Fidelity Bank Plc has firmly denied any wrongdoing in the ₦32 billion fraud case brought before the Supreme Court, describing the allegations as baseless and part of a calculated attempt to smear the bank’s reputation and undermine public trust.
In a statement released by the bank, Fidelity confirmed that it is aware of an ongoing legal matter involving the Attorney General of the Federation and maintained that the claims made in the case are entirely false. The bank stated that the legal action is not only without merit but is also being manipulated by certain individuals as a tool for blackmail and to embarrass the institution.
The matter, currently before the Federal High Court in Lagos, involves an eight-count charge filed against Fidelity Bank, its Managing Director and CEO Dr. Nneka Onyeali-Ikpe, a legal practitioner Victor Ukutt, and one Whoba Ugwunna Ogo, who is reportedly at large. The charges include conspiracy, forgery, obtaining money under false pretenses, fraud, and money laundering, allegedly carried out over a period spanning from 2011 to 2023.
At the court hearing, the legal team representing the defendants, led by Senior Advocate of Nigeria (SAN) Ayodele Akintunde, challenged the jurisdiction of the Federal High Court to entertain the suit. They argued that a similar matter is already being addressed at the Court of Appeal concerning a dispute over ownership of shares in Woobs Resources Limited — the company from whose account the ₦32 billion was allegedly withdrawn.
The defense described the suit as an abuse of court process and insisted that it should not proceed, especially since it is linked to an earlier civil dispute that remains unresolved at a higher court. The presiding judge, Justice Ambrose Lewis-Allagoa, adjourned the case to March 27, 2025, to consider the applications challenging the court’s jurisdiction.
In its official response, Fidelity Bank described the case as a deliberate and malicious attack orchestrated by parties attempting to coerce the institution into submission through fabricated claims. The bank reiterated its commitment to ethical banking, compliance with regulatory standards, and the rule of law.
According to the Federal Government’s case, the bank allegedly failed to carry out proper due diligence and Know Your Customer (KYC) checks, even after being alerted in 2011 that unauthorized individuals were operating the Woobs Resources Limited account. This purported negligence, the prosecution claims, enabled unlawful access to and withdrawal of ₦32 billion from the account.
This is not the first time Fidelity Bank has been drawn into high-profile financial controversies. In 2021, the bank was linked to a pension fund misappropriation case involving Abdulrasheed Maina, the convicted former chairman of the defunct Pension Reform Task Team. In that case, the bank was alleged to have opened accounts used to siphon public funds without adequate verification.
Despite these past incidents, Fidelity Bank insists it has always operated with transparency and due diligence. The bank urged its customers, stakeholders, and the general public to disregard what it described as orchestrated attempts to tarnish its image, assuring them of its commitment to the highest standards of corporate governance and accountability.
As proceedings continue, all eyes remain on the judiciary to determine the legal merit of the case, even as the bank maintains its stance of innocence and victimization.
