Amaka Onwughalu Steps In as Board Chair, Succeeding Mustafa Chike-Obi

A new chapter dawned quietly but decisively for one of Nigeria’s leading commercial banks.

Fidelity Bank Plc ushered in 2026 with a leadership transition at the very top: Mrs Amaka Theodora Onwughalu, a seasoned banking veteran and long-serving Non-Executive Director, assumed the role of Board Chairman effective January 1, succeeding Mr Mustafa Chike-Obi, whose tenure concluded on December 31, 2025.

The change, announced on January 2 via notifications to the Nigerian Exchange Group (NGX) and the Central Bank of Nigeria (CBN), aligns perfectly with the bank’s Board Succession Planning Policy—a testament to its commitment to robust corporate governance.

Chike-Obi, reflecting on his stewardship, described it as “a privilege,” praising the board, management, and staff for achieving “significant milestones” and expressing confidence in the bank’s continued prosperity.

Onwughalu‘s elevation marks her as Fidelity Bank’s first female chairman, a milestone in an industry increasingly championing diversity at the highest levels.

Mrs. Amaka Theodora Onwughalu brings more than three decades of banking expertise to the chairmanship, blending operational depth with strategic oversight. Her career spans executive management roles across commercial, retail, treasury, operations, and corporate banking.

Notable highlights include serving as Group Managing Director of Mainstreet Bank Limited (formerly Afribank) and Deputy Managing Director at Skye Bank Plc (now Polaris Bank). Currently, she serves as Chief Executive Officer of Blueshield Financial Services Limited and also directs Aquila Capital Ltd.

Onwughalu joined Fidelity Bank’s board as a Non-Executive Director on December 17, 2020 (effective December 15, CBN approval). Since then, she has chaired critical committees, including the Board Credit Committee, the Board Committee on Bank Capitalisation, and, previously, the Board Risk Management Committee.

She has also contributed to the Board Finance and General-Purpose Committee and the Board Remuneration, Nomination and Governance Committee. Educationally accomplished, Onwughalu holds a BSc in Economics from the University of Buckingham (UK), an MSc in Corporate Governance from Leeds Metropolitan University (now Leeds Beckett University), and an MBA from the University of Port Harcourt.

She has enriched her expertise through executive programmes at prestigious global institutions, including INSEAD, IMD Lausanne, Cambridge Judge Business School, Columbia Business School, Stanford, and Harvard Kennedy School. A distinguished professional, she is a Fellow of multiple bodies: the Institute of Internal Auditors of Nigeria (Senior Fellow), the Institute of Credit Administration, the Institute of Directors (IoD), and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN).

She is also a Member of the Nigeria Institute of Management (NIM). Her contributions have earned awards for accountability and financial management.

Beyond the boardroom, Onwughalu is passionate about mentoring young girls and empowering women entrepreneurs, viewing them as vital to Nigeria’s economic growth. In her first remarks as chair, Onwughalu expressed honour at the appointment: “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.”

The board echoed confidence in her leadership for executing Fidelity’s long-term vision. Fidelity Bank, serving over 9.1 million customers through digital channels, 255 branches in Nigeria, and subsidiary FidBank UK, continues its trajectory of awards and growth—recent highlights include recognition for digital transformation, MSME banking, and innovative services.

As Onwughalu takes the helm, stakeholders watch for sustained momentum in a competitive landscape. One seasoned hand. One steady transition. A bank poised for the next leap.