Fidelity Bank Plc has announced a change in its Board leadership following the completion of the tenure of its Chairman, Mr Mustafa Chike-Obi, and the appointment of Mrs Amaka Onwughalu as the new Chairman of the Board.
In a notice to the Nigerian Exchange Limited (NGX) on Friday, the Company Secretary, Ezinwa Unuigboje, disclosed that Mr. Chike-Obi, a Non-Executive Director and Chairman of the Board, “completed his tenure and stepped down from the Board of Directors of the Bank on December 31, 2025,” adding that the Board approved his retirement “in accordance with the Bank’s policy.”
Reflecting on his tenure, the Bank said Mr Chike-Obi’s leadership coincided with notable progress. According to the statement, “under his chairmanship, the Bank recorded significant growth across key financial indices, with Mr Chike-Obi leading the Board to ensure the successful execution of the Bank’s strategy and achievement of key milestones in line with the long-term vision of the Bank.”
The Board and Management also expressed appreciation for his service, noting that they “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 on the Board.”
To ensure continuity, the Board announced the appointment of Mrs Amaka Onwughalu as Chairman with effect from January 1, 2026. The Bank said the decision followed its succession planning framework, stressing that “in line with the Board Succession Planning Policy and to ensure a smooth transition, the Board of Directors has approved the appointment of Mrs. Amaka Onwughalu, an existing Non-Executive Director of the Bank, as Chairman of the Board of Directors.” It added that “the CBN has been formally notified of the appointment.”
Mrs Onwughalu, who joined the Board on December 17, 2020, brings extensive governance and leadership experience to the role. Before her appointment, she served as Chairman of the Board Credit Committee and the Board Committee on Bank Capitalisation, and was a member of several other key committees, including Finance and General-Purpose, Remuneration, Nomination and Governance, and Risk Management, which she also previously chaired.
Expressing confidence in the new leadership, the Bank stated that “the Board is confident that Mrs Amaka Onwughalu will lead the Board in the continued successful execution of its strategy,” while also noting that “the Board is also pleased with the succession arrangements for the role of Board Chairman, which attests to the Bank’s high governance standards.”
According to the statement, Mrs Onwughalu has over 30 years of banking experience, including more than a decade in executive management roles across commercial, retail and corporate banking, treasury management, and operations. She previously served as Group Managing Director of legacy Mainstreet Bank Limited and later as Deputy Managing Director of Skye Bank Plc until her retirement in July 2016. She is currently the Chief Executive Officer of Blueshield Financial Services Limited.
Her academic background includes a BSc in Economics from the University of Buckingham, an MSc in Corporate Governance from Leeds Metropolitan University in the United Kingdom, and an MBA from the University of Port Harcourt. She has also attended executive and leadership programmes at leading global institutions such as INSEAD, IMD Business School, the University of Cambridge Judge Business School, Columbia Business School, Stanford Graduate School of Business, and Harvard Kennedy School.
Mrs Onwughalu is a Senior Fellow and Fellow of several professional bodies and is known for her advocacy for women and the girl child. The Bank noted that “Mrs Onwughalu is passionate about mentoring the Girl Child and committed to supporting women entrepreneurs/professionals to contribute their quota to stimulating economic development in Nigeria.”
She is also a Paul Harris Fellow and a recipient of several honours, including the National Merit Award for Accountability and Transparency, the Award of Excellence and Distinction for Financial Management, and the Vocational Service Award from the Rotary Club, Enugu.
