The Transparency Network and Public Interest Initiative has formally petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN), urging both regulators to investigate allegations of insider dealing, concealed beneficial ownership and irregular accumulation of shares in Fidelity Bank Plc. The petition, dated September 25, 2026, was signed by the group's Convener, Dr. Ehizojie Emmanuel Anderson.
Petition Follows Report on Peter Obi's Alleged Stake Increase
The petition was prompted by a report published on September 25 alleging that some Fidelity Bank shareholders had raised concerns over an alleged attempt by former Anambra State Governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, to increase his interest in the bank through proxies and related entities. The group noted that these claims have not been established by any regulatory or judicial finding.
According to the group, the allegations warrant regulatory scrutiny because Fidelity Bank is a publicly listed deposit-taking institution whose ownership and corporate governance are subject to banking and capital-market regulations. The organisation stated that an investigation would help determine the true beneficial ownership of the shares in question and establish whether any applicable banking, securities or anti-money-laundering regulations had been breached.
Legal Framework and MD's Share Purchase Under Scrutiny
Under the Banks and Other Financial Institutions Act (BOFIA) 2020, a "significant shareholder" includes a person holding at least five per cent of a bank's shares, with provisions also covering certain related-party holdings. The petition also raised questions about share purchases by Fidelity Bank Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, including her acquisition of 18 million shares in May 2025 for approximately ₦366.3 million. Regulatory disclosures at the time showed that the shares were acquired at ₦20.35 each.
However, Fidelity Bank had strongly denied earlier allegations that the May 2025 transaction involved insider trading or the use of the bank's funds. In its response filed with the Nigerian Exchange, the bank said Onyeali-Ikpe purchased the shares from personal funds and that the transaction took place during an open trading window following the publication of Fidelity Bank's first-quarter 2025 unaudited financial statements.
Regulatory Clarifications and New Demands
NGX Regulation Limited also stated at the time that directors and other insiders became eligible to trade in the bank's securities after the Q1 financial statements were filed on April 30, 2025. It said the May 19 transaction occurred during an open trading window and that it was not aware of undisclosed price-sensitive information that should have prevented the trade.
Despite those earlier clarifications, the Transparency Network and Public Interest Initiative said the latest allegations concerning beneficial ownership and the alleged use of proxies warranted a separate examination. The group consequently asked the EFCC to investigate the sources of funds used for relevant share purchases and determine whether proxies, nominees, trustees, companies or other intermediaries were used to conceal the identity of any beneficial owner.
It also called on the CBN to conduct what it described as a special examination of Fidelity Bank's ownership structure, related-party exposures and compliance with applicable rules governing significant shareholders and changes in control. The organisation further urged the regulators to examine the bank's share register, Central Securities Clearing System records, relevant transaction documentation and other records that could establish the beneficial ownership of disputed holdings.
Call for Fair Investigation
Anderson said the investigation should be conducted fairly and without prejudice to any of the individuals or institutions named in the allegations. The group maintained that an independent regulatory investigation would either establish evidence of wrongdoing or clear those affected by the allegations, thereby protecting depositors, minority shareholders and confidence in the Nigerian financial system.
As of the filing of the petition, there was no indication in the material reviewed that the EFCC or CBN had reached any finding against Obi, Onyeali-Ikpe or Fidelity Bank over the latest allegations.
