Fidelity Bank Refutes Insider Trading Claims, Calls Media Reports Unfounded, Malicious

Fidelity Bank Plc has refuted the allegations published by a media organisation on May 21, 2025, accusing the Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, of engaging in insider trading.

In a formal statement released to NGX Regulation Limited (NGX) and the public, the bank described the publication as “false, misleading, and malicious,” stating that the report contained fabricated claims aimed at discrediting the institution and its leadership.

Specifically, the Bank condemned the allegation that Dr. Onyeali-Ikpe leveraged material non-public information to acquire 18 million units of Fidelity Bank shares using the Bank’s funds.

According to the notification signed by Ezinwa Unuigboje, the company secretary, the bank confirms that:

a. Neither the Bank nor its MD/CEO engaged in insider trading at any time

b. The MD/CEO funded the share purchase from personal sources. She neither took a loan from the bank nor used its funds to purchase the shares.

c. The transaction was conducted strictly in accordance with the Listing Rules of the Exchange and the regulations guiding insiders’ dealings in the shares of public quoted companies

d. The transaction was duly published on the Disclosure Portal of the NGX in accordance with the Listing Rules

e. Similar transactions are undertaken by the insiders of various publicly quoted companies virtually daily and published on the NGX’s Disclosure Portal.

f. In addition to the SEC and NGX Rules and Regulations, the bank has a formal internal Insider Trading Policy that ensures that its “Insiders” and their “Connected Persons” transact in the Company’s shares only when trading in its securities is permitted

In this regard, we confirm that the trading window for dealing in the bank’s shares was declared open to insiders on May 5, 2025, following the publication of its Q1 2025 unaudited accounts on the trading floor of the Exchange on April 30, 2025.

g. The trading window for insiders to deal in the Bank’s shares remains open. We shall continue to publish details of their dealings in the company’s shares until the trading window is declared closed as required by extant regulations.

Fidelity Bank assured stakeholders that it is taking appropriate steps to address the publication and protect its reputation and that of its executives.