The Nigerian Exchange Group (NGX) has officially cleared the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, of any wrongdoing in connection with her recent acquisition of 18 million units of the bank’s shares.
In a letter dated May 22, 2025, the NGX Regulatory Company (NGX RegCo) confirmed that the transaction was conducted within an open trading window and in full compliance with relevant listing rules and insider trading regulations. The regulatory body affirmed that there was no evidence to support allegations of insider trading or misuse of bank funds.
“Following the filing of the Bank’s 2025 Q1 Unaudited Financial Statements (UFS) on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours,” the NGX stated. “The share purchase transaction referenced by Sahara Reporters, which occurred on 19 May 2025, 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 such trades.”
The clarification follows media reports accusing Dr. Onyeali-Ikpe of engaging in insider trading and allegedly using bank funds to finance the share acquisition. In response, Fidelity Bank issued a statement categorically denying the claims.
Signed by the bank’s Divisional Head of Brand and Communications, Dr. Meksley Nwagboh, the statement described the reports as “false, misleading, and maliciously intended to tarnish the reputation of the bank and its MD/CEO.”
“As a publicly quoted company regulated by the NGX and subject to the Listing Rules of the NGX and the Securities and Exchange Commission (SEC), we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading,” the statement read.
Dr. Nwagboh also clarified that the share purchase was fully funded by Dr. Onyeali-Ikpe from personal resources and that no bank funds or loans were used for the transaction.
The bank reiterated its commitment to transparency, regulatory compliance, and sound corporate governance, emphasizing that it would continue to uphold the highest standards in all its operations.
The NGX’s confirmation is expected to reassure shareholders and market observers, as Fidelity Bank continues to solidify its reputation as one of Nigeria’s fastest-growing and best-performing financial institutions.