Meet Amaka Onwughalu, FIdelity Bank New Board Chair
A new chapter has opened in Nigeria’s banking sector as Fidelity Bank new board chair, Amaka Onwughalu, officially assumed office on January 1, 2026, marking a carefully planned leadership transition at the tier-one financial institution. Her appointment follows the completion of the tenure of Mr. Mustafa Chike Obi, whose stewardship saw the bank record notable financial resilience and expansion. The leadership change, duly communicated to the Central Bank of Nigeria and the Nigerian Exchange Group, reflects Fidelity Bank’s commitment to strong corporate governance, continuity, and long-term institutional stability.
Mr. Mustafa Chike Obi concluded his tenure on December 31, 2025, leaving behind a solid legacy of reform and growth. Under his leadership, Fidelity Bank successfully completed the full repayment of its Eurobond obligations well ahead of schedule, a move that significantly strengthened investor confidence. The bank also recorded overwhelming success in its capital-raising efforts, with its public offer oversubscribed by 237 percent and its rights issue achieving a 137.73 percent subscription rate.
Beyond capital markets achievements, the Chike Obi era was defined by strategic international expansion into the United Kingdom, strong growth in customer deposits, asset base expansion, and a major upgrade of the bank’s digital banking ecosystem. Reflecting on his exit, he expressed confidence that the foundations laid by the board and management would continue to deliver sustainable value for shareholders, customers, and regulators alike.
The appointment of Amaka Onwughalu as Fidelity Bank new board chair brings to the role a seasoned banking executive with more than three decades of industry experience. She has held several top-tier leadership positions, including Group Managing Director of legacy Mainstreet Bank Limited and Deputy Managing Director at Skye Bank Plc.
Academically, Onwughalu holds a Bachelor’s degree in Economics from the University of Buckingham, a Master’s degree in Corporate Governance from Leeds Metropolitan University, and an MBA from the University of Port Harcourt. Since joining the Fidelity Bank board in December 2020, she has played a critical role in shaping credit, risk, and capitalization strategies, having chaired both the Board Credit Committee and the Board Committee on Bank Capitalization.
As the banking industry navigates a new recapitalization regime and heightened regulatory scrutiny, Onwughalu’s appointment is widely viewed as a strategic move aimed at strengthening governance, risk management, and long-term value creation. She has pledged to work closely with management to consolidate recent gains and steer the bank toward sustainable growth in a rapidly evolving financial landscape.
With over 9.1 million customers and an expanding international footprint, the transition to a new board chair underscores Fidelity Bank’s resolve to remain agile, resilient, and forward-looking. Market watchers believe the leadership change positions the bank to effectively balance profitability, compliance, and innovation as it enters a critical phase of Nigeria’s financial sector evolution.