FIDELITY Bank has announced the appointment Mustapha Chike-Obi as Chairman. 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.
This announcement was contained in a notice signed by the Company Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange.
Also in the notice, the bank announced the retirement of Mr. Seni Adetu, who served as Independent Non-Executive Director on the board. He stepped down from the board after completing his tenure on June 30, 2020.
The board of directors and the management of the bank appreciated Ernest Ebi and Seni Adetu for their contributions to the progress of the bank during their tenures.
“Under the chairmanship of Mr. Ernest Ebi, the bank recorded significant growth across key financial metrics, with both Messers 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 banks market share position has also been materially strengthened over the period,” the notice read.
The appointment is in line with the bank’s high governance standards and best practices, and in compliance with internal succession policies; Mr. Ebi will, over the next six weeks, ensure a successful transition and smooth handover to Chike-Obi.
Prior to joining Alpha African Advisory, he was the inaugural Managing Director/Chief Executive Officer, 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.
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.