Fidelity Bank Plc has announced its intention to pursue legal remedies following a “malicious and sponsored” publication alleging that its Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, used bank funds to purchase 18 million shares of the bank.
In a statement dated May 23, 2025, and signed by Meksley Nwagboh, Divisional Head of Brand & Communications, the bank described the report—published on May 21, 2025—as “blatantly false allegations” accusing the CEO and the bank of insider trading and misusing bank resources for the transaction.
Fidelity Bank emphasized that it is a publicly quoted company regulated by the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), and that the share purchase was funded entirely from Dr. Onyeali-Ikpe’s personal resources, with no bank loans or funds involved.
“The transaction was conducted strictly in accordance with the Listing Rules of the Exchange and the regulations guiding insiders’ dealings in publicly quoted companies,” the statement said. It further noted that the transaction was duly disclosed on the NGX trading floor, as is customary for insider dealings.
The bank also stressed its adherence to a strict Insider Trading Policy, ensuring that insiders and their connected persons only transact shares during permitted trading windows.
Fidelity Bank pledged to take legal action against the source of the publication to protect the reputation of both its CEO and the institution. “We shall pursue all legal remedies available to us in relation to these malicious and sponsored publications, which were clearly intended to defame the character of our Managing Director/CEO and cause reputational damage to the institution,” the statement added.
The share purchase, valued at approximately N366.3 million at N20.35 per share, increased Dr. Onyeali-Ikpe’s holding in Fidelity Bank from 94,644,260 units to 112,644,260 units, representing a 19.02% rise and now accounting for 29.03% of total director shareholding.
This acquisition sparked significant trading activity, with Fidelity Bank leading volume charts on May 19, 2025, with 60.1 million shares traded on the NGX.
This development follows the bank’s recent refutation of false bankruptcy claims and comes on the heels of its winning the Nairametrics Capital Market Choice Award 2025 for Most Improved Commercial Bank of the Year.
Fidelity Bank reaffirmed its position as a strong, profitable, and well-capitalized financial institution with international operations.
