Firstsitenews-The Nigerian Exchange Group (NGX) has cleared Fidelity Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, of any wrongdoing regarding her recent acquisition of 18 million Fidelity Bank shares.
In a letter dated May 22, 2025, the NGX confirmed that the transaction complied fully with all regulatory requirements. Addressing claims made by Sahara Reporters, the NGX stated: “Following the filing of the Bank’s Q1 2025 Unaudited Financial Statements on April 30, directors and insiders became eligible to trade the bank’s securities after a 24-hour period. Therefore, the share purchase on May 19, 2025, occurred within an open trading window.”
The regulatory body also noted that it was unaware of any undisclosed, price-sensitive information that would restrict insider trading at that time.
In response to the allegations, Fidelity Bank released an official statement condemning the claims as false, misleading, and a deliberate attempt to damage the reputations of the bank and its CEO, as well as to misinform the public and investors.
The statement, signed by Dr. Meksley Nwagboh, Divisional Head of Brand and Communications, clarified that the article published on May 21, 2025, contained inaccuracies that needed to be corrected.
“As a publicly listed company regulated by both the NGX and the Securities and Exchange Commission (SEC), we affirm that neither the Bank nor its MD/CEO has ever been involved in insider trading,” the statement read.
Dr. Nwagboh further confirmed that the share acquisition was personally financed by Dr. Onyeali-Ikpe and was not funded through bank resources or loans.
Fidelity Bank reiterated that the transaction was conducted in full compliance with all applicable listing and insider trading rules.
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