Fidelity Bank
We are constrained to respond to a patently false, misleading and malicious publication against Fidelity Bank Plc and its MD/CEO, Dr. Nneka Onyeali-Ikpe, by Sahara Reporters.
The misleading article, which was published on May 21, 2025 contained fabricated information about the Bank and its MD/CEO including blatantly false allegations that our MD/CEO took personal advantage of material price sensitive information to engage in insider trading and used the Bank’s funds to purchase 18 million units of its shares.
Based on the fact that Fidelity Bank Plc is a public quoted company regulated by the NGX and subject to the Listing Rules of the NGX as well as the Regulations issued by the Securities and Exchange Commission (SEC), we unequivocally confirm that:
(a) Neither the Bank nor its MD/CEO has ever engaged in insider trading at any time.
(b) The MD/CEO funded the referenced share purchase transaction (the transaction) from personal sources. She neither took a loan from the Bank nor used its funds to purchase the shares.
(c) The transaction was conducted strictly in accordance with the Listing Rules of the Exchange and the regulations guiding insiders’ dealings in the shares of public quoted companies.
(d) The transaction was duly disclosed and published on the trading floor of the NGX in accordance with the Listing Rules.
(e) Similar transactions are undertaken by the insiders of various public quoted companies virtually on a daily basis and published on the Disclosure Portal of the NGX.
(f) In addition to the SEC and NGX Rules and Regulations on insider trading, the Bank has a documented internal Insider Trading Policy that ensures that its “Insiders” and their “Connected Persons” transact in the Company’s shares only when trading in its securities is permitted (i.e. Open Periods).
In this regard, we confirm that the trading window for dealing in the Bank’s shares was declared open to insiders on May 4, 2025, sequel to publication of its Q1 2025 unaudited accounts on the trading floor of the Exchange on April 30, 2025.
(g) The trading window for insiders to deal in the Bank’s shares remains open. We shall continue to publish details of their dealings in the Bank’s shares until the trading window is declared closed, as required by extant regulations.
Given the gravity of the false allegations in the malicious publication by Sahara Reporters, which were not only maliciously intended to impugn the hard-earned reputation of the Bank and its MD/CEO, but to also mislead the investment community and general public. We by a letter dated May 22, 2025, formally requested that the NGX carry out an independent review of the referenced share purchase transaction based on extant trading rules by insiders and revert with its findings.
In response to our request for an independent review, the NGX by a letter dated May 22, 2025, confirmed unequivocally that:
“Following the filing of the Bank’s 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours. Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on 19 May 2025 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.”
We believe that the above clarification by the NGX would be reassuring to the domestic and global investment community, our domestic and foreign regulators/counterparties and the general public, while ensuring sustained confidence in the operations of the Nigerian capital market.
Fidelity Bank Plc remains a very strong, profitable and responsible financial institution and amongst the most capitalized banks in Nigeria today with international operations.
As a responsible financial organization with a history of strong corporate governance standards, we wish to assure all our customers and stakeholders of our unwavering commitment to upholding the highest level of ethical standards in all our dealings.
Furthermore, we shall pursue all legal remedies available to us in relation to these malicious and sponsored publications which were clearly intended to defame the character of our Managing Director/CEO and cause reputational damage to the institution.
