Fidelity Bank: Onyeali-Ikpe, Okonkwo’s Best Legacy

By Bayo Bernard, Business Editor

The history of banking in Nigeria a la the world is replete with commercial banks which went under because of succession problems. Some outgoing managing directors/ chief executive officers have killed their banks by appointing a wrong successor.

Therefore, the jury was  out when it was time for former managing director/ chief executive officer of Fidelity Bank Plc, a forward moving and one of the reliable tier two commercial banks in the country, Nnandi Okonkwo,  to bow out of office and who was likely to take over from him as chief executive.

And because of his track records in the six years he ran the affairs of the bank, the magazine learnt that Okonkwo was allowed to have a say in the management’s decision, to appoint who will take over from him and continue with his towering legacies, which saw the bank transformed from a mere Igbo bank to a national bank preferred by many Nigerians, from all walks of life; religion, ethnic and vocation.

Today many would attest to the fact that the biggest legacy bequeathed by the immediate past managing director, is the choice of Nneka Onyeali Ikpe, as the one to steer the ship of the bank for the next five years, after Okonkwo retired successfully in December 2020.

From the beginning, the former Fidelity Bank boss did not leave anyone in doubt of his choice of a successor.  And from all intent and purposes,  he never for once, changed his mind at any point or doubt the capability of the lady who will step into the big shoes, he was to leave behind when it was time for him to depart from the bank he loved and  gave so much, in terms of dedication and service; by meeting who-is-who in the country, risking all and making the necessary connections and network to improve the fortunes of the bank.

Not a few have pointed at the successful, long career of the new CEO as reason why she was picked among the packs that were equally qualified to clinch the exalted job at the time. But the same school of thought said the magic for her was that Onyeali-Ikpe has been mentored by Okonkwo from the very first day she started working in the bank, to take-over from him.

For instance, they compared what happened in Fidelity Bank in July 2020, when the board of the bank appointed Onyeali-Ikpe, to the thespian story of Joshua and Caleb in the Bible. Both were qualified to lead the Israelites into the Promise land after the demise of Moses. Even though Caleb, based on his ‘good report’ was qualified as much as Joshua to perform the task of leading the people of God to the land that flowed with milk and honey, it was Moses that performed the Godfactor that worked in Joshua’s favour as he portrayed him before God as a reliable and visionary leader who will do the job better than his able contemporary. There was no decision made by Moses without Joshua who was always with him whenever Israel had gone bank to their tents.

Therefore, when it was time for God to chose Moses’ successor between Caleb and Joshua, He knew who to chose; Joshua, because it was obvious that Moses preferred him, as the one who will both lead the people to cross the Jordan and bring down the walls of Jericho.

Same can be said of Okonkwo who saw from the beginning that Onyeali-Ikpe fitted into the future of Fidelity Bank as the chief executive officer. He knew that the new CEO is capable of breaking new grounds after his departure, and most importantly taking up the task of leading the Deposit Money Bank, DMB from its current status of Tier 2 Bank to the elite status of Tier 1, in line with the vision of its owners, particularly her predecessor who has prepared the grounds for that purpose.

“We want to break into the league of Tier 1 banks and grow organically, keeping in mind that the other banks are also growing,” Okonkwo said in 2019 with Onyeali-Ikpe in mind.

And who could have noticed the beautiful legacy left by Okonkwo, than the ebullient Governor of Lagos state, Babajide Olusola Sanwo-Olu, who while speaking at the launching of UBA Insurance, few weeks ago, singled out Onyeali-Ikpe for recognition among the crème de la crème of the banking and business chief executives that graced the event in Lagos?

“I would like to recognize the presence of the MD of Fidelity Bank,” the Lagos Governor said, to the amusement of all dignitaries, including the Chairman of UBA and Heirs Holdings, Tony Elemelu while observing protocols.

Okonkow saw it all from the beginning, and many like Governor Sanwo-Olu and others are now seeing what the visionary former chief executive saw when he pressed for Onyeali-Ikpe’s appointment.