Onyeali-Ikpe to Replace Okonkwo as Fidelity Bank MD/CEO

By Dipo Olowookere

In compliance with its succession policy, the board of Fidelity Bank Plc has announced that Mrs Nneka Onyeali-Ikpe will replace the current Managing Director/Chief Executive Officer of the bank, Mr Nnamdi Okonkwo, when the latter retires at the end of this year.

Mr Okonkwo is expected to leave the position on December 31, 2020, upon completion of his contract tenure and in line with the bank’s governance policies.

To fill the post, the board has approved the appointment of the present Executive Director of Fidelity Bank in charge of Lagos and South West Directorate. Her appointment has also been authorised by the Central Bank of Nigeria (CBN).

“To ensure a smooth and successful transition, Nnamdi Okonkwo will continue in his role as the MD/CEO until December 31, 2020, while Nneka Onyeali-Ikpe will assume office as the substantive MD/CEO by January 1, 2021,” Chairman of the board, Mr Ernest Ebi, was quoted as saying in a statement on Monday.

Mr Ebi commended the MD/CEO for his significant contributions to the growth and development of the bank, confessing that, “Fidelity Bank has enjoyed a very stable leadership since inception.”

“These appointments underscore the bank’s robust human capital capabilities, governance and succession policies.

“We thank Nnamdi not only for his sterling performance but also for nurturing the new team and current crop of leaders to continue to steer the bank on its growth trajectory,” he stated.

Mr Okonkwo was appointed to the board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 01, 2014.

He implemented a digital-led strategy which led to significant growth across key performance matrix and increased market share, with the bank currently ranked 6th amongst Nigerian Banks on most performance indices.

Some of his key achievements include PBT growth of 236 per cent from N9.0 billion to N30.4 billion; RoE increase from 5.5 per cent to 13.3 per cent; customer deposits growth of 68 per cent from N806.3 billion to N1.4 trillion and savings deposit growth of 275 per cent from N83.3 billion to N312.1 billion.

Other notable achievements include net loans and advances growth of 174 per cent from N426.1 billion to N1.2 trillion; customer base increase by 121 per cent from 2.4 million to 5.3 million and digital banking penetration improvement from 1.0 per cent to 50.1 per cent, accounting for 28.4 per cent of total fee income.

In addition, the bank successfully accessed the local and international markets through the issuance of N30 billion corporate bonds in 2015 and $400 million Eurobonds in 2017 under his leadership.

For the incoming MD/CEO, Mrs Nneka Onyeali-Ikpe, she was appointed to the board of Fidelity Bank in 2015 as an Executive Director and currently oversees the Lagos and Southwest Directorate.

She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth across key performance metrics.

Mrs Onyeali-Ikpe has been an integral part of the current management team, responsible for the remarkable increase in the bank’s performance in the last 5 years, with the area under her direct responsibility, contributing over 28 per cent of the bank’s PBT, deposits and loans.

She has over 30 years of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking.

As an Executive Director at legacy Enterprise Bank Plc, she received formal commendation from the Asset Management Corporation of Nigeria (AMCON), as a member of the management team, that successfully turned around Enterprise Bank Plc.

She holds Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London and has attended executive training programs at notable global institutions including; Harvard Business School; The Wharton School University of Pennsylvania; INSEAD School of Business; Chicago Booth School of Business; London Business School and IMD amongst others.

Meanwhile, the board has also approved the appointment of Mr Kevin Ugwuoke, the current Chief Risk Officer of the bank, as Executive Director, Chief Risk Officer, subject to the approval of the CBN.

Mr Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer.

Under his supervision, the bank’s total loan book has grown by a Compound Annual Growth Rate (CAGR) of 17 per cent from N559.1 billion to N1.2 trillion with Cost of Risk averaging 0.7 per cent within the period and Non-Performing Loans ratio below the regulatory threshold at 4.8 per cent in Q1 2020.

He has over 29 years of banking experience across various banks namely Citi Bank, Access Bank Plc, United Bank for Africa Plc and legacy Mainstreet Bank Limited, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management.

Prior to joining Fidelity Bank, he was Chief Risk Officer at United Bank for Africa Plc and Mainstreet Bank Limited.

He holds a First Class Honours degree in Civil Engineering from the University of Nigeria, Nsukka and a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University.

He has attended several executive trainings at Harvard Business School and other world-class institutions of learning.