The Nigerian Exchange Group (NGX) has confirmed that the acquisition of 18 million Fidelity Bank shares by its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, was carried out entirely in accordance with relevant rules and regulations.
In a correspondence from May 22, 2025, the regulatory body refuted claims of insider trading and improper use of banking resources for the deal with this statement: "After the submission of the Bank's 2025 First Quarter UFS on April 30, 2025, the Board members and other insiders at the Bank were permitted to engage in transactions involving the institution's securities following a waiting period of twenty-four (24) hours."
As such, the share acquisition mentioned by Sahara Reporters that took place on May 19, 2025, happened during a permissible trading period. The NGX RegCo has no knowledge of any significant undisclosed information regarding the bank that would prevent insiders from engaging in transactions involving the bank’s securities.
Subsequently, Fidelity Bank released a statement refuting the allegations, labeling them as unfounded, deceptive, and deliberately aimed at damaging the institution’s and its Managing Director/Chief Executive Officer’s credibility. The bank also emphasized that these claims were orchestrated to confuse investors and the broader public.
Authored by the Divisional Head of Brand and Communications at Fidelity Bank, Dr. Meksley Nwagboh, the statement was issued in response to an incorrect article that appeared on May 21, 2025. The bank felt obligated to address this misleading piece.
As a corporation listed with the Nigerian Stock Exchange (NGX) and governed by both the NGX Listing Rules and SEC regulations, we firmly affirm that neither the Bank nor its Managing Director/Chief Executive Officer have ever been involved in insider trading.
Dr. Nwagboh additionally stressed that the MD/CEO covered the cost of purchasing shares using personal funds rather than banking resources or loans. The declaration confirmed that this action strictly complied with the rules listed for publically traded entities as well as guidelines against insider trading.
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