Fidelity Bank Plc has ushered in a new era of leadership with the appointment of Amaka Onwughalu as the Chairman of its Board of Directors. This significant change follows the completion of the tenure of Mustafa Chike-Obi, which concluded on December 31, 2025. Onwughalu's appointment took effect from January 1, 2026.
A Seamless Transition of Leadership
The bank confirmed that this leadership change is in strict alignment with its corporate governance policy. The Central Bank of Nigeria (CBN) and the Nigerian Exchange Group have been formally notified of the transition, along with other key stakeholders. This ensures a smooth and regulatory-compliant handover process.
The period under Mustafa Chike-Obi's chairmanship is widely regarded as one of substantial growth and strategic achievement for Fidelity Bank. Among the most notable accomplishments was the full repayment of the bank's Eurobond, a move that significantly strengthened its financial standing.
Landmark Achievements Under the Outgoing Chairman
The bank also successfully executed the first tranche of a combined public offer and rights issue, which witnessed remarkable investor confidence. The public offer was oversubscribed by 237%, while the rights issue saw an oversubscription of 137.73%. This successful capital raise provided a robust foundation for expansion.
Under Chike-Obi's guidance, Fidelity Bank expanded its international footprint by establishing operations in the United Kingdom. The bank also earned upgraded ratings from multiple credit agencies, reflecting improved market perception and stability.
Other key milestones included a stronger capital base, consistent growth in customer deposits and total assets, significant advancements in digital banking platforms, and an enhanced corporate and investment banking division. The bank also made considerable strides in governance frameworks, risk management, and operational efficiency, contributing to a sustained upward trajectory in performance.
Reflecting on his time at the helm, Mustafa Chike-Obi stated, “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.”
The Profile of the New Chairman
Amaka Onwughalu steps into the role with a wealth of experience, marking a new chapter for the financial institution. She first joined the Fidelity Bank Board in December 2020 and has since provided leadership as the chair of several crucial board committees.
Her banking career spans over three decades and includes executive management roles at Mainstreet Bank Limited and the former Skye Bank Plc. Academically, she is well-equipped with degrees in Economics, Corporate Governance, and Business Administration. She has also completed executive education programs at leading global institutions.
Onwughalu is a fellow of multiple professional bodies and has been recognized with awards for her contributions to accountability and financial management. Her deep industry knowledge and governance expertise are expected to guide Fidelity Bank through its next phase of growth.
Looking Ahead for Fidelity Bank
The appointment signals continuity and a commitment to strong, experienced leadership. With the foundations laid during the previous tenure, the market will be watching closely to see how Onwughalu steers the bank in a dynamic financial landscape. The focus is expected to remain on digital innovation, customer-centric services, and sustained shareholder value.
