EXCLUSIVE: Fidelity Bank MD Engages In Insider Trading Amid N225Billion Court Judgment Pressure –Sources
The Managing Director and Chief Executive Officer (MD/CEO) of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, is reportedly engaged in insider purchasing and selling by purchasing 18 million shares of the monetary institution at N20.25 per fragment, elevating severe moral and simply questions.
Insider purchasing and selling, the illegal observe of purchasing and selling securities essentially essentially based mostly on confidential, non-public info, is a grave offence in monetary markets.
For a monetary institution MD, who has privileged ranking accurate of entry to to pretty info referring to the monetary institution’s monetary site, mergers, or regulatory factors, such actions would possibly possibly quantity to a severe breach of have faith and company governance requirements.
Sources issue that the transfer to buy shares comes as Fidelity Bank faces immense drive following a recent Supreme Courtroom ruling.
“As a result of the drive of the court docket ruling, Fidelity Bank has begun increasing the affect that their shares are solid in an attempt to fool the public,” one among the sources said.
“The MD of Fidelity Bank on Tuesday former monetary institution funds to buy 18 million shares at N20.25 per fragment.”
The apex court docket upheld a ₦225 billion judgment debt towards the monetary institution in favour of Ibadan-essentially essentially based mostly Sagecom Concept Small, a authorized responsibility a long way exceeding the monetary institution’s reported ₦14 billion reveal.
The judgment debt, originating from a credit ranking dispute tied to the now-defunct FSB Global Bank, has ballooned in consequence of compounded each day interest of 19.5 p.c each and each year.
As of Could well 20, 2025, the quantity owed had risen to approximately $139.36 million (₦224.5 billion) at prevailing alternate rates.
Per the judgment, Fidelity Bank has reportedly attempted to project an image of financial energy to the market by orchestrating indispensable fragment purchases—actions critics characterize as an effort to lie to traders and the public referring to the monetary institution’s accurate site.
An announcement from Fidelity Bank’s Divisional Head of Imprint and Communications, Meksley Nwagboh, acknowledged the court docket ruling and confirmed ongoing talks with Sagecom’s simply team to location up a structured repayment blueprint.
The monetary institution insists that its authorized responsibility is closer to ₦14 billion and expressed commitment to complying with the Supreme Courtroom yelp.
“Despite the proven reality that the 2018 alternate price supported by the Supreme Courtroom is applied, the judgment debt will like minded be underneath N30.7 billion payable by G.Cappa Plc (who delayed supply of possession of the flats from 2005 till June 2018 when possession used to be in the end delivered) with contribution from the Bank,” a commentary from the monetary institution said.
The monetary institution confirmed that it “has applied to the Courtroom for a clarification and inquiry into the honest interpretation of the judgment and the computation of the particular quantum successfully and lawfully payable by G. Cappa and the Bank”.
Reacting to the be pleased of the shares, the monetary institution’s Divisional Head of Imprint and Communications, Meksley Nwagboh, said Onyeali-Ikpe bought the shares on fable of she believed within the monetary institution.
“Because the particular person at the helm of affairs of the monetary institution, the MD has shown religion within the monetary institution by purchasing 18 million shares of the monetary institution along with her private funds,” he said.
“I mediate this gesture of the MD reveals her belief within the lengthy-term viability of the monetary institution and is very commendable.”
Background
The dispute dates support to 2002 when FSB Global Bank granted a $3 million mortgage to G. Cappa Plc, secured by a mortgage on a property in Ikoyi, Lagos.
In its abridged prospectus dated June 5, 2024, issued for a public offering by manner of a proposal for subscription of 10 billion fashioned shares of fifty kobo every at ₦9.75 per fragment, Fidelity Bank disclosed that it used to be “currently all in favour of sixty-eight (68) cases as of 31 January 2024.”
The monetary institution additional said: “Of the sixty-eight (68) cases listed within the schedule, the Solicitors to the Transaction known twenty-four (24) case info maintained by the Bank (comprising copies of court docket processes) that fall within or above the materiality threshold.
“Of these twenty-four (24) cases, the Bank is the claimant in four (4). In a single (1) of these four, the Bank will doubtless be the defendant to a counterclaim. The Bank is the defendant in seventeen (17) cases filed towards it by numerous folk and organisations. Out of these seventeen (17), the Bank has filed counterclaims in five (5). Moreover, the Bank is the appellant in three (3) cases the place judgment has beforehand been delivered towards it.”
It claimed that the “complete monetary sum within the Three (3) cases wherein judgment used to be delivered towards the Bank is ₦150,000,000.00 (One Hundred and Fifty Million Naira) and USD$633,750 (Six Hundred and Thirty-Three Thousand, Seven Hundred and Fifty United States Bucks) with the exception of for interests, which can per chance possibly discover on the judgment sum till identical is finally liquidated.”
As of Could well 20, 2025, $633,750 used to be valued at ₦1,020,952,237.50 using the alternate price of ₦1,610.97 per buck, a pick that falls severely wanting the approximately ₦225 billion claimed.
Fidelity Bank Plc made the same representations referring to its liabilities in its 2024 Annual Story, which received the approval of the Central Bank of Nigeria.
Meanwhile, the Lagos court docket awarded indispensable particular damages in favour of Sagecom Nigeria Small, the claimant in a chronic simply fight over a multi-unit residential property comprising several flats and two penthouses at No. 25, Probyn Road, Ikoyi, Lagos.
In its ruling, the court docket directed the second defendant, G. Cappa Plc, and the first defendant, Fidelity Bank Plc, to collectively and severally pay compensation to Sagecom for lost condominium profits. The awarded portions were sure essentially essentially based mostly on the annual condominium tag of each and each unit, denominated in U.S. greenbacks or its the same in Naira at the prevailing Central Bank of Nigeria (CBN) alternate price at the time of payment.
The court docket’s evaluate of damages took into fable the explicit condominium values and the dates on which the losses were deemed to be pleased commenced—ranging from November 2005 to December 2006 for different items. Up till June 20, 2011, authorized responsibility used to be assigned entirely to G. Cappa Plc.
On the other hand, from June 21, 2011 onward, each and each G. Cappa and Fidelity Bank Plc were held collectively and severally responsible. That authorized responsibility stays in site till Sagecom either regains possession of the property or the long-established 25-three hundred and sixty five days rent—granted to G. Cappa by NEPA in January 2001—expires, whichever comes first.
The annual condominium values for the items ranged from $30,000 to $67,500 every. Namely, Flat 5 used to be valued at $30,000 per three hundred and sixty five days; Flats 2 and 8 at $33,750; Flat 9 at $56,250; Flats 1, 3, 4, and 6 at $60,000; Flats 7 and 10 at $52,500; and each and each penthouses at $67,500 every. These portions are payable in U.S. greenbacks or their Naira the same, calculated at the Central Bank of Nigeria’s decent alternate price on the payment date.
The court docket’s ruling compensates Sagecom for the extended length for the length of which it used to be denied condominium profits following the 2005 be pleased of the property—a transaction later deemed to be pleased breached an existing court docket injunction.
Damages are calculated from every unit’s respective launch up date till Sagecom either regains possession or the 25-three hundred and sixty five days rent, which began on January 1, 2001, expires—whichever occurs first.
Additionally, the court docket ordered that interest on the awarded annual condominium values accrues at a fashioned compounded price of 19.5% each and each year, initiating from every annual due date till stout payment is made.
Per an intensive breakdown received by SaharaReporters from told sources as of Tuesday, Could well 20, 2025, accrued portions stand at $13,845,911.35 for Flat 1; $7,788,325.14 for Flat 2; $11,961,284.38 for Flat 3; $11,120,630.09 for Flat 4; $6,092,359.64 for Flat 5; $12,401,291.16 for Flat 6; $12,115,172.43 for Flat 7; $7,788,325.14 for Flat 8; $12,980,541.89 for Flat 9; $12,115,172.43 for Flat 10; $15,576,650.27 for Penthouse 1; and $15,576,650.27 for Penthouse 2.
In complete, these portions add as much as $139,362,314.19, the same to approximately ₦224,508,507,297.70 at one more price of ₦1,610.97 per buck.
Below is a breakdown of the court docket’s award:
Awarded Annual Condo Values (Per Unit):
Flat 1
US$60,000/three hundred and sixty five days
From November 25, 2005 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants, till Sagecom regains possession or rent expires.
Flat 2
US$33,750/three hundred and sixty five days
Linked effective dates and conditions as Flat 1.
Flat 3
US$60,000/three hundred and sixty five days
From August 1, 2006 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
Flat 4
US$60,000/three hundred and sixty five days
From December 1, 2006 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
Flat 5
US$30,000/three hundred and sixty five days
From July 1, 2006 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
Flat 6
US$60,000/three hundred and sixty five days
From June 1, 2006 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
Flat 7
US$52,500/three hundred and sixty five days
From November 25, 2005 to June 20, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
Flat 8
US$33,750/three hundred and sixty five days
Linked effective dates and conditions as Flat 7.
Flat 9
US$56,250/three hundred and sixty five days
Linked effective dates and conditions as Flat 7.
Flat 10
US$52,500/three hundred and sixty five days
Linked effective dates and conditions as Flat 7.
Penthouse 1
US$67,500/three hundred and sixty five days
Linked effective dates and conditions as Flat 7.
Penthouse 2
US$67,500/three hundred and sixty five days
From November 25, 2005 to June 21, 2011: In opposition to G. Cappa finest
From June 21, 2011 onwards: In opposition to each and each defendants.
