Fidelity Bank Plc has reacted to a news report that its chief executive, Mrs Nneka Onyeali-Ikpe, was involved in an insider trading after acquiring additional shares of the bank on Monday, May 19, 2025.
An online news platform had claimed that Mrs Onyeali-Ikpe violated one of the listing rules of the Nigerian Exchange (NGX) Limited with the acquisition of fresh 18 million equities of the company.
In a notice to the exchange, the lender described the report as “patently false, misleading and malicious,” clarifying that Mrs Onyeali-Ikpe did not take “personal advantage of material price sensitive information to engage in insider trading” as being alleged.
The bank claimed that the “malicious publication” was to impugn the hard-earned reputation of its CEO and mislead the investing community.
It stated to show transparency and accountability, it requested an independent review of the transaction by the NGX. From its findings, the stock exchange cleared the company and Mrs Onyeali-Ikpe of any wrongdoing.
In a letter dated May 22, 2025, the regulator dismissed allegations of insider trading and the misuse of bank funds for the transaction, saying, “Following the filing of the bank’s 2025 Q1 UFS on April 30, 2025, the directors and other insiders of the bank became eligible to trade on the securities of the bank after 24 hours.
“Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on May 19, 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.”
The Divisional Head of Brand and Communications for Fidelity Bank, Mr Meksley Nwagboh, in a statement, also disclosed that, “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) regulations, we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading.”
He also stressed that Mrs Onyeali-Ikpe personally funded the share purchase and did not utilize bank funds or take a loan for the share purchase, reaffirming that the deal was conducted in strict adherence to the Listing Rules and insider trading regulations governing publicly traded companies.