The Nigerian Exchange Group (NGX) has affirmed that the recent purchase of 18 million units of Fidelity Bank shares by its Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, was conducted in full compliance with applicable regulations, thrashing the notion of an insider trading.
In a letter dated May 22, 2025, the regulator dismissed allegations of insider trading and the misuse of bank funds for the transaction by Dr. Onyeali-Ikpe.
It stated: “….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.”
Fidelity Bank has subsequently issued a statement addressing the accusations, categorising them as false, misleading, and maliciously intended to tarnish the reputation of both the bank and its MD/CEO, as well as to mislead the investment community and the general public.
Signed by the bank’s Divisional Head of Brand and Communications, Dr. Meksley Nwagboh, the statement clarified that Fidelity Bank was compelled to respond to the erroneous article published on May 21, 2025.
It said: “As a publicly quoted company regulated by the NGX and subject to the Listing Rules of the NGX and the Securities and Exchange Commission (SEC) regulations, we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading.”
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Dr. Nwagboh further emphasised that the MD/CEO personally funded the share purchase and did not utilise bank funds or take a loan for the transaction.
The statement reaffirmed that the transaction was conducted in strict adherence to the Listing Rules and insider trading regulations governing publicly traded companies.
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