Fidelity Bank Plc has announced a leadership transition at the board level following the completion of tenure by its Chairman, Mr. Mustafa Chike-Obi, with Mrs. Amaka Onwughalu appointed as the new Board Chairman, effective January 1, 2026.
Fidelity Bank made the announcement in a notice signed by Company Secretary, Ezinwa Unuigboje, to Nigerian Exchange Limited (NGX) and the investing public.
Mr. Mustafa Chike-Obi, a Non-Executive Director and Chairman of the Board, stepped down on December 31, 2025, after completing his approved tenure in line with the bank’s governance policy.
In the notice, the Board confirmed that his retirement was duly approved and conducted in accordance with the Bank’s internal policies.
Under Mr. Chike-Obi’s leadership, Fidelity Bank recorded significant growth across key financial indices, while successfully executing its strategic objectives and achieving major milestones aligned with its long-term vision.
“The Board and Management seize this opportunity to express sincere appreciation to Mr. Mustafa Chike-Obi for his outstanding contributions to the growth and development of the Bank during his tenure,” the statement said.
To ensure continuity and a seamless transition, the Board approved the appointment of Mrs. Amaka Onwughalu, an existing Non-Executive Director, as Chairman of the Board of Directors, with effect from January 1, 2026.
The bank confirmed that the Central Bank of Nigeria (CBN) has been formally notified of the appointment.
The decision, according to the Board, reflects the Bank’s robust succession planning framework and strong corporate governance standards.
Mrs. Onwughalu joined the Fidelity Bank Board on December 17, 2020 and previously served as Chairman of the Board Credit Committee and the Board Committee on Bank Capitalisation.
She has also been a member of several key committees, including the Board Finance and General-Purpose Committee, Board Remuneration, Nomination and Governance Committee, and the Board Risk Management Committee, which she previously chaired.
“The Board is confident that Mrs. Amaka Onwughalu will lead the Board in the continued successful execution of its strategy,” the statement noted.
Mrs. Onwughalu brings over 30 years of banking experience, including more than a decade in executive management roles across commercial banking, retail banking, treasury management, banking operations, and corporate banking.
She is a former Group Managing Director of legacy Mainstreet Bank Limited, where she led its successful integration with Skye Bank Plc, serving thereafter as Deputy Managing Director until her retirement in July 2016.
She currently serves as Chief Executive Officer of Blueshield Financial Services Limited.
Mrs. Onwughalu holds a BSc in Economics from the University of Buckingham, an MSc in Corporate Governance from Leeds Metropolitan University, and an MBA from the University of Port Harcourt.
Mrs. Onwughalu holds a BSc in Economics from the University of Buckingham, an MSc in Corporate Governance from Leeds Metropolitan University, and an MBA from the University of Port Harcourt.
She has attended executive and leadership programmes at global institutions including INSEAD (France), IMD (Switzerland), University of Cambridge, Columbia Business School, Stanford Graduate School of Business, Harvard Kennedy School, and the Institute of Directors, Nigeria.
She is a Senior Fellow of the Institute of Internal Auditors of Nigeria and a Fellow of several professional bodies, including CIBN, ICA, and IoD, and a member of NIM.
Beyond banking, Mrs. Onwughalu is known for her passion for mentoring the girl child and supporting women entrepreneurs and professionals as contributors to Nigeria’s economic development.
She is a Paul Harris Fellow and a recipient of several prestigious awards, including the National Merit Award for Accountability and Transparency (NMAT), the Award of Excellence and Distinction for Financial Management (AEDFM), and the Vocational Service Award (VSA) from the Rotary Club, Enugu.
Fidelity Bank reported Gross Earnings of N366.1 billion for Q3 2025, representing an 8% increase from the N338.9 billion recorded in Q3 2024. The growth was driven by strong interest income and sustained momentum in fee-based revenues.
Interest Income, calculated using the effective interest rate method, rose by 33% to N285.6 billion in Q3 2025, compared to N214.7 billion in Q3 2024. Other Interest Income more than doubled, rising from N13.0 billion in the corresponding period of 2024 to N34.2 billion. This underscores significantly improved returns from non-core lending activities.