FIDELITY Bank Plc on Friday announced the appointment of Mr Amaka Onwughalu as the new Chairman of the Board, effective January 1, 2026, following the completion of Mr Mustafa Chike-Obi’s tenure on December 31, 2025.
The board transition aligns with the bank’s governance policy and has been communicated to the Central Bank of Nigeria (CBN), the Nigerian Exchange Group (NGX), and other key stakeholders, the bank said.
During Chike-Obi’s tenure, Fidelity Bank achieved several significant milestones, including the repayment of its Eurobond, completion of the first tranche of its public offer and rights issue, which were oversubscribed by 237 percent and 137.73 percent respectively.
Mr Chike-Obi’s tenure also saw Fidelity Bank’s international expansion to the United Kingdom, and improved ratings from various agencies. Under his leadership, the bank also strengthened its capital position, recorded steady growth in customer deposits and total assets, enhanced digital banking capabilities, and bolstered corporate and investment banking offerings. Governance, risk management, and operational efficiency improvements further reinforced market confidence and supported its sustained growth trajectory, the bank noted.
Reflecting on his tenure, Mustafa Chike-Obi said: “It has been a privilege to serve as Chairman of Fidelity 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.”
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Ms Amaka Onwughalu’s appointment ushers in a new chapter for the bank. She joined the board in December 2020 and has chaired key committees. With over 30 years of banking experience, including executive roles at Mainstreet Bank Limited, Skye Bank Plc and Polaris Bank, she brings extensive expertise in governance and financial management. Onwughalu holds degrees in Economics, Corporate Governance, and Business Administration, and has attended executive programmes at leading global institutions. She is a Fellow of several professional bodies and has received awards for accountability and excellence in financial management.
Commenting on her new role, Onwughalu said: “I am honoured to lead the Board of Fidelity Bank at this exciting time. Our recent achievements have set a strong foundation for continued growth. I look forward to working with my colleagues to drive our strategy and deliver sustainable value.”
Ranked among Nigeria’s top banks, Fidelity Bank Plc serves over 9.1 million customers through its digital banking channels, 255 business offices in Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received numerous local and international awards.
Fidelity Bank Plc reported a 46 percent rise in its gross earnings in the half-year (H1) ended June 30, 2025, bouyed by growth in interest income and substantial foreign currency revaluation gains.
The bank’s financial statement showed that its gross earnings rose to N748.7 billion in H1’25 from N512.9 billion in the corresponding period of 2024. It posted N132. 31 billion profit in H1 of 2025.
In the second quarter of 2025, the Central Bank of Nigeria (CBN) penalised Fidelity Bank for various contraventions ranging from violations of rules guiding report filings to cybersecurity assessments’ breaches, Economy Post reported.
The bank was fined for N309.9 million over a six-month period to June 30 2025 for 6 different violations of the Bank and Other Financial Institutions Act, 2020.
The bank was fined N140.5 million over issues relating to cybersecurity, and another N150 million for breaching cash/social payment order. The CBN also penalised the bank the sum of N12 million for infractions relating to report filing and another N2 million for risk-based supervision breaches.
The CBN likewise fined Fidelity Bank N2.675 million for another issue relating to report filing violation, while the Securities and Exchange Commission (SEC) took N2.725 million from the tier-2 for issues relating to report filing infractions.
