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 on December 31, 2025.
The bank disclosed that the appointment took effect from January 1, 2026, adding that the transition was carried out in line with its governance framework and duly communicated to the Central Bank of Nigeria, the Nigerian Exchange Group and other relevant stakeholders.
In a statement, the lender said Chike-Obi’s tenure witnessed key strategic milestones, including the repayment of its Eurobond and the successful completion of the first tranche of its public offer and rights issue, which were oversubscribed by 237 per cent and 137.73 per cent, respectively.
The bank also expanded its international footprint into the United Kingdom and recorded improved credit ratings from global agencies during the period.
According to the bank, Chike-Obi’s leadership strengthened its capital position, drove steady growth in customer deposits and total assets, deepened digital banking capabilities and enhanced its corporate and investment banking franchise.
It added that the period also saw notable progress in governance, risk management and operational efficiency, which contributed to improved market confidence and a sustained upward performance trajectory.
Speaking on his exit, Chike-Obi said it was a privilege to have led the Board of the financial institution.
He said, “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, who joined the Fidelity Bank Board in December 2020, has chaired several key committees prior to her elevation as Chairman.
She has over three decades of banking experience and previously held executive roles at Mainstreet Bank Limited and Skye Bank Plc.
The new chairman holds degrees in Economics, Corporate Governance and Business Administration, and has attended executive programmes at leading international institutions. She is also a Fellow of several professional bodies and a recipient of multiple awards for accountability and financial management.
Commenting on her appointment, Onwughalu said the bank was well-positioned for its next phase of growth.
“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 said.
Fidelity Bank, which ranks among Nigeria’s top commercial banks, currently serves over 9.1 million customers through its digital channels, 255 business offices across the country and its United Kingdom subsidiary, FidBank UK Limited.
The lender has also received multiple local and international awards, including the 2024 Excellence in Digital Transformation and MSME Banking Award by the BusinessDay Banks and Financial Institutions Awards, the 2024 Most Innovative Mobile Banking Application Award by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider Award by Global Brands Magazine.
It was further recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BAFI Awards.