Fidelity Bank Appoints Onwughalu as Chairman as Chike-Obi Exits Board

Fidelity Bank Appoints Onwughalu as Chairman as Chike-Obi Exits Board

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 transition is in line with its governance policies and has been duly communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange Group (NGX), and other relevant stakeholders.

During his tenure, Mr. Chike-Obi oversaw significant milestones that strengthened the bank’s financial standing and market position. Under his leadership, Fidelity Bank successfully repaid its Eurobond, completed the first tranche of its public offer and rights issue—both of which were heavily oversubscribed by 237 per cent and 137.73 per cent respectively—and expanded its international footprint with the establishment of a subsidiary in the United Kingdom.

The period also witnessed improvements in the bank’s credit ratings, steady growth in customer deposits and total assets, enhanced digital banking capabilities, and strengthened corporate and investment banking operations. Fidelity Bank further recorded notable progress in governance, risk management, and operational efficiency, reinforcing investor confidence and sustaining its upward performance trajectory.

Reflecting on his exit, 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 major milestones. He expressed confidence in the bank’s continued growth and value creation.

Mrs. Onwughalu’s appointment ushers in a new leadership phase for the bank. She joined the Board in December 2020 and has since chaired several key committees. A seasoned banker with over 30 years of 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, and has attended executive programmes at leading global institutions. Mrs. Onwughalu is a Fellow of multiple professional bodies and has received several awards in recognition of her contributions to accountability and financial management.

Expressing her readiness for the role, Mrs. Onwughalu said she was honoured to lead the Board at a pivotal time in the bank’s growth, adding that she looks forward to working with her colleagues to drive strategy 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 across Nigeria, and its UK subsidiary, FidBank UK Limited.

The bank has received numerous local and international accolades, including the 2024 Excellence in Digital Transformation and MSME Banking Award at the BusinessDay 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 Euromoney Awards for Excellence and Export Financing Bank of the Year by BusinessDay BAFI Awards.