Fidelity Bank Plc has announced a change to its Board. With the Board Chairman and one other director retiring after the successful completion of their tenures.
In a statement by the tier 2 lender, the bank announced that it’s Board Chairman, Ernest Ebi, and a Non-Executive Director, Seni Adetu, will be stepping down from the board in line with the Bank’s internal governance policy.
According to the Bank’s statement, “Mr. Seni Adetu completed his tenure on June 30, 2020, while Mr. Ernest Ebi will step down from the Board effective August 14, 2020.
“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 and Management of the Bank seize this opportunity to express sincere appreciation to Messrs. Ebi and Adetu for their significant contributions to the growth and development of the Bank during their tenure on the Board”.
The Bank also announced that Mr. Mustafa Chike-Obi will succeed the retiring Mr. Earnest Obi and this has been approved by the CBN
“The Board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi. The Central Bank of Nigeria has approved the appointment.
“Mr. Chike-Obi as 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 of the 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 and Consulting Firm in New Jersey, specializing in hedge fund 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 Graduate School of Business.
“Mr. Ebi will however continue in the role until August 14, 2020, when the incoming 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 statement concluded
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