Tier-one lender, Fidelity Bank Plc, has announced the appointment of Mrs. Amaka Onwughalu as Chairman of its Board of Directors, effective January 1, 2026, following the completion of Mr. Mustafa Chike-Obi’s tenure on December 31, 2025.
The bank said the board transition is in line with its governance and succession policies and has been duly communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange Group (NGX), and other relevant stakeholders.
Mr. Chike-Obi’s tenure was marked by significant milestones that strengthened Fidelity Bank’s market position. Under his leadership, the bank successfully repaid its Eurobond, completed the first tranche of its public offer and rights issue, both of which were heavily oversubscribed by 237 per cent and 137.73 per cent respectively, and expanded its international footprint with the establishment of a United Kingdom subsidiary. The bank also recorded improved credit ratings from multiple agencies.
Beyond these achievements, Fidelity Bank strengthened its capital base, grew customer deposits and total assets, deepened its digital banking capabilities, and enhanced its corporate and investment banking offerings. Progress was also recorded in governance, risk management, and operational efficiency, contributing to stronger market confidence and sustained performance.
Reflecting on his tenure, Mr. Chike-Obi described his time as chairman as a privilege, noting that the collective efforts of the board, management, and staff drove the bank’s achievements. He expressed confidence in the institution’s continued growth and long-term value creation.
Mrs. Onwughalu’s appointment signals a new phase for the bank. She joined the Fidelity Bank Board in December 2020 and has since chaired key board committees. With over three decades of banking experience, she has held senior executive roles at Mainstreet Bank Limited and Skye Bank Plc.
Her academic and professional background spans Economics, Corporate Governance, and Business Administration, complemented by executive programmes at leading global institutions. She is a Fellow of several professional bodies and has earned recognition for accountability and excellence in financial management.
Commenting on her appointment, Mrs. Onwughalu said she was honoured to assume the role at a pivotal time for the bank, adding that recent achievements provide a strong foundation for continued growth and sustainable value delivery.
Fidelity Bank Plc is ranked among Nigeria’s leading commercial banks, serving over 9.1 million customers through digital platforms, 255 business offices nationwide, and its UK subsidiary, FidBank UK Limited.
The bank has received numerous local and international accolades, including awards for digital transformation, MSME banking, innovative mobile banking, and investment banking excellence, as well as recognition for SME and export financing leadership.
