The Nigerian government has officially removed Dr. Nneka C. Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, from an ongoing high-profile criminal case involving allegations of the unlawful conversion of ₦19 billion. The case, which initially named Onyeali-Ikpe as a co-defendant, centers around claims of massive fraud and money laundering tied to the accounts of Woobs Resources Limited.

Federal Government Amends Charges, Drops MD’s Name

The criminal case—filed by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN)—was initiated in February 2025 at the Federal High Court in Lagos. Originally, the government arraigned four defendants: Victor Ukutt (a lawyer), Fidelity Bank Plc, Whoba Ugwunna Ogo (reported to be on the run), and Dr. Onyeali-Ikpe, who was listed as the third defendant in Charge No: FHC/L/138C/2025.

However, in a revised 10-count charge submitted on May 5, 2025, the government withdrew Onyeali-Ikpe’s name and replaced her with another defendant, Safiya Whoba. This amendment, according to legal insiders, suggests the government may no longer consider the Fidelity Bank MD criminally liable in the case—at least at this stage.

The updated list of defendants now includes Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba, named as the first through fourth defendants respectively.

Original Allegations Against Onyeali-Ikpe and Others

Before her removal, Dr. Onyeali-Ikpe faced three separate charges, including conspiracy, conversion of ₦19 billion, and failure to comply with the Know Your Customer (KYC) regulatory standard.

Count One accused her, along with the other defendants, of conspiring to fraudulently convert funds from Woobs Resources Limited between 2011 and 2023. The prosecution stated the ₦19 billion in question was deposited in Fidelity Bank accounts and allegedly misappropriated.

Count Two expanded on these claims, charging Onyeali-Ikpe and others with direct fraudulent conversion of the funds, which prosecutors say were proceeds of unlawful activity, including theft.

Count Eight, a separate offense, charged the bank MD and Fidelity Bank with violating the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024), by failing to verify the identities of individuals conducting unauthorized transactions in Woobs Resources Limited’s accounts.

Amended Charges Detail Wider Alleged Conspiracy

While Onyeali-Ikpe’s name has been removed, the government’s case continues against the remaining defendants. The updated charges allege that from 2011 to 2024, the four defendants engaged in various fraudulent financial operations targeting the accounts of Woobs Resources Limited.

One charge claims that the defendants conspired to convert over ₦19 billion belonging to the company—money they should have known was from illicit sources.

Another charge says that Victor Ukutt and Whoba Ugwunna Ogo fraudulently diverted about ₦504 million from the same accounts. Other counts detail additional suspicious transactions involving ₦243 million, all allegedly executed through fraudulent schemes and misrepresentations.

Furthermore, the defendants are accused of forging corporate documents, including a board resolution for Woobs Resources Limited, to unlawfully alter account mandates and facilitate fraudulent access.

The charges cite multiple legal frameworks, including the Money Laundering (Prohibition) Act (2011, as amended), the Advanced Fee Fraud and Other Related Offences Act (2006), and the Cybercrimes Act (2015, as amended in 2024).

Fidelity Bank Also Accused of Due Diligence Lapses

Fidelity Bank Plc, though still a defendant, faces criticism for allegedly failing to exercise due diligence over more than a decade. One charge says the bank “knowingly and fraudulently” failed to verify the identities of individuals behind suspicious transactions in Woobs Resources Limited’s accounts.

According to prosecutors, the bank ignored multiple warnings from Mr. James Onyemenam, CEO and majority shareholder of Woobs Resources Limited. In letters dated October 25 and November 17, 2011, Onyemenam reportedly alerted Fidelity Bank about efforts to fraudulently alter his company’s account mandate.

Despite these red flags, the bank allegedly allowed the fraudulent transactions to continue, facilitating the theft of ₦19 billion across multiple accounts: 4010020172, 4010779717, and 4011072415.

Insider Trading Allegations Against Bank MD Raise New Questions

Even though the criminal fraud charges against Onyeali-Ikpe have been dropped, she now faces separate scrutiny over alleged insider trading involving Fidelity Bank shares.

In May 2025, a report claimed the MD personally acquired 18 million shares of Fidelity Bank at a price of ₦20.25 each, sparking ethical and legal concerns about the timing and motivation behind the purchase.

According to SaharaReporters, which first broke the story, the acquisition happened amid mounting pressure on Fidelity Bank following a Supreme Court ruling that upheld a ₦225 billion judgment debt against the bank. The liability stems from a longstanding dispute with Sagecom Concept Limited over a financial obligation dating back to the defunct FSB International Bank.

The judgment debt has reportedly ballooned due to compounded daily interest of 19.5 percent per annum. As of May 20, 2025, the obligation stood at approximately $139.36 million or ₦224.5 billion at the prevailing exchange rate—far exceeding Fidelity Bank’s publicly acknowledged liability of ₦14 billion.

Critics allege that the share purchase was an attempt by the MD to prop up the bank’s image and falsely project confidence in its financial health to investors and regulators.

One source familiar with the situation told SaharaReporters, “The MD of Fidelity Bank on Tuesday used bank funds to purchase 18 million shares at ₦20.25 per share,” suggesting the transaction may not have been entirely private.

Fidelity Bank Responds: Purchase Made with Personal Funds

In response to the controversy, Fidelity Bank’s Divisional Head of Brand and Communications, Meksley Nwagboh, defended Dr. Onyeali-Ikpe’s decision to buy the shares.

He said the MD used her personal funds and characterized the move as a show of faith in the bank’s future.

“As the person at the helm of affairs of the bank, the MD has shown faith in the bank by purchasing 18 million shares of the bank with her personal funds,” Nwagboh said. “I think this gesture of the MD shows her belief in the long-term viability of the bank and is highly commendable.”

Bank Seeks Clarification on Supreme Court Judgment

Meanwhile, Fidelity Bank is pursuing legal clarification of the Supreme Court’s judgment. The bank insists the original liability is closer to ₦14 billion and says it is working with Sagecom’s legal team to structure a repayment plan.

“The bank has applied to the Court for clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G. Cappa and the Bank,” Nwagboh said.

What This Means Going Forward

While Dr. Onyeali-Ikpe may have escaped criminal prosecution in the current case, her legal and ethical standing remains under intense scrutiny. The insider trading allegations, if substantiated, could trigger regulatory actions from the Securities and Exchange Commission (SEC) and lead to reputational damage for both her and the bank.

Simultaneously, Fidelity Bank must address the fallout from the ₦225 billion judgment and restore investor confidence amid doubts about its corporate governance practices.

For now, the focus shifts back to the Federal High Court, where the remaining defendants still face a long and complex legal battle over one of the most significant alleged financial frauds in recent Nigerian history.