AGF Explains Why Fraud Charges Against Fidelity Bank MD, Onyeali-Ikpe Were Withdrawn

The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has clarified why criminal charges filed against the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, were formally withdrawn from an ongoing fraud case.

In a statement on Monday, the AGF’s Special Assistant on Communication and Publicity, Kamarudeen Ogundele, said the decision followed a comprehensive legal review, which found no direct link between Onyeali-Ikpe and the alleged fraudulent account at the centre of the case.

The case, initially filed in February 2025 as Charge No: FHC/L/138C/2025, accused lawyer Victor Ukutt, Fidelity Bank Plc, and Whoba Ugwunna Ogo (reportedly at large), among others, of conspiring to unlawfully convert funds belonging to Woobs Resources Limited.

Onyeali-Ikpe had been listed as the third defendant. However, in an amended 10-count charge dated May 5, 2025, the Federal Government dropped her name and added Safiya Whoba instead.

“The Attorney General’s decision is a testament to the office’s commitment to upholding justice and fairness,” the AGF’s statement said.

It noted that Onyeali-Ikpe was neither the account officer nor the Managing Director of Fidelity Bank when the implicated account was opened.

Despite the withdrawal of charges against the bank’s MD, the Justice Ministry stressed that Fidelity Bank Plc remains a defendant in the suit and continues to face allegations of financial impropriety.

“This decision does not exculpate Fidelity Bank from the allegations contained in the charge. Rather, it demonstrates the Attorney General’s duty to ensure that innocent individuals are not unjustly prosecuted,” the statement added.

The earlier eight-count charge, filed by M.B. Abubakar, Director of Public Prosecutions, had named Dr. Onyeali-Ikpe in Counts 1, 2, and 8, accusing her and other defendants of conspiracy and violating provisions of the Money Laundering (Prohibition) Act, 2011 (as amended).

The case is being heard before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos.

The Justice Ministry said the withdrawal was based on Section 174 of the Constitution, which empowers the Attorney General to discontinue criminal proceedings in the interest of justice.

Count one read, “That you Victor Ukutt, Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, did conspire amongst yourselves to fraudulently convert an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited (a company registered under the Companies and Allied Matters Act) from the company’s account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud.”

In Count 2, Onyeali-Ikpe and the other defendants were accused of “conversion,” an offence under Sections 15(2)(b) and 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended).

The second count stated: “That you Victor Ukutt, Fidelity Bank Plc, Dr Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, with intent to defraud, converted an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited ( a company registered under the Companies and Allied Matters Act) from the company’s account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud.”

In Count 8, which is the third charge against her, the bank MD and Fidelity Bank are accused of “failing to apply the principle of Know Your Customer (KYC),” an offence under Section 37(1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024).

The charge alleged that the duo “knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorised transactions in the bank account of Woobs Resources Limited”.

However, in an amended 10-count charge, the current defendants in the case are Victor Ukutt, Esq., Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba, listed as the first to fourth defendants, respectively.

The amended charges allege that between 2011 and 2024, Victor Ukutt, Whoba Ugwunna Ogo, Safiya Whoba (now at large), and Fidelity Bank Plc engaged in multiple acts of fraud and money laundering involving Woobs Resources Limited’s accounts with Fidelity Bank.

One of the counts accuses the defendants of conspiring to convert over ₦19 billion belonging to Woobs Resources Limited, funds which they ought to have known were proceeds of unlawful activity.

Another charge claims that between 2011 and 2023, Ukutt and Ogo fraudulently converted approximately ₦504 million from the same accounts, while separate charges outline similar fraudulent conversions of ₦243 million.

The charges also include allegations of obtaining money by false pretence, forgery, and conspiring to defraud. For instance, Ukutt and Ogo are accused of forging a board resolution for Woobs Resources Limited in October 2011 to fraudulently alter the bank account mandate.

The alleged offences violate various sections of the Money Laundering (Prohibition) Act, 2011 (as amended), the Advanced Fee Fraud and Other Related Offences Act, 2006, and the Cybercrimes Act, 2015.

The statement of offence for the 7th count alleges that Fidelity Bank failed to conduct due diligence, in violation of Section 37 (1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.