By Bayo Bernard
Fidelity Bank Plc has debunked reports that its Managing Director/ Chief Executive, Dr. Nneka Onyeali-Ikpe abused her position by allegedly involving in an insider trading over the 18 millions shares she acquired recently from the bank.
The commercial bank described the report by Sahara Reporter as patently false, misleading, and intended to malign its integrity and that of its Chief Executive Officer.
The rebuttal is contained in a statement issued by the bank and made available to the magazine on Saturday, titled “Share Purchase Transaction of the MD/CEO of Fidelity Bank Plc In Compliance With Regulatory Guidelines.”
Instructively, the Nigerian Exchange Limited, NGX has responded by giving the bank a clean bill on the allegation that its Chief Executive breached any rules by purchasing the shares.
The magazine reported that Dr Onyeali-Ikpe recently purchased 18 million shares of the bank valued at approximately ₦366 million, a move described by key stakeholders as her demonstration of leadership by example. Her action, according to keen stakeholders have further boosted investors confidence in the commercial bank.
The acquisition is not an isolated gesture, according to those keenly watching the bank. Between November 21 and 22, 2024, she purchased 15 million shares worth ₦239.4 million, and subsequently added another 10 million shares valued at ₦157.9 million on November 26 and 27, 2024. These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.
According to the lender, its Chief Executive was not involved in any insider trading by purchasing the shares, her action conformed with regulatory extant rules, and in tandem with happening in other quoted companies in the country, noting that the shares were funded using her personal funds and not the bank’s resources, considering that she did not, at any material time, take “a loan from the Bank, or used its funds to purchase the shares” as was reported by Sahara Reporters.
The bank further described the report published on May 21 by the online medium as not only false but “fabricated allegations”, saying the suggestion that the Managing Director took personal advantage of material price, sensitive information, to engage in insider trading is “blatantly false” and “misleading”.
The bank noted that the transaction was conducted strictly in accordance with the Listing Rules of the Nigerian Exchange, NGX, having been well advertised on its floor, adding that under its Insider Trading Policy, ITP, the bank ensures that its “Insiders” and their “Connected Persons” transact in the Company’s shares only when trading in its securities is permitted.
The bank further stated that the NGX has cleared Onyeali-ikpe and granted a clean bill after carrying out a thorough investigation over the issue.
The NGX had, in a response to the bank’s inquiry on whether its Chief Executive breached extant rules, said “the share purchase transaction referenced by Sahara Reporters which occurred on 19 May 2025 was transacted during an open trading window” and no insider abuse involved.
Below, the bank’s statement:
“We are constrained to respond to a patently false, misleading and malicious publication against Fidelity Bank Plc and its MD/CEO, Dr. Nneka Onyeali-Ikpe, by Sahara Reporters.
“The misleading article, which was published on May 21, 2025 contained fabricated information about the Bank and its MD/CEO including blatantly false allegations that our MD/CEO took personal advantage of material price sensitive information to engage in insider trading and used the Bank’s funds to purchase 18 million units of its shares.
“Based on the fact that Fidelity Bank Plc is a public quoted company regulated by the NGX and subject to the Listing Rules of the NGX as well as the Regulations issued by the Securities and Exchange Commission (SEC), we unequivocally confirm that:
“(a) Neither the Bank nor its MD/CEO has ever engaged in insider trading at any time.
“(b) The MD/CEO funded the referenced share purchase transaction (the transaction) 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 disclosed and published on the trading floor of the NGX in accordance with the Listing Rules.
“(e)Similar transactions are undertaken by the insiders of various public quoted companies virtually on a daily basis and published on the Disclosure Portal of the NGX.
“(f)In addition to the SEC and NGX Rules and Regulations on insider trading, the Bank has a documented 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 (i.e. Open Periods).
“In this regard, we confirm that the trading window for dealing in the Bank’s shares was declared open to insiders on May 4, 2025, sequel to 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 Bank’s shares until the trading window is declared closed, as required by extant regulations.
“Given the gravity of the false allegations in the malicious publication by Sahara Reporters, which were not only maliciously intended to impugn the hard-earned reputation of the Bank and its MD/CEO, but to also mislead the investment community and general public. We by a letter dated May 22, 2025, formally requested that the NGX carry out an independent review of the referenced share purchase transaction based on extant trading rules by insiders and revert with its findings.
“In response to our request for an independent review, the NGX by a letter dated May 22, 2025, confirmed unequivocally that:
‘Following the filing of the Bank’s 2025 Q1 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. Therefore, 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 trades on the securities of the Bank by insiders.’
“We believe that the above clarification by the NGX would be reassuring to the domestic and global investment community, our domestic and foreign regulators/counterparties and the general public, while ensuring sustained confidence in the operations of the Nigerian capital market.
“Fidelity Bank Plc remains a very strong, profitable and responsible financial institution and amongst the most capitalized banks in Nigeria today with international operations.
“As a responsible financial organization with a history of strong corporate governance standards, we wish to assure all our customers and stakeholders of our unwavering commitment to upholding the highest level of ethical standards in all our dealings.
“Furthermore, we shall pursue all legal remedies available to us in relation to these malicious and sponsored publications which were clearly intended to defame the character of our Managing Director/CEO and cause reputational damage to the institution.”
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