The Nigerian Exchange Group (NGX) has come out to confirm that the MD/CEO of Fidelity Bank PLC did not engage in any insider trading. Apparently, the purchase of 18 million units of Fidelity Bank shares by Dr. Nneka Onyeali-Ikpe was all above board and in line with the rules. The regulator issued a letter on May 22, 2025, clearing the air on the matter. They stated that the transaction took place during an open trading window and there was no sensitive information that would have hindered the trade.
Fidelity Bank has also released a statement addressing the allegations made against them and their MD/CEO. The accusations were deemed false, misleading, and a malicious attempt to damage the bank’s reputation. Dr. Meksley Nwagboh, the Divisional Head of Brand and Communications at Fidelity Bank, clarified that the bank had to respond to the erroneous article published on May 21, 2025. He emphasized that the bank and its MD/CEO have never been involved in insider trading. The statement also highlighted that Dr. Nneka Onyeali-Ikpe used her personal funds for the share purchase and did not take any money from the bank or borrow to make the transaction.
The whole saga seems to have arisen from a misunderstanding or misinterpretation of the situation. The NGX’s confirmation should put any doubts to rest about the legitimacy of the share purchase. It’s important to note that publicly traded companies like Fidelity Bank are closely regulated by the NGX and SEC, so any allegations of wrongdoing can have serious consequences. Hopefully, this clarification will help set the record straight and restore trust in both the bank and its leadership. Not really sure why this matters, but it’s good to know that everything was done by the book.
