Fidelity Bank Plc, one of Nigeria’s leading financial institutions, is currently enmeshed in a widening financial controversy that has triggered public concern and calls for urgent regulatory intervention.
The crisis, which has unsettled investors and depositors, revolves around an alleged ₦19 billion fraud involving Woobs Resources Limited, a development that has now placed the bank under close scrutiny from financial authorities and law enforcement agencies.
According to reports, a leaked audio published by Sahara Reporters captured a voice alleged to be that of the bank’s Managing Director, Mrs. Nneka Onyeali-Ikpe, claiming she had to “bail myself out” with ₦5 billion to avoid arrest.
Though the Nigeria Police later clarified that the payment was a “recognizance bond,” the revelation has heightened doubts about the bank’s internal governance and transparency.
The Federal Government has subsequently charged Fidelity Bank and several associates with conspiracy and money laundering.
While the Attorney General of the Federation (AGF) later amended the charge sheet to exclude Onyeali-Ikpe’s name, the bank remains a principal defendant in the ongoing case.
Investigations also revealed that ₦692 million belonging to Woobs Resources was allegedly transferred into a suspense account, with the company’s contact details reportedly deactivated, actions said to have occurred without judicial authorization.
Multiple Legal Battles and Financial Liabilities
The current controversy adds to Fidelity Bank’s growing list of legal and regulatory challenges, including:
- A ₦225 billion Supreme Court judgment in favor of Sagecom Concepts Ltd.
- A ₦10 billion lawsuit from Shago Payments (Alerzo Group) over alleged unauthorized deductions.
- A ₦555.8 million fine imposed by the Nigeria Data Protection Commission (NDPC) for data privacy violations.
- Over 65 active lawsuits valued at an estimated ₦11.7 billion, according to the bank’s 2023 financial statements.
Despite recording a ₦385 billion pre-tax profit in 2024, experts warn that these liabilities could place significant pressure on the bank’s capital adequacy and liquidity positions. Some analysts have raised concerns that internal settlements could potentially expose depositors’ funds.
Regulatory Silence and Public Anxiety
The Central Bank of Nigeria (CBN) is yet to issue an official statement, a development analysts fear could fuel speculation and anxiety within the banking sector. Similarly, the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX)—where Fidelity Bank is publicly listed—have come under pressure to ensure full disclosure and investor protection.
Civil society groups and economic observers are urging the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to thoroughly investigate possible illegal settlements or attempts to obstruct justice. Comparisons have already been drawn to past banking crises, including the collapse of Oceanic Bank under Cecilia Ibru.
A Test for Financial Governance
Analysts describe the Fidelity Bank saga as a litmus test for Nigeria’s financial regulatory architecture. They argue that transparency, accountability, and swift action are necessary to restore public confidence in the nation’s banking system.
Stakeholders are calling on the CBN to disclose Fidelity Bank’s actual financial position, the EFCC to clarify the alleged ₦5 billion “bail” claim, and the NDPC to enforce compliance with its privacy sanctions.
Efforts to obtain an official response from Fidelity Bank’s Corporate Communications Department were unsuccessful as of press time.
Source: NewsOnline Nigeria
Edited and Reformed by: Rimawa Global News Editorial Team
