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Fidelity Bank: Nneka Onyeali-Ikpe to take over from Nnamdi Okonkwo as MD



Fidelity Bank new MD

Fidelity Bank has announced the impending retirement of the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, from the Board of Directors of the Bank, with effect from December 31, 2020.

This is following the upon completion of his contract tenure.

The Board of Fidelity Bank Plc has approved the appointment of Mrs. Nneka Onyeali-Ikpe, as the MD/CEO Designate of the Bank, to assume office with effect from January 1, 2021.

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., has highlighted some of the key accomplishments of the bank under the leadership of the outgoing MD.

He implemented a Digital-led Strategy which led to significant growth across key performance metrics and increased market share, with the Bank currently ranked 6t h amongst Nigerian Banks on most performance indices.

Some of his key Nnamdi J. Okonkwo achievements include:

  • Profit Before Tax (PBT) growth of 236% from N9.0bn to N30.4bn.
  • RoE increase from 5.5% to 13.3%.
  • Customer Deposits growth of 68% from N806.3bn to N1,352.3bn.
  • Savings Deposit growth of 275% from N83.3bn to N312.1bn.
  • Net Loans and Advances growth of 174% from N426.1bn to N1,165.8bn.
  • Customer Base increase by 121% from 2.4 million to 5.3 million.
  • Digital Banking penetration improved from 1.0% to 50.1% and now accounts for 28.4% 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.

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