Fidelity Bank Plc has completed a smooth board leadership transition, with outgoing Chairman Mustafa Chike-Obi stepping down upon tenure completion and Amaka Onwughalu appointed as the new Board Chairman effective January 1, 2026.
Okay News reports that the change was announced in a regulatory filing to the Nigerian Exchange Limited (NGX) signed by Company Secretary Ezinwa Unuigboje.
Chike-Obi, a Non-Executive Director, retired on December 31, 2025, in line with the bank’s governance policies.
Under his stewardship, Fidelity Bank achieved significant growth across key metrics and successfully executed strategic milestones.
The Board and Management expressed profound gratitude for his outstanding contributions to the bank’s development.
To ensure continuity, the Board appointed existing Non-Executive Director Amaka Onwughalu as Chairman, with the Central Bank of Nigeria duly notified.
The decision reflects Fidelity’s strong succession planning and commitment to robust corporate governance.
Onwughalu joined the Board in December 2020 and has chaired the Board Credit Committee and Board Committee on Bank Capitalisation.
She has served on multiple key committees, including Finance and General Purpose, Remuneration, Nomination and Governance, and previously chaired the Board Risk Management Committee.
With over 30 years in banking, including executive roles in commercial, retail, treasury, operations, and corporate banking, Onwughalu formerly served as Group Managing Director of legacy Mainstreet Bank and Deputy Managing Director at Skye Bank until 2016.
She currently leads Blueshield Financial Services Limited as Chief Executive Officer.
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 completed executive programmes at prestigious institutions including INSEAD, IMD, Cambridge, Columbia, Stanford, and Harvard Kennedy School.
The Board expressed confidence in her leadership to drive continued strategic execution.
Fidelity Bank reported gross earnings of ₦366.1 billion for Q3 2025, up 8 per cent year-on-year, driven by 33 per cent growth in interest income.
