The Nigerian Exchange Group (NGX) has formally dismissed allegations of insider trading levelled against Fidelity Bank’s Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, following her recent acquisition of 18 million units of the bank’s shares.
A regulatory letter dated 22 May 2025 confirmed that the transaction was executed in full compliance with established rules.
The NGX clarified that following the bank’s filing of its first-quarter unaudited financial statements on 30 April 2025, insiders were permitted to trade its securities after the statutory 24-hour window.
It affirmed that the 19 May transaction occurred within an open trading period and that there was no undisclosed price-sensitive information that would have restricted such trades by insiders.
Fidelity Bank addressed the accusations in a strongly worded statement, describing them as false, misleading, and malicious.
The bank accused the publication responsible for the claims of attempting to damage the reputation of both the institution and its CEO while misleading the public and investors.
The bank’s Divisional Head of Brand and Communications, Dr Meksley Nwagboh, stated that Fidelity was compelled to respond due to the seriousness of the report published on 21 May.
The statement firmly denied any breach of insider trading laws, reiterating that Fidelity Bank and its CEO have always operated in accordance with the Nigerian Exchange’s Listing Rules and the regulations of the Securities and Exchange Commission.
Dr Nwagboh further clarified that the MD/CEO personally funded the share purchase without drawing on bank resources or securing any form of loan.
The bank emphasised that the share acquisition adhered strictly to all regulatory requirements governing transactions by insiders of publicly quoted companies.
