Fidelity Bank Plc has announced that two of its Board members, namely Mr. Ernest Ebi and Mr. Seni Adetu, will be stepping down from the Board, in compliance with the bank’s internal governance policy.
Ebi served the bank in the capacity of Chairman, Board of Directors, while Adetu was its Independent Non-Executive Director. Both officers have successfully completed their tenures in their respective positions.
Under Ebi’s chairmanship, the bank recorded significant growth across key financial metrics with both top officers 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 also announced that the retiring chairman will be succeeded by Mr. Mustafa Chike-Obi, currently the Executive Vice Chairman at Alpha African Advisory.
Chike-Obi has over 40 years 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, Chike-Obi was the pioneer 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.
Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specialising 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.
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 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.