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 stated that the board transition is in line with its corporate governance policies and has 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 landmark achievements, including the full 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 international expansion into the United Kingdom. The period also saw improved ratings from various agencies, stronger capital positioning, steady growth in customer deposits and total assets, enhanced digital banking capabilities, and significant progress in corporate and investment banking. Advances in governance, risk management, and operational efficiency further strengthened market confidence and the bank’s performance trajectory.
Reflecting on his time in office, Mr. Chike-Obi described his tenure as a privilege, noting that the collective efforts of the Board, management, and staff enabled the bank to achieve critical milestones. He expressed confidence in the institution’s continued growth and value creation.
Mrs. Onwughalu’s appointment ushers in a new phase for the bank. She joined the Fidelity Bank Board in December 2020 and has chaired several key board committees. A seasoned banker with over 30 years of industry experience, she has held executive positions at Mainstreet Bank Limited and Skye Bank Plc. She holds academic qualifications in Economics, Corporate Governance, and Business Administration, has attended executive programmes at leading global institutions, and is 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 time of strong momentum for the bank, pledging to work closely with fellow directors to deepen strategic execution and deliver sustainable value to stakeholders.
Fidelity Bank Plc is ranked among Nigeria’s leading commercial banks, serving over 9.1 million customers through its digital platforms, 255 business offices nationwide, and its UK subsidiary, FidBank UK Limited.
The bank has received numerous local and international recognitions, including the 2024 Excellence in Digital Transformation and MSME Banking Award by BusinessDay’s 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.
