As the Managing Director/Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, Mr. Nnamdi Okonkwo prepares to retire, the bank has expressed its deep appreciation to the contributions of the banker to the growth of the bank.
According to a statement from the bank, Mr. Nnamdi Okonkwo was appointed to the Board of Fidelity Bank in April 2012 as an Executive Director and was subsequently appointed the MD/CEO on January 01, 2014. He implemented a Digital-led Strategy which led to significant growth across key performance matrix and increased market share, with the Bank currently ranked 6th amongst Nigerian Banks on most performance indices. Some of his key achievements include Profit-Before-Tax (PBT) growth of 236 percent from N9.0bn to N30.4bn; RoE increase from 5.5 percent to 13.3 percent; Customer Deposits growth of 68 percent from N806.3bn to N1,352.3bn and Savings Deposit growth of 275 percent from N83.3bn to N312.1bn.
Speaking on the contributions of Mr. Okonkwo to the growth of the bank’s fortunes, the Chairman Board of Directors of Fidelity Bank, Mr. Ernest Ebi commended the MD/CEO for his significant contributions to the growth and development of the bank. “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” he stated.
The bank indicated that other notable achievements by the bank under Mr. Okonkwo’s leadership include Net Loans and Advances growth of 174 percent from N426.1bn to N1,165.8bn; Customer Base increase by 121 percent from 2.4 million to 5.3 million and Digital Banking penetration improvement from 1.0 percent to 50.1 percent, accounting for 28.4 percent of total fee income. In addition, the Bank successfully accessed the local and international markets through the issuance of N30bn Corporate Bonds in 2015 and $400million Eurobonds in 2017 under his leadership.
It will be recalled that the Board of Directors of Fidelity Bank Plc earlier this week announced the impending retirement of Mr. Okonkwo, stating that he will be stepping down from the Board of Directors of the Bank, with effect from December 31, 2020, upon completion of his contract tenure, in line with the bank’s governance policies.
The Board further noted that in compliance with the succession policy of the Bank, the Board has approved the appointment of Mrs. Nneka Onyeali-Ikpe, the 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 also approved the appointment of Mr. Kevin Ugwuoke, the current Chief Risk Officer of the Bank, as Executive Director, Chief Risk Officer, subject to the approval of the CBN.
Further in his statement, Mr. Ebi said: “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.”
Mrs. Onyeali-Ikpe was appointed to the Board of Fidelity Bank in 2015 as an Executive Director and currently oversees the Lagos and Southwest Directorate. She led the transformation of the Directorate to profitability and sustained its impressive year-on-year growth across key performance metrics. She has been an integral part of the current management team, responsible for the remarkable increase in the Bank’s performance in the last 5 years, with the area under her direct responsibility, contributing over 28% of the Bank’s PBT, Deposits and Loans.
Mrs. Onyeali-Ikpe has over 30 years of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc and Citizens International Bank/Enterprise Bank, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking and Corporate Banking. As an Executive Director at legacy Enterprise Bank Plc, she received a formal commendation from the Asset Management Corporation of Nigeria (AMCON), as a member of the management team that successfully turned around Enterprise Bank Plc.
She holds Bachelor of Laws (LLB) degree from the University of Nigeria, Nsukka; a Master of Laws (LLM) degree from Kings College, London and has attended executive training programs at notable global institutions including; Harvard Business School; The Wharton School University of Pennsylvania; INSEAD School of Business; Chicago Booth School of Business; London Business School and IMD amongst others.
Mr. Kevin Ugwuoke joined Fidelity Bank in 2015 as General Manager, Chief Risk Officer. Under his supervision, the Bank’s Total Loan Book has grown by a Compound Annual Growth Rate (CAGR) of 17 percent from N559.1bn to N1,218.9bn with Cost of Risk averaging 0.7 percent within the period and Non-Performing Loans Ratio below the regulatory threshold at 4.8 percent in Q1 2020. He has over 29 years of banking experience across various banks namely Citi Bank, Access Bank Plc, United Bank for Africa Plc and legacy Mainstreet Bank Limited, where he worked in various capacities in Banking Operations, Commercial Banking, Corporate Banking and Risk Management. Prior to joining Fidelity Bank, he was Chief Risk Officer at United Bank for Africa Plc and Mainstreet Bank Limited.
Kevin holds a First Class Honors degree in Civil Engineering from the University of Nigeria, Nsukka and a Post Graduate Diploma in Management from Edinburgh Business School of Herriot-Watt University. He has attended several executive trainings at Harvard Business School and other world-class institutions of learning.