Fidelity Bank Plc has announced that two of its board members, Mr. Ernest Ebi, who has been serving as chair­man, Board of Directors, and Mr. Seni Adetu, who has been serving as an Independent Non-Executive Director, hav­ing successfully completed their tenure in accordance with the bank’s internal gover­nance policy, will be stepping down from the board.

The bank said this in a statement made available to Daily Independent on Sunday.

Under the chairmanship of Mr. Ernest 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 board has also an­nounced 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, 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 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 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,” he said.

Adetu, the outgoing Inde­pendent Non-Executive Di­rector, said: “It has been an honour 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, Mr. 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.

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