Business News
Fidelity Bank names Amaka Onwughalu as new Board Chair
Fidelity Bank Plc has announced the appointment of Amaka Onwughalu as its new board chair, with effect from January 1, following the completion of the tenure of Mustafa Chike-Obi on December 31, 2025.
The bank disclosed this in a statement issued on Thursday, explaining that the leadership transition is in line with its corporate governance policy.
It added that the change has been formally communicated to the Central Bank of Nigeria, the Nigerian Exchange Group and other relevant stakeholders.
Fidelity Bank said Chike-Obi’s time as board chair recorded notable achievements for the institution.
These include the successful repayment of the bank’s Eurobond, the completion of oversubscribed public offer and rights issue exercises, the bank’s expansion into the United Kingdom, as well as improved ratings from international credit agencies.
Under his leadership, the bank said its capital position was strengthened, deposits and assets grew significantly, digital banking capabilities were enhanced, and corporate governance improved, all of which contributed to stronger market confidence and sustained growth.
Chike-Obi said it had been a privilege to serve as chair of Fidelity Bank, adding that the commitment of the board, management, and staff enabled the institution to reach major milestones.
The outgoing chairman said he is confident the bank will continue to deliver value to its stakeholders.
Also, the bank said Onwughalu, who joined its board in December 2020 and has chaired key board committees, brings over 30 years of banking experience to the role.
Her career includes executive positions at Mainstreet Bank Limited and Skye Bank Plc.
The bank said Onwughalu holds academic qualifications in economics, corporate governance, and business administration, and has participated in several global executive programmes.
It added that she is a fellow of multiple professional bodies and a recipient of awards in financial management.
Onwughalu said the bank’s recent achievements have laid a strong foundation for continued growth, adding that she looks forward to working with her colleagues to drive the bank’s strategy and deliver sustainable value.
In November 2025, Fidelity Bank said its gross earnings increased by 46 percent to N748.7 billion in the first half (H1) of the year, up from N512.9 billion recorded in the corresponding period of 2024.
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