Fidelity Bank Appoints Amaka Onwughalu As Board Chair

Fidelity Bank Plc has announced a change at the top of its board, with Mrs Amaka Onwughalu appointed as the new Board Chairman following the exit of Mr Mustafa Chike Obi at the end of his tenure.

The bank disclosed the development in a notice signed by the Company Secretary, Ezinwa Unuigboje, and filed with the Nigerian Exchange Limited (NGX). Chike Obi, a Non-Executive Director, stepped down on December 31, 2025, after leading the board through a period of notable growth and strategic execution.

Fidelity Bank credited his tenure with strong performance across key financial indicators and steady progress on long term goals. The board described his leadership as instrumental in guiding the bank’s strategy and delivering important milestones.

With effect from January 1, 2026, Mrs. Onwughalu assumed the role of Board Chairman in line with the bank’s Board Succession Planning Policy. The bank also confirmed that the Central Bank of Nigeria (CBN) has been formally notified of the appointment.

Why this transition matters

Board leadership changes are closely watched in the banking sector, especially at a time when Nigerian lenders are navigating tighter regulation, capital requirements and a volatile macroeconomic environment. A smooth transition signals stability and continuity, which matters to regulators, investors and customers alike.

By appointing an existing Non-Executive Director, Fidelity Bank is signalling a preference for institutional memory and steady governance rather than a disruptive shift. This approach reduces uncertainty and reassures the market that the bank’s strategic direction remains intact.

What Onwughalu brings to the role

Mrs. Onwughalu joined Fidelity Bank’s board in December 2020 and has chaired key committees, including the Board Credit Committee and the Board Committee on Bank Capitalisation. Her background includes over three decades of banking experience, with senior executive roles across major financial institutions.

She previously served as Group Managing Director of Mainstreet Bank Limited and as Deputy Managing Director at Skye Bank Plc. She is currently the Chief Executive Officer (CEO) of Blueshield Financial Services Limited.

Her academic and professional background spans economics, corporate governance and executive leadership, with training from institutions such as INSEAD, IMD Lausanne, Cambridge Judge Business School, Columbia Business School, Stanford and Harvard Kennedy School.

For Fidelity Bank, this depth of experience is particularly relevant as the industry adjusts to evolving capital rules, risk management expectations and digital competition.

Implications for investors and customers

For investors, the appointment reinforces Fidelity Bank’s emphasis on governance and succession planning. In a sector where leadership stability often influences confidence, the move suggests continuity rather than a change in risk profile.

For customers and households, board level changes may feel distant, but they shape how banks make decisions on lending, risk and growth. Strong governance at the top supports prudent credit policies, which affects access to loans for businesses and individuals.

Looking ahead

Fidelity Bank says it is confident that Mrs. Onwughalu will lead the board in the successful execution of its strategy. The transition comes at a time when banks are under pressure to balance growth with capital strength, regulatory compliance and customer trust.

If the handover delivers the stability the bank is projecting, Fidelity Bank is likely to maintain its current trajectory, focusing on disciplined growth while adapting to the shifting realities of Nigeria’s financial sector.