CBN Okays Chike-Obi as New Fidelity Bank Chairman

By Modupe Gbadeyanka

Former MD/CEO of AMCON, Mr Mustafa Chike-Obi, has been appointed as the new Chairman of Fidelity Bank Plc.

Mr Chike-Obi is occupying the position following the stepping down of Mr Ernest Ebi from the seat with effect from August 14, 2020.

A statement from the lender disclosed that the appointment of Mr Chike-Obi has been approved by the Central Bank of Nigeria (CBN).

Mr Ebi, who has been serving as Chairman of the board of directors of Fidelity Bank, is expected to leave the post in compliance with the bank’s internal governance policy.

Also, it was stated that an independent non-executive director on the Fidelity Bank’s board, Mr Seni Adetu, is also leaving the board having successfully completed his tenure on June 30, 2020.

Mr Ebi and Mr Adetu both played significant roles on the board of Fidelity Bank, contributing to the growth across key financial metrics of the financial institution.

They also complemented the management’s effort in the delivery of these milestones in service of the long-term vision of the bank, working earnestly to improve the lender’s market share position.

In view of their immense contribution to the growth of the company, the board and management of Fidelity Bank expressed their sincere appreciation to the duo for the “significant contributions to the growth and development of the bank during their tenure on the board.”

For the incoming Chairman, he is expected to use his 40 years of experience in investment banking and the financial services sector to take the bank to greater a height.

Mr Chike-Obi is the Executive Vice Chairman of Alpha African Advisory. He works with reputable global investment banking and asset management companies, providing overall leadership, with direct oversight over the capital raising division of the organisation.

Prior to joining Alpha African Advisory, Mr Chike-Obi 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 incoming Chairman of Fidelity Bank was the founding president of Madison Advisors, a financial services advisory and consulting firm in New Jersey, USA, specialising in hedge funds and private equity investment advice.

Mr Chike-Obi 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.