By Ayomide Otitoju
Tier-one lender Fidelity Bank Plc has announced the completion of the tenure of its Board Chairman, Mr. Mustafa Chike-Obi, effective December 31, 2025, and the appointment of Mrs. Amaka Onwughalu as the new Chairman of the Board, with effect from January 1, 2026.
The bank said the board transitions are in line with its governance 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 significant milestones, including the repayment of its Eurobond, the successful completion of the first tranche of its public offer and rights issue—oversubscribed by 237 per cent and 137.73 per cent respectively—and its expansion into the United Kingdom market. The period also saw improvements in the bank’s credit ratings by various agencies.
Under his leadership, the bank strengthened its capital position, achieved steady 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 progress in governance, risk management, and operational efficiency, contributing to increased market confidence and sustained performance growth.
Reflecting on his tenure, Mr. Chike-Obi said it was a privilege to serve as chairman of the bank, expressing confidence in its continued growth and value delivery to stakeholders.
Mrs. Onwughalu, who joined the Fidelity Bank Board in December 2020, has chaired several key board committees. She brings over 30 years of banking experience, having held executive roles at Mainstreet Bank Limited and Skye Bank Plc. She holds degrees in Economics, Corporate Governance, and Business Administration, and has participated in executive programmes at leading global institutions. A fellow of multiple professional bodies, she has also received several awards for accountability and financial management.
Commenting on her appointment, Mrs. Onwughalu said she was honoured to lead the board at a pivotal time in the bank’s growth, pledging to work with fellow directors to drive strategy and deliver sustainable value.
Fidelity Bank Plc is ranked among Nigeria’s leading banks, serving over 9.1 million customers through its digital platforms, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited.
The bank has received multiple local and international recognitions, including the 2024 Excellence in Digital Transformation and MSME Banking Award by BusinessDay’s Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. It was also named Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and Export Financing Bank of the Year by the BusinessDay BAFI Awards.
