Fidelity Bank’s Chairman Appointed As New President of Bank Directors Association of Nigeria

Following the successful completion of Mrs. Osaretin Demuren’s tenure, Mr. Mustafa Chike-Obi, Chairman, Fidelity Bank Plc, has been appointed to take over as President of Bank Directors Association of Nigeria (BDAN) from Monday, August 23, 2021.

According to a statement issued by the Executive Secretary of the Association, Ms. Adebukola Orenuga and made available to journalists in Lagos, his appointment was ratified by the Forum for Banks’ Chairmen organised by the Association in June 2021.

Commenting on his appointment, Mr. Chike-Obi said he would continue to pursue the mandate of the Association by working with relevant stakeholders to ensure banks play a more active role in the nation’s economy.

“As the chairman of this important Association, I plan to represent more robustly, the interest of the banking industry and to project the image of the banking industry as an essential partner with our customers and the Nigerian economy as a whole. These are no-doubt interesting times given the Covid-19 pandemic and resulting economic challenges and I look forward to partnering with shareholders as well as customers, regulators and all other players to contribute our quota to positioning the Nigerian economy for sustainable growth and recovery”, explained Mr. Chike-Obi.

The incoming chairman has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He was appointed to the Board of Fidelity Bank Plc in August 2020 and is currently the Executive Vice Chairman at Alpha African Advisory where he provides overall leadership and has direct oversight over the capital raising division. Prior to joining Alpha African Advisory, he was the inaugural Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), a Federal Government backed institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis.

He started his Nigerian Banking career with Chase Merchant Bank where he functioned as the Head of Treasury Department from 1980 to 1982 and was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specializing in hedge funds and private equity investment advice. He also served as the Managing Director, Fixed Income at Shoreline Group and held senior positions at Goldman Sachs, Bear Stearns and Guggenheim Partners in the United States amongst others, where he acquired a broad knowledge base in capital market operations in both mature and emerging markets, including the development and marketing of fixed income securities products to institutional investors.

His vast experience includes serving as the Chairman of the Public Securities Association Trading Practice Committee of the National Association of Securities Dealers, overseeing mortgage-backed securities. Mr. Chike-Obi was educated at the University of Lagos and Stanford University School of Business where he obtained a Bachelor’s degree in Mathematics (First Class Honours) and Master’s in Business Administration (MBA) respectively.

The Bank Directors Association of Nigeria (BDAN) is a non-profit making organisation, limited by guarantee, which was set up to be an effective forum for representing the interests of Bank Directors in Nigeria. BDAN seeks to promote sustainable banking best practices within Banks in Nigeria and collaborate with regulatory agencies and other stakeholders to ensure the public’s interest.

BDAN is the only umbrella body of Bank Directors in Nigeria which has created a platform for members to articulate Directors’ views and make representations to the regulatory authorities on issues that affect the individual directors and the industry.