Business
Onyeali-Ikpe Not Connected to Fraud Case, AGF Explains Discontinuation of Charges Against Fidelity CEO
The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, on Monday clarified its discontinuation of a fraud (criminal) charge against the Managing Director and Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe.
The clarification was disclosed in a statement issued by the Special Adviser to the President on Communication and Publicity, Office of the AGF & Minister of Justice, Kamarudeen Ogundele, on June 9, 2025.
The statement was issued in response to the reaction trailing a media report which accused the AGF and the Nigerian government of dropping Dr. Nneka C. Onyeali-Ikpe’s name as a co-defendant in an ongoing criminal case involving an alleged multi-billion-naira fraud.
The case was said to be initially initiated by the Attorney General of the Federation before the Federal High Court, Lagos, against lawyer Victor Ukutt, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and Onyeali-Ikpe, over the alleged unlawful conversion of funds belonging to Woobs Resources Limited to the tune of N19 billion.
The report claimed that in an amended 10-count charge filed on May 5, 2025, the AGF subsequently dropped the name of Dr. Onyeali-Ikpe and replaced it with Safiya Whoba.
AGF Clarifies
Providing clarification on the development, the AGF’s spokesperson stated, “The Attorney General’s decision to discontinue the criminal charge against Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, is a testament to the office’s commitment to upholding justice and fairness.”
He explained that, as the chief law officer of the federation, the AGF has the constitutional power to discontinue prosecution against a defendant where it is deemed necessary to prevent a miscarriage of justice.
According to him, “This decision followed a careful review of the case, which did not connect Dr. Onyeali-Ikpe to the charge, as she was neither the account officer nor the Managing Director of Fidelity Bank when the account used in the alleged scheme of fraud was opened.”
The official stressed that the Attorney General’s decision is guided by the principles of justice, fairness, and the rule of law, and expressed confidence that this decision is in the best interest of justice and the public
The statement added, however, that the decision to remove the CEO from the case does not exculpate Fidelity Bank from the allegations contained in the charge, which is still pending before the court, but rather demonstrates the Attorney General’s duty to ensure that justice is served.
“We urge the public to allow the legal process to run its course and to refrain from speculation or jumping to conclusions,” the statement partly reads.
Source: Nairametrics
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments.
This pledge was made during a high-level strategic business engagement held at Unity Bank’s head office in Lagos on Friday, with AfriGo’s Executive Management team.
Speaking during the session, Unity Bank’s Managing Director/CEO, Mr. Ebenezer Kolawole, stated: “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution with significant potential to redefine Nigeria’s card payment landscape.”
Mr. Kolawole also pledged the Bank’s continued support for the adoption of AfriGo cards across its network, while urging AfriGo to intensify awareness campaigns to drive greater market acceptability.
In his remarks, the Managing Director of AfriGo, Ebehijie Momoh, commended Unity Bank for the support it has given the scheme, stating that the Bank ranks among the top five adopters of the AfriGo card and highlighted its growing impact in expanding financial inclusion and improving access to electronic payments.
He noted that AfriGo has continued to innovate with technologies that support instant payments and offline capabilities, ensuring broader access to e-payment systems across underserved markets. He added that partnerships with solutions like Tap & Go have helped boost contactless payment adoption, improving convenience for cardholders who commute for work, business, or leisure.
Momoh expressed optimism about the potential of Unity Bank’s extensive retail network to drive deeper collaboration aimed at enhancing e-banking penetration nationwide.
This collaboration underscores Unity Bank’s enduring culture of digital innovation and its commitment to financial inclusion through homegrown technology. Over the years, the Bank has introduced several digital solutions that demonstrate this commitment.
Notably, Unity Bank pioneered USSD banking, *7799#, in local languages, an initiative aimed at deepening access among underserved rural and semi-urban populations. It also launched Unifi, a youth-focused digital banking platform designed to meet the lifestyle and financial needs of the younger demographic. Most recently, the Bank unveiled GenFi, a gamified mobile banking solution tailored for children and teenagers to cultivate smart money habits from an early age.
Moruf Oseni, the MD/CEO of Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has donated his May 27 salary to Chiderije Mbah, the 12-year-old child, who emerged winner in the Wema Bank 1-day MD/CEO initiative for Children’s Day.
The Wema Bank 1-day MD/CEO initiative was launched by the Bank on May 21, 2025, calling on Nigerian children to showcase their potential for leadership and career success in the banking industry, by uploading video submissions where they share their ideal role in the bank and why they deserve to win.
Among dozens of entries received, 12-year-old Chiderije Mbah’s entry sparked outstanding recommendations for his embodiment of the role of MD/CEO, leading to his emergence as winner and an exclusive opportunity to become Wema Bank’s MD/CEO for Children’s Day.
From his grand reception at the Bank’s Head Office Facility in Lagos to one-on-one meetings with top executives of the Bank, Nigerians across the world applauded in awe as Wema Bank set an unrivalled precedence by walking the talk in empowering children to be the leaders of tomorrow.
Crowning it all off, Moruf Oseni, the Bank’s MD/CEO, pulled an impressive surprise, giving out his one-day salary for May 27 to the 1-day Wema Bank MD/CEO, Chiderije Mbah, encouraging him to keep up the great work and work hard towards truly becoming an MD/CEO in the near future.
Officially handing over the symbols of office to Chiderije, Moruf Oseni shed light on the Bank’s motivation for annually commemorating Children’s Day in such a grand and intentional manner.
According to him, “As a Bank, our mission is to empower lives through innovation, and this is a mission we are committed to seeing through from cradle to grave, as encapsulated in our creed, ‘With You, All The Way’.
“This is why Children’s Day is so important to us. Every great man, woman or even institution, was once a child, so to forge the leaders of tomorrow, we need to begin today”.
“We can all agree that Wema Bank has been walking the talk over the past 8 decades, thinking out of the box, and creating innovative ways to empower children for the right future. But today, in commemoration of Children’s Day 2025, we are taking things a step further and giving the leaders of tomorrow a platform to lead today.
“As Chiderije will be carrying out my duties for today, it is only right that he earns my one-day salary today. The Wema way is ‘work hard, reward hard’, and as MD/CEO for today, Chiderije will experience it first-hand. It is our hope that this will inspire not just him, but every other child to put in the good work and make us proud. Happy Children’s Day, from Wema Bank”, Oseni concluded.
