Fidelity Bank announces retirement of 4 directors, appoints 3 new others

Fidelity Bank board appointment comes after announcement of new MD/CEO

Nigerian lender, Fidelity Bank Plc has announced changes in its Board including the retirement of 4 Directors (1 Executive and 3 Non-Executive Directors).

This is even as the Bank also announced the appointment of three new Non-Executive Directors to replace outgoing Board Members.

The Fidelity Bank board appointment announcement comes after the Central Bank of Nigeria, CBN was formally notified and the changes communicated to the Securities and Exchange Commission.

The changes are as follows:

 (A). Retirement of Executive Director: Mrs. Aku Odinkemelu

Mrs. Aku Odinkemelu, Executive Director Commercial and Consumer Banking, South Directorate, who was appointed to the Board on August 4, 2014, notified the Board on October 30, 2020 of her intention to take early retirement and will retire from the Board on December 31, 2020. As Executive Director South, Mrs. Aku Odinkemelu’s responsibilities covered the Commercial, SME, Consumer and Public Sector businesses of Fidelity Bank in the South East and South-South Regions of Nigeria. She provided leadership for the 90 business offices within the 11 States under her purview and successfully closed some landmark transactions that contributed significantly to the Bank’s overall profitability during the period of her employment. Aku played a defining role as a member of the transformation team in Fidelity Bank over the last 6 plus years, with the business directorate accounting for 31% of Deposits and 21% of Loans. The South Business Directorate under her leadership generated the highest PBT in the Bank over the last 5 years (2015 – 2019) contributing over 23% of the total bank profit over the period. Her retirement comes after over six (6) years of meritorious service to the institution.

(B). Retirement of Non-Executive Directors: Chief Charles Umolu, Non-Executive Director, completed his tenure and retired from the Board on December 16, 2020. He served on the Board Risk, Credit, Finance & General Purpose, Audit and Corporate Governance Committees and chaired the Board Credit Committee. until he retired.

Mr. Michael Okeke, Non-Executive Director also successfully completed his tenure and retired from the Board on December 18, 2020. He was a member of various Board Committees including the Board Corporate Governance Committee, which he chaired from October 2018 to December 2019.

Read also, Fidelity Bank emerges Nigeria’s ‘SME Support Bank of the Year’

Mr. Alex Ojukwu, Non-Executive Director, will complete his tenure and retire from the Board on December 31, 2020. He currently serves on the Board Credit, Risk, Audit and Corporate Governance Committees and chairs the Board Risk Committee. The Board seizes this opportunity to express its profound appreciation to the outgoing Executive and Non-Executive Directors for their impressive contributions to the growth and development of the Bank during their tenure on the Board.

(C) Appointment of Non-Executive Directors:

The Board is pleased to announce the appointment of Mrs. Amaka Theodora Onwughalu and Mr. Nelson Chidozie Nweke as Non-Executive Directors. Their appointments were approved by the Central Bank of Nigeria on December 15, 2020. The Board is also pleased to announce the appointment of Mr. Chinedu Eric Okeke as a NonExecutive Director of the Bank, subject to the approval of the Central Bank of Nigeria.