Fidelity Bank Names Onyeali-Ikpe As New MD/CEO
The Board of Fidelity Bank Plc has appointed Mrs Nneka Onyeali-Ikpe as its new Managing Director and Chief Executive Officer with effect from January 1, 2021.
The announcement of Onyeali-Ikpe’s appointment follows the plan retirement of the bank’s current MD/CEO, Mr. Nnamdi Okonkwo, on 31st December, 2020.
Okonkwo disclosed this at a virtual closing gong ceremony at the Nigerian Stock Exchange (NSE), where he gave account of his seven-year stewardship and formally introduced Mrs. Nneka Onyeali-Ikpe to the investing public as his successor.
Okonkwo said he had delivered on his promise, on assumption of office on January 1, 2014, which was to foster a robust engagement with the market, grow the bank and improve on key performance indices.
The outgoing MD further said the bank had been able to grow its return on equity (ROE) which averaged at five per cent in 2013 to 13.3 per cent in 2019.
He attributed the successful capital raising exercise of 2015 and 2017, when the bank raised N30 billion local bond and $400 million Eurobond, respectively, to the deepening of investor engagements, through holding quarterly earnings calls and non-deal road shows across different geographies.
Okonkwo said that the bank was currently in the process of issuing a N74 billion series 1 Bonds under its N100 million bond issuance programme.
According to him, Fidelity Bank has enjoyed a very stable leadership since inception and was very pleased with the crop of leaders he is leaving behind.
“We recently appointed five executive directors from within and the incoming managing director, Mrs. Nneka Onyeali-Ikpe has been an integral part of management since 2015. She is part of the success story and we are convinced that the performance of the bank, under her leadership, will be even better,” Okonkwo said.
On her part, Mrs Onyeali-Ikpe assured that the corporate aspirations of the bank would remain the same under her leadership.
She commended Okonkwo for laying a solid foundation for her and the new team, to take the bank to greater heights.
“We will continue to deliver superior returns and to do this, we will rely on the active support of the market and all stakeholders,” Onyeali-Ikpe said.
Head Listing, Nigerian Stock Exchange (NSE), Mr. Olumide Bolumole commended the bank for its sustained financial performance and successful transition.
Doyen of the Market, the oldest trading stockbroker present on the trading floor, Alhaji Rasheed Yusuf said the smooth transition has shown the seamless internal succession programme of the bank.
“It is cheering news to us in the stockbroking community and the market that the new managing director was appointed from within. Fidelity Bank is a well-known brand with high expectations from us. You have been meeting our expectations, but we want more. We are eagerly looking forward to when you will become a Tier 1 bank. Please be assured that the market will give you all the required support,” Yusuf said.
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