Fidelity Bank Plc has appointed Mr Mustafa Chike-Obi, who is currently the executive vice chairman at Alpha African Advisory, as its new chairman.
In a statement on Sunday, the bank said the outgoing chairman, Mr Ernest Ebi, and Mr Seni Adetu who had been serving as an independent non-executive director, will be retiring from the board, after completing their tenure in accordance with the bank’s internal governance policy.
Under the chairmanship of Ebi, the bank said it recorded significant growth across key financial metrics with both him 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 had also been materially strengthened over this period, it added.
Fidelity Bank said the new chairman 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,” it stated.
Prior to joining Alpha African Advisory, the statement said he was the inaugural chief executive officer, Asset Management Corporation of Nigeria, 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.”