Sustained Impressive Performance: Fidelity Bank Reassures Stakeholders

Outgoing MD/CEO of Fidelity Bank, Mr. Nnandi Okonkwo (left) and the incoming MD/CEO of the bank, Mrs. Nneka Onyeali-Ikpe

Managing Director/Chief Executive Officer Designate of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has assured capital market operators and other stakeholders of the bank of sustained impressive financial performance by the bank, noting that the corporate aspirations of the bank will remain the same under her leadership.

The MDCEO designate who will be taking over from the out-going MD/CEO, Mr. Nnandi Okonkwo on January 1, 2021, made the promise at a forum where the outgoing MD/CEO engaged stock market stakeholders last week to give account of his 7-year stewardship. He also used the event to formerly introduce Onyeali-Ikpe to stockbrokers as his successor.

Speaking during a virtual closing gong ceremony, the incoming MD/CEO thanked Okonkwo for laying a solid foundation for her and the new team, to take the bank to greater heights. She said, “We will continue to deliver superior returns and to do this, we will rely on the active support of the market and all stakeholders.”

The leading figure of the stockbrokers, Mr. Rasheed Yusuf commended the bank for the sustained financial performance and successful transition. “It’s cheering news to us in the stockbroking community and the market that the new MD was appointed from within. Fidelity 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.

Speaking on his tenure, Okonkwo said he delivered on the promise, upon assuming office on January 1, 2014, to foster a robust engagement with the market, grow the bank and improve on key performance indices. “I am happy to state that we have been able to grow our return on equity (ROE) which averaged at five per cent in 2013 to 13.3 per cent in 2019” he stated.

“We recently appointed five executive directors (EDs) from within and the incoming MD/CEO, Mrs. 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,” he enthused.

He attributed the successful capital raising exercise of 2015 and 2017, when the bank raised N30 billion local bond and $400million Eurobond, respectively to the result of the deepening of investor engagements, through holding quarterly earnings calls and non-deal road shows across different geographies. Okonkwo disclosed that the bank is currently in the process of issuing a N74 billion series 1 Bonds under its N100 million Bond issuance programme.

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