Tier-one lender, Fidelity Bank Plc, has announced a leadership transition at the board level, with the completion of the tenure of its Chairman, Mr. Mustafa Chike-Obi, effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026.
The Bank stated that the board changes are in line with its internal governance and succession policies and have been duly communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange Group (NGX), and other relevant stakeholders.
During Mr. Chike-Obi’s tenure, Fidelity Bank recorded several strategic and financial milestones. Under his leadership, the Bank successfully repaid its Eurobond, completed the first tranche of its public offer and rights issue—both of which were significantly oversubscribed at 237 percent and 137.73 percent respectively—and expanded its international footprint with entry into the United Kingdom market.
The period also saw the Bank secure improved credit ratings from multiple agencies.
Beyond these headline achievements, the Bank strengthened its capital position, recorded sustained growth in customer deposits and total assets, deepened its digital banking capabilities, and enhanced its corporate and investment banking offerings.
Fidelity Bank also made notable advances in governance, risk management, and operational efficiency, reinforcing market confidence and sustaining its upward performance trajectory.
Reflecting on his tenure, Mr. 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.”
The appointment of Mrs. Onwughalu signals a new chapter for the Bank. She joined the Board in December 2020 and has since chaired key board committees.
With over three decades of banking experience, she has held executive positions at Mainstreet Bank Limited and Skye Bank Plc. Her academic background spans Economics, Corporate Governance, and Business Administration, complemented by executive education at leading global institutions.
Mrs. Onwughalu is a Fellow of several professional bodies and a recipient of awards in accountability and financial management.
Commenting on her appointment, Mrs. Onwughalu said, “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.”
Ranked among Nigeria’s leading banks, Fidelity Bank Plc is a full-fledged commercial deposit money bank, serving over 9.1 million customers through its digital banking platforms, 255 business offices across Nigeria, and its United Kingdom subsidiary, FidBank UK Limited.
The Bank has received numerous local and international accolades, including the 2024 Excellence in Digital Transformation & MSME Banking Award at the 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.
Fidelity Bank was also named Best Bank for SMEs in Nigeria at the Euromoney Awards for Excellence and Export Financing Bank of the Year at the BusinessDay BAFI Awards.