Fidelity Bank Plc now has a new chairman and she is Mrs Amaka Onwughalu, with her appointment taking effect from Thursday, January 1, 2026.
The lender confirmed this in a statement to announce the retirement of Mr Mustafa Chike-Obi from the position effective Wednesday, December 31, 2025.
In the statement, the bank disclosed that the board transitions were in alignment with its policy, with the Central Bank of Nigeria, the Nigerian Exchange (NGX) Limited and other stakeholders notified.
Under Mr Chike-Obi’s leadership, Fidelity 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 per cent, respectively.
The financial institution under his watch 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 company equally made notable progress in governance, risk management, and operational efficiency, all of which contributed to strengthened market confidence and its sustained upward performance trajectory.
“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,” Mr Chike-Obi reflected of his tenure
Mrs Amaka Onwughalu’s appointment marks a new chapter for Fidelity Bank. She joined the board in December 2020 and has chaired key committees.
With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at global institutions.
Mrs Onwughalu is a Fellow of several professional bodies and has received awards for 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,” commented Mrs Onwughalu.