Fidelity Bank Plc has announced a major leadership transition at the board level following the completion of the tenure of its Board Chairman, Mr. Mustafa Chike-Obi, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board of Directors, with effect from January 1, 2026.
The development was formally communicated to the investing public through a regulatory disclosure and in line with the bank’s corporate governance framework. Notifications have also been made to the Central Bank of Nigeria and other relevant regulatory authorities, underscoring Fidelity Bank’s adherence to regulatory compliance and transparency.
End of Tenure for Chike-Obi
Mr. Chike-Obi stepped down after completing his maximum allowable tenure as Chairman on December 31, 2025, in accordance with the bank’s governance policies. A respected figure in Nigeria’s financial services industry, he served as a Non-Executive Director and Chairman during a period marked by strategic consolidation, capital strengthening, and international expansion.
During his tenure, Fidelity Bank recorded several landmark achievements. These included the successful repayment of its Eurobond obligations, the completion of a highly oversubscribed public offer and rights issue, and the expansion of its footprint beyond Nigeria with the establishment of a United Kingdom subsidiary. The bank also strengthened its capital base, improved its credit ratings, expanded its customer base, and posted consistent growth in deposits, assets, and profitability.
Reflecting on his stewardship, Mr. Chike-Obi expressed appreciation for the support of the Board, management, and staff, noting that the collective commitment of stakeholders enabled the bank to achieve significant milestones and positioned it for sustained growth.
Appointment of Amaka Onwughalu
Following a structured succession planning process, the Board unanimously approved the appointment of Mrs. Amaka Onwughalu as Chairman. Prior to her elevation, she served as a Non-Executive Director, having joined the Board in December 2020.
Mrs. Onwughalu has played an influential role on several key board committees, including as Chairman of the Board Credit Committee and the Board Committee on Bank Capitalisation. She has also served on the Board Risk Management Committee, Board Finance and General-Purpose Committee, and the Board Remuneration, Nomination and Governance Committee.
Extensive Banking and Leadership Experience
Mrs. Onwughalu brings over 30 years of experience in the banking and financial services sector, spanning executive and board-level roles across retail, commercial, corporate, treasury, and operations functions. She previously served as Group Managing Director of Mainstreet Bank Limited, where she led critical restructuring initiatives, and later as Deputy Managing Director of Skye Bank Plc until her retirement in 2016. She is currently the Chief Executive Officer of Blueshield Financial Services Limited.
Her academic credentials include a Bachelor’s degree in Economics, a Master’s degree in Corporate Governance, and an MBA. She has also completed executive leadership and governance programmes at several leading global institutions and is a Fellow of multiple professional bodies within the banking and corporate governance space.
Industry and Governance Significance
The appointment of Mrs. Onwughalu marks a notable milestone for Fidelity Bank, reinforcing its commitment to strong corporate governance, leadership continuity, and diversity at the highest levels of decision-making. Market analysts and industry observers view the transition as a stabilising development that maintains strategic momentum while positioning the bank for long-term growth.
