Fidelity Bank Appoints Amaka Onwughalu as New Board Chairman

Fidelity Bank Appoints Amaka Onwughalu as New Board Chairman

Fidelity Bank Plc has announced the appointment of Mrs Amaka Onwughalu as the new Chairman of its Board of Directors, with effect from January 1, following the completion of the tenure of Mr Mustafa Chike-Obi on December 31, 2025.

In a statement issued on Friday by the bank’s media unit, Fidelity Bank said the board leadership transition was carried out in line with its established governance policy and duly communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange Group, and other key stakeholders.

The bank commended the outgoing chairman, noting that under Chike-Obi’s leadership, Fidelity Bank recorded several milestones, including the repayment of its Eurobond, the successful completion of the first tranche of its public offer and rights issue, which were oversubscribed, as well as business expansion and improved credit ratings from international agencies.

According to the statement, the bank also strengthened its capital position, achieved steady growth in customer deposits and total assets, deepened its digital banking capabilities, and enhanced its corporate and investment banking offerings during the period.

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“The bank equally made notable progress in corporate governance, risk management, and operational efficiency, all of which contributed to increased market confidence and sustained growth,” the statement added.

Reflecting on his tenure, Chike-Obi described it as a privilege to have served as chairman of the bank.

“The dedication of our Board, management, and staff has enabled us to reach significant milestones. I am confident that the Bank will continue to thrive and deliver value to all stakeholders,” he said.

In her acceptance remarks, Onwughalu said her appointment marks a new chapter in the bank’s growth journey.

The News Agency of Nigeria (NAN) reports that she joined the Fidelity Bank Board in December 2020 and has chaired several key board committees. She brings over 30 years of banking experience, having held executive positions at Mainstreet Bank Ltd and Skye Bank Plc.

Onwughalu holds degrees in Economics, Corporate Governance, and Business Administration, and has participated in executive programmes at leading global institutions.

“I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have laid a strong foundation for continued growth, and I look forward to working with my colleagues to deliver sustainable value to all stakeholders,” she said.

Fidelity Bank Appoints Amaka Onwughalu as New Board Chairman