Fidelity Bank Appoints Onwughalu as New Board Chairman
Fidelity Bank Plc, a leading Tier one financial institution, has finalized the conclusion of Mr. Mustafa Chike-Obi’s tenure as Chairman of its Board of Directors, effective December 31, 2025. The bank also announced the appointment of Mrs. Amaka Onwughalu as the new Chairman, starting January 1, 2026.
The leadership transition aligns with the bank’s corporate policies and has been duly communicated to the Central Bank of Nigeria, the Nigerian Exchange Group, and other relevant stakeholders.
During Mr. Chike-Obi’s leadership, Fidelity Bank accomplished numerous milestones, including repaying its Eurobond, completing the first tranche of its public offer and rights issue—oversubscribed by 237 percent and 137.73 percent respectively—expanding its presence to the United Kingdom, and securing improved ratings from various agencies. His tenure also saw the bank bolster its capital base, achieve steady growth in customer deposits and total assets, deepen digital banking capabilities, and enhance its corporate and investment banking offerings. The bank also made significant strides in governance, risk management, and operational efficiency, which contributed to increased market confidence and sustained upward performance.
Reflecting on his leadership, Mr. Mustafa Chike-Obi remarked, “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.”
Mrs. Amaka Onwughalu’s appointment signals a new chapter for Fidelity Bank. She has been a member of the Board since December 2020 and has chaired key committees. With over three decades of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc, she brings a wealth of expertise. Her academic credentials include degrees in Economics, Corporate Governance, and Business Administration, complemented by executive programmes at renowned global institutions. Mrs. Onwughalu is a Fellow of several professional bodies and has received awards recognizing her contributions to accountability and financial management.
“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,” she stated.
Ranked among Nigeria’s top banks, Fidelity Bank Plc serves over 9.1 million customers through its digital channels, 255 branches across Nigeria, and its UK subsidiary, FidBank UK Limited.
The bank has received numerous awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine; recognition as the Best Bank for SMEs in Nigeria by Euromoney Awards for Excellence; and the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.