Tier one lender, Fidelity Bank Plc, has appointed Amaka Onwughalu as the new Chairman of its Board, effective January 1, 2026, succeeding Mustafa Chike-Obi whose tenure ended December 31, 2025.
The appointment highlighting the alignment of the board transition with the Bank’s policy, has been communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange GROUP (NGX), and other stakeholders.
The appointment of Amaka Onwughalu who joined the Board in December 2020 and has chaired key committees marks a new chapter for Fidelity Bank.
With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc, Amaka holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions.
She is a fellow of several professional bodies and has received awards for accountability and financial management.
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“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,” commented Onwughalu.
The memory of Chike-Obi’s leadership at Fidelity Bank will linger forever, being the one under whose tenure, the bank repaid its Eurobond, completed the first tranche of its public offer and rights issue that were oversubscribed by 237 per cent and 137.73 percent respectively, expanded internationally to the United Kingdom, and received improved ratings from various agencies amongst a long list of achievements.
His tenure also saw the bank strengthen its capital position, record steady growth in customer deposits and total assets, deepen its digital banking capabilities, and enhance its corporate and investment banking proposition.
The bank equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and the Bank’s sustained upward performance trajectory.
Reflecting on his tenure, Mustafa 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.”
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international 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, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized 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 BusinessDay Banks and Financial Institutions (BAFI) Awards.
