Fidelity Bank has announced the appointment of Mustafa Chike-Obi as the chairman of the bank.
Chike-Obi, who is currently Executive Vice Chairman at Alpha African Advisory, has over 40 years of experience in investment banking and the financial services sector.
In a statement made available to journalists in Lagos on Sunday, Fidelity explained that Chike-Obi’s appointment followed retirement of Ernest Ebi as the chairman of the Board of Directors.
It noted that Ebi and Seni Adetu, who had been serving as chairman and independent non-executive director respectively, had successfully completed their tenure in accordance with the bank’s internal governance policy.
The bank said that they would be stepping down from the board.
It disclosed that it recorded significant growth across key financial metrics under the leadership of Ebi and Adetu.
“The bank’s market share position has also been materially strengthened,” it said.
According to the bank, prior to joining Alpha African Advisory, Chike-Obi was the Pioneer CEO of Asset Management Corporation of Nigeria.
Fidelity Bank added that Chike-Obi was the founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, US, 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 a master’s degree in Business Administration from Stanford University Graduate School of Business.
According to the bank, Ebi will continue in the role until Chike-Obi assumes office, saying the changes attested to the bank’s high governance standards and best practices.
The bank’s statement quoted Ebi as saying: ‘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.”
The bank added that its Managing Director, Nnamdi Okonkwo, hailed the contributions of the outgoing board members.