Fidelity Bank Plc has announced the appointment of Mrs Amaka Onwughalu as the new Chairman of its Board of Directors, following the completion of the tenure of Mr Mustafa Chike-Obi, which ended on December 31, 2025.
The appointment, which took effect from January 1, 2026, was disclosed by the bank in a statement, noting that the leadership transition is in line with its corporate governance policy. The development has also been formally communicated to the Central Bank of Nigeria, the Nigerian Exchange Group and other relevant stakeholders.
Chike-Obi, who served as chairman during a period of significant transformation for the tier-one lender, oversaw several major milestones that strengthened Fidelity Bank’s market position. Under his leadership, the bank successfully repaid its Eurobond and completed the first tranche of its public offer and rights issue, both of which were heavily oversubscribed.
During the period, Fidelity Bank also expanded its international footprint with the establishment of a subsidiary in the United Kingdom and secured improved credit ratings from multiple rating agencies.
The bank recorded steady growth in customer deposits and total assets, while also deepening its digital banking operations and strengthening its corporate and investment banking services.
Beyond financial performance, the outgoing chairman’s tenure was marked by improvements in governance structures, risk management frameworks and operational efficiency, developments that helped to reinforce investor confidence and support the bank’s sustained growth trajectory.
Reflecting on his time at the helm, Chike-Obi said, “It has been a privilege to serve as Chairman of Fidelity Bank. The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders.”
Onwughalu’s appointment signals a new phase for the bank as it builds on recent achievements. She joined the Fidelity Bank board in December 2020 and has since chaired several key committees, contributing to strategic oversight and governance reforms.
With over three decades of experience in the banking industry, Onwughalu has held executive positions at institutions including Mainstreet Bank Limited and Skye Bank Plc. Her background spans banking operations, financial management and corporate leadership.
She holds academic qualifications in Economics, Corporate Governance and Business Administration, and has participated in executive development programmes at leading global institutions. Onwughalu is also a Fellow of several professional bodies and has received multiple awards in recognition of her work in accountability and financial management.
Commenting on her new role, she said, “I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value.”
Fidelity Bank Plc is one of Nigeria’s leading commercial deposit money banks, serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria and its UK subsidiary, FidBank UK Limited. The bank has received several local and international awards in recent years, particularly for innovation, digital banking and support for small and medium-scale enterprises.
