Fidelity Bank refutes report of insider trading allegation against CEO
Fidelity Bank Plc has strongly denied allegations of insider trading and misuse of funds leveled against its Chief Executive Officer, Nneka Onyeali-Ikpe.
In a statement released Friday, the bank’s Company Secretary, Ezinwa Unuigboje, described the report as “fabricated,” adding that it was intended to mislead the public and damage both the reputation of the bank and its CEO.
The bank clarified that all transactions by its CEO adhered strictly to the rules governing insider trading, including the Nigerian Exchange (NGX) listing requirements and the Securities and Exchange Commission (SEC) regulations.
On May 21, Onyeali-Ikpe, who also serves as the bank’s Managing Director, purchased 18 million shares of Fidelity Bank.
A media report had alleged this transaction amounted to insider trading.
In response, the bank explained that the shares were bought with Onyeali-Ikpe’s personal funds and not from bank resources.
Furthermore, the lender said the transaction took place during an open trading window—after the release of the bank’s unaudited Q1 2025 financial statements on April 30, 2025.
“Based on the fact that Fidelity Bank Plc is a public quoted company regulated by the NGX and subject to the Listing Rules of the NGX as well as the Regulations issued by the Securities and Exchange Commission (SEC), we categorically confirm that neither the Bank nor its MD/CEO engaged in insider trading at any time,” the statement reads.
“The share purchase transaction was transacted during an open trading window.”
The bank emphasized its commitment to regulatory compliance, stating it maintains a strict internal policy on insider trading and complies with all relevant disclosure timelines.
To further reaffirm its transparency, Fidelity said it requested the NGX to conduct an independent review of the share transaction. The Exchange responded on May 22, confirming:
“Following the filing of the Bank’s 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours.”
Regarding the CEO’s share purchase on May 19, the NGX stated that the transaction occurred during an open trading window and that it was unaware of any undisclosed price-sensitive information that would bar insider trades at that time.
“We believe that the above clarification by the NGX would be reassuring to the domestic and global investment community, our domestic and foreign regulators/counterparties and the general public, while ensuring sustained confidence in the operations of the Nigerian capital market,” Fidelity Bank added.
The bank also said it is considering legal action over what it termed as “sponsored publications meant to harm the bank’s standing.”
“Fidelity Bank remains one of the strongest and most capitalised banks in Nigeria today,” the statement added.
“We assure all stakeholders of our unwavering commitment to transparency and corporate governance.”
In a separate statement, Fidelity confirmed that Onyeali-Ikpe further acquired 2 million additional shares in the bank on May 22 at a price of ₦18.60 each, totaling ₦37.2 million.
This brings her total shareholding in the bank to 114.64 million shares, up from the 94.64 million shares held as of December 31, 2024.
These developments come amid reports suggesting the bank was facing insolvency following a Supreme Court order to pay ₦225 billion in damages to a Nigerian firm.
Fidelity Bank has denied those reports, affirming its financial health and ability to meet its legal obligations.
