Replaces Nnamdi Okonkwo on January 1, 2021
Fidelity Bank Plc Board of Directors announced the appointment of its Executive Director, Lagos and South-west Directorate, Mrs. Nneka Onyeali-Ikpe, as a replacement for the Managing Director/Chief Executive Officer, Mr. Nnamdi Okonkwo, who is billed to retire in December 31, 2020.
In a statement yesterday, the Bank said Okonkwo will by December complete his contract tenure in accordance with the Bank’s policy.
The Bank said the Central Bank of Nigeria (CBN) has been informed of the development.
The Chairman of the Bank, Mr. Ernest Ebi, was quoted saying in a statement: “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.
“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 the current crop of leaders to continue to steer the bank on its growth trajectory.”
Okonkwo was appointed MD/CEO in January 2014 from his position as a an executive director for two years.
He has recorded a lot of achievements as the CEO of the Bank by introducing digital=led strategy that has lifted the bank up as the sixth most performing bank in Nigeria.
Under his leadership, the “bank’s profit before tax rose by 236 per cent, from N9 billion to N30.4 billion; return on equity increase from 5.5 per cent to 13.3 per cent; customer deposits growth of 68 per cent from N806.3 billion to N1,352.3 billion 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, 165.8 billion; customer base increase by 121 per cent, from 2.4 million to 5.3 million and digital banking penetration improvement from one 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 $400million Eurobonds in 2017 under his leadership.”
Onyeali-Ikpe who was appointed as a member of the Board in 2015 as executive director has over 30 years experience banking experience.
She holds Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London.
She has worked with the Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank.