Fidelity Bank Plc has announced a leadership transition at the board level following the completion of the tenure of its Chairman, Mr. Mustafa Chike-Obi. Mrs. Amaka Onwughalu has been appointed as the new Board Chairman, effective January 1, 2026.
Gatekeepers News reports that the announcement was made in a notice signed by the Company Secretary, Ezinwa Unuigboje, to the Nigerian Exchange Limited (NGX) and the investing public.
Chike-Obi’s Tenure
Mr. Chike-Obi, a Non-Executive Director and Chairman of the Board, stepped down on December 31, 2025, after completing his approved tenure in line with the bank’s governance policy.
In the notice, Fidelity Bank confirmed that his retirement was duly approved and executed in accordance with internal policies. Under his leadership, the bank recorded significant growth across key financial indices and successfully executed strategic objectives aligned with its long-term vision.
“The Board and Management seize this opportunity to express sincere appreciation to Mr. Mustafa Chike-Obi for his outstanding contributions to the growth and development of the Bank during his tenure,” the statement said.
Onwughalu Appointed Chairman
To ensure continuity and a seamless transition, the board approved the appointment of Mrs. Amaka Onwughalu, an existing Non-Executive Director, as Board Chairman, effective January 1, 2026. The Central Bank of Nigeria (CBN) has been formally notified of the appointment.
The decision reflects the bank’s robust succession planning framework and commitment to strong corporate governance.
Extensive Board and Committee Experience
Mrs. Onwughalu joined Fidelity Bank’s board on December 17, 2020, and has served as Chairman of the Board Credit Committee and the Board Committee on Bank Capitalisation. She has also been a member of several key committees, including the Board Finance and General-Purpose Committee, Board Remuneration, Nomination and Governance Committee, and the Board Risk Management Committee, which she previously chaired.
“The Board is confident that Mrs. Amaka Onwughalu will lead the Board in the continued successful execution of its strategy,” the statement noted.
Over Three Decades of Banking Experience
Mrs. Onwughalu brings more than 30 years of banking experience, including executive management roles across commercial and retail banking, treasury management, banking operations, and corporate banking. She is a former Group Managing Director of the legacy Mainstreet Bank Limited, where she oversaw its successful integration with Skye Bank Plc, and served as Deputy Managing Director until her retirement in July 2016. She currently serves as CEO of Blueshield Financial Services Limited.
Strong Academic and Professional Credentials
Mrs. Onwughalu holds a BSc in Economics from the University of Buckingham, an MSc in Corporate Governance from Leeds Metropolitan University, and an MBA from the University of Port Harcourt. She has attended executive programmes at INSEAD, IMD, University of Cambridge, Columbia Business School, Stanford Graduate School of Business, Harvard Kennedy School, and the Institute of Directors, Nigeria.
She is a Senior Fellow of the Institute of Internal Auditors of Nigeria and a Fellow of several professional bodies, including CIBN, ICA, and IoD, and a member of NIM.
Advocacy and Recognition
Beyond banking, Mrs. Onwughalu is a strong advocate for mentoring the girl child and supporting women entrepreneurs. She is a Paul Harris Fellow and has received several awards, including the National Merit Award for Accountability and Transparency (NMAT), the Award of Excellence and Distinction for Financial Management (AEDFM), and the Vocational Service Award (VSA) from the Rotary Club, Enugu.
Financial Performance
Fidelity Bank reported gross earnings of N366.1 billion for Q3 2025, an 8% increase from N338.9 billion in Q3 2024, driven by strong interest income and sustained fee-based revenue growth. Interest income rose 33% to N285.6 billion in Q3 2025 from N214.7 billion in the same period of 2024. Other interest income more than doubled from N13.0 billion to N34.2 billion, highlighting improved returns from non-core lending activities.
