The Board of Directors of Fidelity Bank Plc has announce d the impending retirement of Mr. Nnamdi J. Okonkwo, the Managing Director/Chief Executive Officer of Fidelity Bank Plc. He will be stepping down from the Board of Directors of the bank effective December 31, 2020, upon completion of his contract tenure in line with bank’s governance policies.
In compliance with the succession policy of the Bank, the Board has approved the appointment of Mrs. Nneka Onyeali-Ikpe, current Executive Director, Lagos and South West Directorate as the MD/CEO Designate.
The approval of the Central Bank of Nigeria(CBN) has been obtained for the appointment. The Board has also approved the appointment of Mr. Kevin Ugwuoke, the its current Chief Risk Officer as Executive Director, Chief Risk Officer, subject to the approval of the 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” said Chairman Board of Directors of Fidelity Bank Mr. Ernest Ebi.
Ebi commended the outgoing bank chief for his immense contributions to the growth and development of the bank.
According to the Chairman “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”
Mr. Nnamdi Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and became CEO on January 01, 2014.
On assumption of duty he implemented a Digital-led Strategy that led to significant growth across key performance matrix and increased market share, with the bank currently ranked 6th in the country’s banks on most performance indices. Among his key achievements include Profit Before Tax growth of 236per cent from N9.0billion to N30.4billion; RoE increase from 5.5per cent to 13.3per cent; Customer Deposits growth of 68per cent from N806.3billion to N1,352.3billion and Savings Deposit growth of 275per cent from N83.3billion to N312.1billion.
Other notable achievements of the outgoing Fidelity Bank Managing Director include Net Loans and Advances growth of 174per cent from N426.1bn to N1,165.8billion; Customer Base increase by 121 per cent from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0per cent to 50.1per cent, accounting for 28.4per cent of total fee income.
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