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Fidelity Bank announces exit of Ebi, Adetu from Board as Chike-Obi emerges chairman

By on July 5, 2020 0 154 Views

A former deputy governor of the Central Bank of Nigeria Ernest Ebi and an ex-Chief executive of Guinness Nigeria Seni Adetu have stepped down from the board of Fidelity Bank after successfully completed their tenure, the lender announced on Sunday.
Ebi served as the Chairman of the commercial lender’s board, while Adetu was an Independent Non-Executive Director and both have served out their terms on the board in accordance with the Bank’s internal governance policy.
In a statement by the bank, Mustafa Chike-Obi, pioneer chief executive officer of the Assets Management Corporation of Nigeria (AMCON) will replace Ebi as the chairman of the bank.
The statement said under the Chairmanship of Ebi, the 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 new chairman of the bank Chike-Obi is currently the Executive Vice Chairman at Alpha African Advisory and 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.
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.
The bank, however, said Ebi will continue in the role until the in-coming Chairman assumes office, as part of the process of ensuring a smooth and successful transition.
The statement said the changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.
Fidelity Bank said 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.
“I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, Ebi said.
On his part, Adetu 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”.
Nnamdi Okonkwo, chief executive officer of Fidelity Bank 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.

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