Fidelity Bank Plc has categorically denied accusations of insider trading levelled against its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, in a recent report by online platform Sahara Reporters.
In a statement released on May 23, 2025, the bank described the claims as “false, misleading and malicious,” and affirmed that the share transaction in question was fully compliant with capital market regulations.
The Sahara Reporters article alleged that Dr. Onyeali-Ikpe exploited insider information to purchase 18 million units of Fidelity Bank shares using bank funds. Fidelity Bank firmly refuted the allegations, stating that the MD/CEO used personal funds for the transaction and that the purchase was carried out within an open trading window declared by the Nigerian Exchange (NGX) following the release of the bank’s Q1 2025 unaudited financial statements on April 30, 2025.
The bank emphasised that the share acquisition adhered strictly to the Listing Rules of the NGX, as well as the Securities and Exchange Commission (SEC) regulations. Fidelity Bank also reiterated its internal Insider Trading Policy, which permits such transactions only during approved open trading periods.
In response to the allegations, the bank formally requested an independent review from the NGX. In a letter dated May 22, the NGX Regulation arm (NGX RegCo) confirmed that the transaction—executed on May 19, 2025—occurred within a valid open window and that there was no undisclosed price-sensitive information at the time.
“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 regulator stated.
Fidelity Bank has pledged to pursue all legal remedies available to counter what it deems a “sponsored campaign” aimed at damaging the reputation of its CEO and the institution. It also reassured shareholders and the public of its strong governance standards, profitability, and full compliance with local and international regulatory obligations.
“Fidelity Bank Plc remains one of the most capitalised and responsibly managed financial institutions in Nigeria today,” the statement concluded.
The bank urged stakeholders and the public to disregard the claims made by Sahara Reporters and reiterated its commitment to transparency, ethical conduct, and sustained investor confidence.
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