Nneka Onyeali-Ikpe’s Fidelity Bank scandal has deepened as EFCC and CBN face pressure to intervene.
NewsOnline Nigeria reports that Fidelity Bank Plc, once celebrated under the leadership of Managing Director Nneka Onyeali-Ikpe, is now at the centre of a growing financial scandal that has shaken confidence in Nigeria’s banking sector.
Mounting allegations of fraud, regulatory breaches, and multi-billion-naira liabilities have sparked fears among depositors and investors, with increasing calls for urgent intervention by the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
At the heart of the controversy is a ₦19 billion fraud probe involving Woobs Resources Limited. In a leaked audio published by Sahara Reporters, a voice alleged to be that of Onyeali-Ikpe claimed she “had to bail myself out” with ₦5 billion to avoid arrest. Although police later described the payment as a “recognizance bond,” the statement has rattled financial analysts and customers, raising questions about governance within the bank.
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The Federal Government has charged Fidelity Bank and several associates with conspiracy and money laundering. While the Attorney General of the Federation (AGF) later amended the suit to remove Onyeali-Ikpe’s name, the bank remains a defendant in the ongoing case. In a police statement, Onyeali-Ikpe admitted that ₦692 million belonging to Woobs was moved into a suspense account and its contact details deactivated, actions taken without a court order.
Beyond Woobs, the bank is battling several high-value legal disputes and penalties:
A ₦225 billion Supreme Court judgment in favour of Sagecom Concepts Ltd.
A ₦10 billion lawsuit from Shago Payments (Alerzo Group) over alleged unauthorised deductions.
A ₦555.8 million fine from the Nigeria Data Protection Commission (NDPC) for data breaches.
More than 65 active lawsuits worth an estimated ₦11.7 billion, according to Fidelity’s 2023 financials.
Experts warn that despite posting a ₦385 billion pre-tax profit in 2024, the combination of these liabilities could strain Fidelity’s capital adequacy and liquidity. If legal settlements are being drawn from bank resources, depositors’ funds may be indirectly at risk.
So far, the CBN has remained silent, a move some analysts say could deepen public anxiety. The Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX), where Fidelity’s shares are listed also face mounting pressure to ensure proper disclosure of the allegations and ongoing investigations.
Calls are growing for the EFCC and ICPC to investigate whether any unlawful settlements or payments were made to obstruct probes.
Observers note similarities to past banking scandals, including the Oceanic Bank collapse under Cecilia Ibru, which also involved governance failures at the highest level.
As the crisis unfolds, industry stakeholders insist that transparency is now critical. The CBN must confirm the bank’s financial health, the EFCC must clarify the ₦5 billion “bail” claims, and the NDPC must ensure compliance with its sanctions.
For Nigeria’s regulators, Fidelity Bank’s troubles are more than a corporate scandal, they represent a test of confidence in the nation’s financial system and its commitment to protecting depositors and investors.
Several attempts to obtain a response from Fidelity Bank’s Corporate Communications team proved abortive as of press time.
