The Nigerian Exchange Group (NGX), through its regulatory arm, NGX Regulation Limited (NGX RegCo), has formally exonerated the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, of any breach of trading rules, following recent accusations suggesting she engaged in insider trading during a major share acquisition.
In a letter dated May 22, 2025, NGX RegCo confirmed that Dr. Onyeali-Ikpe’s purchase of 18 million units of Fidelity Bank shares on May 19 was conducted strictly within regulatory boundaries. The body affirmed that the transaction took place during an open trading window, which became effective after Fidelity Bank submitted its unaudited financial results for the first quarter of 2025 to the exchange on April 30. The timing of the trade was therefore in line with capital market regulations governing insider dealings.
In its official position, the exchange stated, “The share purchase transaction referenced by Sahara Reporters was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the Bank by insiders.”
The allegations, which were circulated in a publication by Sahara Reporters on May 21, had suggested that the Fidelity Bank MD engaged in the transaction with privileged, non-public information. However, the NGX has now made it clear that no such insider advantage existed at the time of the transaction.
Reacting to the publication, Fidelity Bank Plc issued a strongly worded rebuttal, describing the report as false, defamatory, and an attempt to malign both the bank’s image and that of its CEO. According to the statement released by the bank’s Divisional Head of Brand and Communications, Dr. Meksley Nwagboh, the acquisition was executed with full personal funds of the MD/CEO without recourse to bank resources or credit facilities.
“As a publicly quoted institution under the oversight of the Nigerian Exchange and the Securities and Exchange Commission (SEC), we categorically state that neither the Bank nor its MD/CEO has ever contravened insider trading laws or engaged in unethical financial practices,” the bank asserted.
Dr. Nwagboh emphasized that Fidelity Bank remains firmly committed to upholding the highest standards of corporate governance, transparency, and regulatory compliance, as demonstrated consistently in its operations and leadership conduct.
The bank also expressed disappointment at what it described as deliberate misinformation intended to mislead the investing public and erode trust in the institution’s leadership. It called on stakeholders to disregard the report, describing it as a calculated attempt to stir unnecessary controversy.
With the NGX’s confirmation now made public, observers within the financial sector believe that the clarification should help reinforce investor confidence and put to rest any lingering doubts surrounding the integrity of the transaction and the leadership of Fidelity Bank.
