The Board of Directors of Fidelity Bank Plc, Monday appointed a successor to the incumbent Managing Director & Chief Executive Officer, Mr. Reginald Ihejiahi, who will be retiring in 2014.
He is Mr. Nnamdi Okonkwo, who is currently an Executive Director in charge of the South Directorate of the bank.
The new CEO-designat holds a Bachelor of Science degree in Agric Economics from the University of Benin and an MBA in Banking & Finance from Enugu State University. He is also a graduate of the Advanced Management Programme of INSEAD Business School, Fontainebleau, France. He also attended various business and management training courses locally and overseas, including Harvard Business School, Oxford.
Okonkwo Nnamdi comes with over 23 years of experience in various aspects of banking. Between 2006 and 2009, he was Managing Director of United Bank for Africa (UBA), Ghana, and doubled as the Regional Chief Executive Officer for UBA West African Monetary Zone, with responsibility for Ghana, Liberia and Sierra Leone.
He later became Divisional Head for the Corporate Banking Directorate between 2009 and 2012, before coming back to Fidelity Bank Plc, as Executive Director. Okonkwo had earlier worked in Fidelity Bank (old FSB that consolidated to form the new Fidelity) between 1998 and 2000 when he served as Senior Manager in Lagos and Port Harcourt branches.
Between 2004 and 2005, Okonkwo had been General Manager in Standard Trust (which later became UBA) and was Regional Director of UBA in charge of branches in the FCT, Niger and Kogi States in 2005.
This is the third CEO of Fidelity Bank in 25 years of operation, making it one of the banks with the most stable management in Nigeria’s banking industry.
Following the Policy of the Central Bank of Nigeria, which stipulated a maximum term of 10 years for Bank CEOs, the current CEO, Mr. Reginald Ihejiahi, who assumed duties in early 2004 will have served out his term in February, 2014.
Mr. Ihejiahi took over Fidelity Bank Plc and inherited the challenge of setting it on the path of growth. From being in the top 30 banks in Nigeria with N20 billion in deposits, N30 billion in total assets and less than 150,000 in customers, he orchestrated the consolidation of the legacy Fidelity Bank with the former FSB International Bank Plc and Manny Bank Plc to form the new Fidelity Bank Plc that now ranks among the top 10 banks in Nigeria with over 1.0 billion US Dollars in Equity, over N1trn (One Trillion Naira) in total assets and 2.3 million customers represented in 220 branches compared to 17 branches at take on, with presence in all the state capitals and major commercial centres in Nigeria. Fidelity is today the 6th largest bank in Nigeria, by shareholders’ funds, and one of the few companies that have consistently paid dividends, in the last eight years. Mr. Ihejiahi and his team also led some of the landmark international financial transactions in the industry including the issuance of Global Deposit Receipts (GDR) in 2007 and the $300 million debut issue of internationally traded Eurobond in 2013.