Chike-Obi assumes office to ensure a smooth and successful transition.
It said that the changes attested to the bank’s high governance standards and best practices.
The bank quoted Ebi as expressing satisfaction with the results achieved by the bank during his tenure.
‘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 Bank quoted the outgoing chairman as saying.
It added that its Managing Director, Nnamdi Okonkwo, hailed the contributions of the outgoing board members.
It quoted Okonkwo as saying that it benefitted immensely from their experiences and was looking forward to continuing the bank’s upward growth trajectory with Chike-Obi.