By Arinze Uzo
Business News Correspondent
Fidelity Bank Plc has firmly denied recent allegations of insider trading against its Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe. The bank issued a detailed statement refuting the claims as false, malicious, and a deliberate attempt to tarnish the reputation of both its CEO and the institution.
The insider trading accusation, first reported by an online news platform on May 21, 2025, alleged that Dr. Onyeali-Ikpe had unlawfully purchased 18 million units of Fidelity Bank shares, suggesting an abuse of privileged information. In response, Fidelity Bank described the allegations as “entirely baseless and misleading,” affirming that all necessary legal and regulatory processes were duly followed in the transaction.
Personal Funds, Not Bank Resources
According to the bank, Dr. Onyeali-Ikpe acquired the shares in question using her personal funds without any financial assistance or facilitation from the bank. The transaction, it added, was in line with Fidelity Bank’s policy on insiders’ dealings and consistent with market regulations. The bank emphasized that no bank funds or loans were involved in the purchase, and there was no breach of trust, ethics, or governance protocols.
Transaction Occurred During Open Trading Window
A key defense in the bank’s rebuttal was the timing of the share acquisition. Fidelity Bank noted that the transaction was carried out during an officially declared open trading window. The bank had published its unaudited financial results for the first quarter of 2025 on April 30, 2025, and the trading window for insiders was opened on May 5, 2025. Dr. Onyeali-Ikpe’s share purchase was reportedly executed during this period, aligning with the rules established by the Nigerian Exchange Group (NGX).
In addition to internal oversight, the bank revealed that it sought an independent review from the NGX to verify the legitimacy of the transaction. The NGX confirmed that the trade was conducted within the open window and that there was no material non-public information that should have prevented the purchase at the time it was made.
Strong Commitment to Corporate Governance
Fidelity Bank reiterated its unwavering commitment to transparency, ethical conduct, and corporate governance. The institution stressed that the management, led by Dr. Onyeali-Ikpe, continues to operate with the highest standards of integrity. “We take pride in upholding the principles of responsible banking and compliance with all applicable laws,” the bank stated.
Dr. Onyeali-Ikpe, who became the first female MD/CEO of the bank in 2021, has been recognized for her strong leadership and contribution to the growth of Fidelity Bank. Under her leadership, the bank has seen increased investor confidence, steady financial performance, and strategic expansion.
Plans for Legal Redress
In a final note, the bank signaled its readiness to pursue all legal avenues against the publication and individuals responsible for spreading what it described as “false and defamatory content.” It condemned the report as a coordinated attempt to damage the reputation of a public company and its executive leadership.
“The bank will not hesitate to take appropriate legal action to protect its brand, leadership, and stakeholders from such malicious attacks,” the statement concluded.
