Stakeholders in the stock market have commended the smooth transition at Fidelity Bank Plc with the impending retirement of the current managing director and the appointment of a managing director designate from within the bank.

At a virtual closing gong ceremony at the Nigerian Stock Exchange (NSE), Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo gave account of his seven-year stewardship and formally introduced his successor, Mrs. Nneka Onyeali-Ikpe to the investing public. Okonkwo is retiring by December 31, 2020 while Onyeali-Ikpe will assume office on January 1, 2021.

Okonkwo said he has delivered on his 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.

He pointed out that the bank has 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 result of the deepening of investor engagements, through holding quarterly earnings calls and non-deal roadshows across different geographies.

According to him, the bank currently in the process of issuing a N74 billion series 1 Bonds under its N100 million bond issuance programme.

Okonkwo said the 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.

Onyeali-Ikpe assured that the corporate aspirations of the bank will 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. (The Nation)

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