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

The Nigerian Government has removed Fidelity Bank MD, Dr. Nneka Onyeali-Ikpe, from a ₦19bn fraud case involving Woobs Resources. This comes amid insider trading allegations

[dropcap]F[/dropcap]idelity Bank fraud case developments took a dramatic turn as the Federal Government of Nigeria formally removed the name of Dr. Nneka Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, from an ongoing ₦19 billion criminal fraud case.

Also read: Fidelity Bank accused of N1.98 million fraudulent deduction by Emense Technology MD

The case, initiated by the Attorney General of the Federation, Lateef Fagbemi (SAN), originally included Onyeali-Ikpe as the 3rd defendant alongside lawyer Victor Ukutt, Whoba Ugwunna Ogo (still at large), and Fidelity Bank Plc.

It involved allegations of unlawful conversion of funds belonging to Woobs Resources Limited between 2011 and 2023.

In the revised 10-count charge filed on 5 May 2025 before Justice Ambrose Lewis-Allagoa at the Federal High Court, Lagos, the government replaced Onyeali-Ikpe with Safiya Whoba, while maintaining the original defendants Fidelity Bank Plc and Victor Ukutt.

The charges, filed under multiple financial laws including the Money Laundering (Prohibition) Act and the Cybercrimes Act, allege conspiracy, forgery, obtaining money under false pretence, and failure of due diligence in Know Your Customer (KYC) practices.

Removing Dr. Onyeali-Ikpe from the charge sheet does not absolve the institution from responsibility. Fidelity Bank still has to answer tough questions about internal controls and transparency.

A specific count accused Fidelity Bank of failing to act on warning letters in 2011 about attempts to alter Woobs Resources’ bank mandate.

However, controversy still surrounds Dr. Onyeali-Ikpe, who was accused in May 2025 of insider trading after reportedly purchasing 18 million shares of Fidelity Bank at ₦20.25 per share.

Critics allege the purchase was a strategic move to boost market confidence after a Supreme Court judgment upheld a ₦225 billion debt claim against the bank by Sagecom Concept Ltd.

Despite the market pressure, Fidelity Bank’s spokesperson Meksley Nwagboh defended the MD, stating, “As the person at the helm of affairs of the bank, the MD has shown faith in the bank by purchasing 18 million shares of the bank with her personal funds. This gesture shows her belief in the long-term viability of the bank.”

The bank also confirmed that it is engaging with Sagecom’s legal team to negotiate a structured repayment plan and has applied to the court for clarification on the ₦225 billion judgment, which stems from a credit dispute dating back to FSB International Bank.

Also read: ‘Fictitious disappearance of funds’ Reps query Fidelity Bank, FIRS over alleged fraud

While the removal of Dr. Onyeali-Ikpe from the criminal charge list offers momentary reprieve for Fidelity Bank’s leadership, questions persist over governance, regulatory compliance, and investor transparency.

Peculiar Adirika