Fidelity Bank Plc said it clinched the award of the Commercial Bank of the Year at the 2020 edition of BusinessDay Banks and Other Financial Institutions (BAFI) awards held in Lagos recently.
The bank won the award in recognition of its support for economic activities in the real sectors of the Nigerian economy, particularly for its consistency in enhancing the development and competitiveness of Micro Small Medium Enterprises (MSMEs).
Receiving the award on behalf of the bank at the presentation ceremony which took place in Lagos, Fidelity Banks’s Executive Director, Corporate Bank, Mr. Obaro Odeghe dedicated it to the bank’s teeming customers, whom he said are central to the bank’s overall strategic intent.
“The reward for hard work they say is more work. We are encouraged to continue to do more for the benefits of our customers and the overall economy” he stated.
Also, on the night, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo was honored as the banking sector CEO of the Decade for, “transforming Fidelity Bank into one of the fastest growing and most trusted financial services brands in Nigeria.”
The organisers specifically noted some of his key achievements to include the rebranding project which drove an increased youth appeal; revamping of the bank’s performance management culture to instill a culture of performance; technology refresh and digital transformation in furtherance of the digital retail strategy he implemented.
Leveraging on the realigned and repositioned operating structures, re-energised workforce and a more appealing brand, the bank recorded a consistent growth in financial performance under his leadership. Specifically, profit before tax growth of 236 per cent was recorded, from N9 billion to N30.4 billion in 2019; RoE rose from 5.5 per cent to 13.3 per cent; customer deposits grew by 68 per cent, from N806.3 billion to N1.35 trillion and savings deposit rose by 275 per cent.
The award was received on behalf of Okonkwo by the bank’s Executive Director, Operations and Technology, Mr. Gbolahan Joshua who dedicated it to all stakeholders including, customers, shareholders, Board of Directors, Executive Management and staff.
“This comes as a crowning glory to the contributions of Mr. Nnamdi Okonkwo to Fidelity Bank, the banking industry and the entire Nigerian economy. As you may be aware, he is retiring as our CEO, after the completion of contract tenure, by December 31, 2020.
“He has asked me to dedicate this to all the stakeholders of the bank, including his family and mentors. According to him his modest achievements and contributions would not have been possible without their unalloyed support and help” said Joshua.