Fidelity Bank has debunked claims that its MD paid ₦5bn to avoid detention, insisting the story is false and legally misleading

[dropcap]F[/dropcap]idelity Bank N5bn bribe allegation has been flatly denied by the financial institution, following a report by Sahara Reporters suggesting that the bank’s Managing Director, Nneka Onyeali-Ikpe, confessed to paying ₦5 billion to the Nigeria Police to avoid detention.

Also read: Nigerian Justice Minister drops Fidelity Bank MD from ₦19bn fraud case amid share purchase controversy

In a statement issued on Monday, the bank described the publication as patently false and deliberately crafted to mislead the public.

It clarified that no such payment was made to the police and that the figure in question refers to a bail bond signed during an ongoing investigation.

“Our attention has been drawn to a publication on Sahara Reporters titled, ‘Fidelity Bank MD Onyeali-Ikpe Confesses to Paying ₦5 Billion To Avoid Police Detention Amid Over ₦19 Billion Fraud Probe’,” the statement said.

“We would like to categorically state that this story is patently false and has been maliciously written to deceive the public.”

According to the bank, the police had invited the MD in connection with an investigation involving the accounts of Woobs Resources Limited, following a petition by one James Onyemenam against Mr Ogo Whoba.

During the process, the MD was requested to sign a ₦5 billion bail bond, which she did on self-recognisance—a standard legal procedure.

“It is the ₦5 billion bail bond that was referenced in her conversation with Mr Ogo Whoba, which was recorded without her consent,” the bank explained.

“At no time did the MD pay ₦5bn to the Police to avoid detention, but rather signed a bond as part of her bail requirements.”

Fidelity Bank further revealed that the allegation was brought before the Inspector General of Police in a petition authored by Victor Ukutt on behalf of Mr Whoba.

The IGP subsequently launched an independent investigation, which reportedly found the claims to be baseless.

Reaffirming its commitment to ethical business conduct, the bank stated, “As a leading financial institution with a long-standing commitment to strong corporate governance, we remain dedicated to adhering to the rule of law and maintaining the highest ethical standards in all our dealings.”

The incident underscores the importance of verifying facts before publication, especially when legal processes are still underway.

The bank has reiterated that it cannot comment further on the matter since it is currently before a competent court.

Also read: Supreme Court of Nigeria upholds $138.8M judgement against Fidelity Bank

The controversy has sparked wider conversations about the responsibilities of online publishers and the need for accountability in financial journalism, particularly in high-profile cases involving public trust.