Leading financial institution in Nigeria, Fidelity bank has announced a minor board re-shuffling. In a statement sent to e-nigeria! on Sunday evening, the bank mentioned that as the tenure of its outgoing Chairman, Mr. Ernest Ebi (MFR)expires he will be stepping down in accordance with Nigerian banking regulations and policy.
In the same vein, the bank announced the tenure expiration of its Independent Non-Executive Director, Mr. Seni Adetu respectively.
As expected the board of directors of Fidelity bank have approved Ernest Ebi’s successor, in the person of Mr. Mustafa Chike-Obi who is currently the Executive Vice Chairman at Alpha African Advisory.
A Statement by Fidelity bank reads in part, “Under the Chairmanship of Mr. Ernest Ebi, the Bank recorded significant growth across key financial metrics with both Messrs. 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”.
Buttressing further on the amazing profile of its Chairman designate, Mustafa Chike-Obi, Fidelity bank said, “He 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”.
The outgoing Chairman Mr. Ernest 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.