Home Companies&Markets CBN backs appointment of Mustafa Chike-Obi as Fidelity Bank’s new Chairman

CBN backs appointment of Mustafa Chike-Obi as Fidelity Bank’s new Chairman


By Audrey Lotechukwu

MON, JULY 06 2020-theG&BJournal-The Central Bank of Nigeria has approved the appointment of Mr. Mustafa Chike-Obi as Chairman of Fidelity Bank Plc. Chike-Obi, Executive Vice Chairman at Alpha African Advisory, takes over from Ernest Ebi (MFR) who completed his term at the Bank as Chairman.

Mr. Seni Adetu who has been serving as an Independent Non-Executive Director is also leaving the Bank’s Board after completing his term. Mr. Seni Adetu completed his tenure on June 30. 2020 while Mr. Ernest Ebi will step down from the Board effective August 14, 2020.

Chike-Obi 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.

‘’The changes being announced further attest to Fidelity Bank’s high governance standard and best practices in compliance to internal succession policies,’’ the Bank’s management said in a notification on the Board changes Monday to the Nigerian Stock Exchange (NSE).

Mr Chike-Obi was founding President Madison Advisors, a financial Services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He holds a First Class Bachelors degree in mathematics from the University of Lagos and an MBA from Stanford University Graduate School of Business.

The Bank said Mr Ebi will continue in the role until August 14, 2020, when the in-coming chairman assumes office ‘’as part of the process of ensuring a smooth and successful transition.’’

Fidelity Bank Plc noted that under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both 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.’’

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