The Nigerian Exchange Group (NGX) has officially confirmed that the recent purchase of 18 million units of Fidelity Bank shares by the bank’s Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, was carried out in full compliance with regulatory guidelines.
In a letter dated May 22, 2025, NGX dismissed allegations of insider trading and improper use of bank funds. The regulator stated:
“Following the filing of the Bank’s 2025 Q1 Unaudited Financial Statements on 30 April 2025, directors and other insiders became eligible to trade the bank’s securities after 24 hours. Therefore, the share purchase transaction referenced by Sahara Reporters, which occurred on 19 May 2025, was executed during an open trading window. NGX RegCo is not aware of any undisclosed, price-sensitive information that should have prevented the transaction.”
In response to the report published by Sahara Reporters on May 21, 2025, Fidelity Bank issued a firm rebuttal, categorizing the claims as false, misleading, and malicious. The statement was signed by Dr. Meksley Nwagboh, Divisional Head of Brand and Communications.
“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 also clarified that the MD/CEO personally funded the transaction, using no bank funds or loans. The bank reaffirmed that all actions were in line with NGX Listing Rules and insider trading regulations.
