Fidelity Bank refutes insider trading allegations against CEO, Onyeali-Ikpe

Fidelity Bank Plc has firmly denied allegations of insider trading and financial impropriety involving its Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe.

The bank described the claims, which circulated earlier this week, as “baseless, malicious, and deliberately misleading.”

The allegations, which accused Onyeali-Ikpe of purchasing 18 million shares of the bank’s stock using privileged information and misappropriated funds, were widely shared in a media report that Fidelity now says was fabricated with the intent to damage the institution’s credibility and its leadership.

In a statement released on Friday, the bank’s Company Secretary, Ezinwa Unuigboje, emphasized that the transaction was executed in full compliance with regulatory provisions.

“The share purchase was funded from the CEO’s personal resources and carried out during an open trading window, in line with Nigerian Exchange (NGX) listing rules and Securities and Exchange Commission (SEC) guidelines,” the statement said.

Fidelity Bank clarified that the purchase occurred on May 19, 2025—well after the bank had published its unaudited Q1 financial results on April 30. According to the NGX’s regulatory framework, insiders may legally trade shares 24 hours after such disclosures, provided no other price-sensitive information is pending.

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To dispel public doubt, the bank disclosed that it invited the NGX to independently review the transaction. In response, the Exchange issued a letter on May 22 affirming that the transaction took place within the legally permitted period and that it was not aware of any undisclosed material information that would have restricted insider activity.

“This confirmation by the NGX reinforces our position and should assure investors, regulators, and the general public of our adherence to ethical and governance standards,” Unuigboje added.

In a parallel disclosure, the bank confirmed that Onyeali-Ikpe has since acquired an additional two million shares on May 22 at N18.60 each, bringing her total shareholding in the bank to over 114 million units, up from 94.6 million as of December 2024.

These developments come amid broader scrutiny of Fidelity Bank’s financial position following a separate, unverified report claiming the bank faced insolvency over a Supreme Court ruling. The bank has rejected the insolvency claims outright, affirming its robust capital base and capacity to meet all legal and financial obligations.

“As one of Nigeria’s strongest and most capitalized financial institutions, we are resolute in our commitment to transparency, good governance, and investor confidence,” the statement concluded.

Fidelity Bank has threatened legal action against those responsible for what it describes as “sponsored attacks” intended to tarnish its public image.

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