Fidelity Bank Plc has strongly refuted a recent report alleging that its Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, was involved in insider trading and used bank funds to buy 18 million shares of the institution. The bank has described the publication as false, misleading, and malicious, and has taken steps to clear the air on the matter.
The controversial report, claimed that the CEO used privileged price-sensitive information for personal gain and funded the share purchase using bank resources. However, the bank has come out to strongly deny the allegation, asserting that Dr. Onyeali-Ikpe used her personal funds for the transaction and followed all regulatory procedures governing such activity.
In a statement issued on Friday, Meksley Nwagboh, Divisional Head, Brand and Communications at Fidelity Bank, dismissed the claims, noting that the bank is a publicly quoted company, regulated by the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC). As such, it operates under strict rules guiding insiders’ dealings and trading windows.
“Neither the Bank nor its MD/CEO has ever engaged in insider trading. The share purchase in question was conducted strictly in accordance with the Listing Rules of the Exchange,” Nwagboh stated.
He further clarified that the share acquisition by Dr. Onyeali-Ikpe was fully disclosed and published on the NGX trading floor, a standard practice for all insider transactions. According to him, such dealings are common among directors and insiders of publicly listed companies and are regularly recorded on the NGX Disclosure Portal.
To further reassure the investing public, Nwagboh noted that Fidelity Bank has an internal Insider Trading Policy, which aligns with SEC and NGX regulations. The policy ensures that insiders and their connected persons only trade in the company’s shares during open periods—when no material, non-public information exists that could affect the company’s stock price.
He explained that the trading window was officially opened to insiders on May 4, 2025, after the bank released its Q1 2025 unaudited financial statements on April 30. Therefore, the transaction on May 19 fell within the allowed timeframe.
According to a letter from the NGX Regulation Company (NGX RegCo) dated May 22, 2025, the purchase was executed during an open trading window and there was no undisclosed material information that would have restricted the CEO from trading.
“Following the filing of the Bank’s 2025 Q1 unaudited financial statement on April 30, the directors and other insiders became eligible to trade after 24 hours. The share transaction on May 19, 2025, was valid and NGX RegCo is not aware of any undisclosed information that could have hindered such trade,” the statement read.
Fidelity Bank said it trusts that the NGX’s clarification will boost confidence among local and international investors, stakeholders, and regulators, and reaffirm the bank’s commitment to transparency and sound corporate governance.
“We will not hesitate to pursue all legal remedies available to us regarding this malicious and sponsored report, which appears clearly aimed at defaming the character of our MD/CEO and damaging the reputation of our institution,” Nwagboh added.
Dr. Onyeali-Ikpe, who became the first female MD/CEO of Fidelity Bank in 2021, has been widely recognized for her leadership and the bank’s transformation under her watch. This includes improved financial performance, digital innovation, and expansion efforts, including Fidelity Bank’s ongoing bid to transition into a Tier-1 bank in Nigeria.
Fidelity Bank remains one of Nigeria’s fastest-growing financial institutions and a key player in retail and corporate banking services. The bank has consistently demonstrated its adherence to ethical business practices and transparency in all its operations.
