Fidelity Bank threatens legal action over ‘malicious publication’ about CEO share purchase

Fidelity Bank Plc has announced that it will take legal action against a “malicious and sponsored publication which alleges that its Managing Director and Chief Executive Officer, Dr. Onyeali-Ikpe, Nneka purchased 18,000,000 shares using bank funds.

Brands & Head of Communications announced the legal action in a statement dated May 23, 2025 and signed by bank. Mexley Nwagbo.

bank responded to what it considered to be a “misleading article published by a media outlet on May 21, 2025. The report accused

and its Managing Director/CEO of engaging in insider trading using material price-sensitive information for personal gain and using bank’s bank to purchase 18 million shares of the company’s stock. funds

described the report as “bank patently false allegations”. ’s response

Fidelity Bank According to

, the financial institution is a listed company regulated by the Nigerian Exchange Group (NGX) and is subject to the NGX Listing Rules and the regulations of the Securities and Exchange Commission (SEC). bank Nwagboh stressed that neither

• nor its Managing Director/CEO had engaged in insider trading. bank The official added that the Managing Director/CEO was referring to the purchase of shares from private sources as she had neither purchased shares from
• borrowed money, nor did it use its bank to purchase shares. funds “This transaction was conducted strictly in accordance with the Exchange Listing Rules and the Rules Governing Insider Trading of Listed Company Stocks.

“The transaction has been duly disclosed in accordance with the Listing Rules and announced on the NGX Trading Hall.

The statement said: “Similar transactions are made by insiders of various listed companies almost every day and are announced on the NGX Information Disclosure Portal.”

In addition to the rules and regulations of the US Securities and Exchange Commission (SEC) and NGX on insider trading, also emphasized that it has formulated an internal insider trading policy to ensure that its

• “insiders bank” and its “affiliates” only trade in the company’s shares when trading in the company’s securities is permitted (i.e. during open hours). assured that the source of the publication will be sued to protect the reputation of .

• The statement continued: “In addition, we will take all legal measures against these malicious and sponsored publications, which are clearly intended to defame the reputation of our Managing Director/CEO and damage the company’s reputation. ” bank Plc stressed that it remains a strong, profitable and responsible financial company. The institution is currently one of the most heavily capitalised institutions in Nigeria bank with international branches.

What you should know Nairametrics previously reported that

• Fidelity Bank Plc has completed the purchase of 18,000,000 shares by Dr. banks Onyeali-Ikpe announced.

This was disclosed in a directors’ securities transaction notice published on the Nigerian Stock Exchange on May 19, 2025 and signed by the company secretary, Ezinwa Unuigboje.

According to the announcement, the 18,000,000 shares were acquired at a price of N20.35 per share, bringing the total value of the acquisition to approximately N366.3 million. Fidelity Bank Following the acquisition, the total shareholding of Dr. Onyeali-Ikpe in Nneka has increased from 94,644,260 units to 112,644,260 units – 19.02%.

• Their shares now account for 29.03% of the directors’ total shareholding, up from 25.56% on December 31, 2024.
• The acquisition also appears to have boosted trading activity: on May 19, 2025,
• ’s shares traded the most on the Nigerian Stock Exchange, with 60.1 million units changing hands. Fidelity Bank The acquisition is likely to boost investor confidence, as it comes on the same day that
• denied a false bankruptcy claim, saying it was orchestrated by a media group to discredit and humiliate the institution.

On May 23, Fidelity Bank won the 2025 Nairametrics Capital Markets Choice Award for Most Improved Business of the Year

. bank..