NGX Clears Fidelity Bank CEO of Insider Trading Allegations

NGX Clears Fidelity Bank CEO of Insider Trading Allegations

The Nigerian Exchange Group (NGX) has cleared the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, of any wrongdoing following recent allegations of insider trading linked to her acquisition of 18 million shares in the bank.

In an official letter dated May 22, 2025, NGX Regulation Limited (NGX RegCo) confirmed that the transaction adhered strictly to regulatory guidelines. According to the exchange, Dr. Onyeali-Ikpe’s share purchase on May 19, 2025, occurred during an open trading window—following the bank’s filing of its Q1 2025 Unaudited Financial Statement on April 30. NGX RegCo stated that no undisclosed, price-sensitive information existed at the time of the trade that would restrict insider transactions.

"The share purchase transaction referenced by Sahara Reporters 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 regulatory body clarified.

In response to the allegations, Fidelity Bank issued a strongly worded statement, describing the claims as "false, misleading, and maliciously intended to damage the reputation of the bank and its CEO." The statement, signed by the bank’s Divisional Head of Brand and Communications, Dr. Meksley Nwagboh, emphasized that the CEO personally funded the share acquisition without using bank resources or taking out a loan.

"As a publicly quoted company regulated by the NGX and the Securities and Exchange Commission (SEC), we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading," the statement read.

Dr. Nwagboh reiterated Fidelity Bank’s commitment to transparency, corporate governance, and strict compliance with all regulatory requirements.

The bank said it was compelled to respond to the report published by Sahara Reporters on May 21, 2025, which it accused of deliberately misleading the investing public and tarnishing the image of its leadership.

The NGX's confirmation is expected to restore investor confidence and put to rest the controversy surrounding the transaction.