Fidelity Bank has strongly denied claims circulating in the media that its Managing Director, Nneka Onyeali-Ikpe, paid ₦5 billion to police authorities in order to avoid detention in connection with an ongoing fraud investigation.
The bank issued a formal statement on Monday, June 16, 2025, in response to a report published by Sahara Reporters titled, “Fidelity Bank MD Onyeali-Ikpe Confesses to Paying ₦5Billion To Avoid Police Detention Amid Over ₦19Billion Fraud Probe.”
The financial institution described the publication as entirely false and misleading, asserting that the story was written with malicious intent to deceive the public. According to the bank, the referenced ₦5 billion was not a payment to law enforcement, but rather a standard bail bond signed on self-recognizance by the Managing Director.
The statement clarified that the police had invited Onyeali-Ikpe in relation to an investigation involving a complaint by James Onyemenam against an individual named Ogo Whoba, concerning the handling of the accounts of Woobs Resources Limited. After providing her statement to the police, the MD was asked to sign a bail bond of ₦5 billion, which she did under self-recognizance, as required by standard bail procedures.
Fidelity Bank emphasized that there was no financial transaction between the MD and the police regarding the bail conditions. “At no time did the MD pay ₦5 billion to the police to avoid detention but rather signed a bond as part of her bail requirements,” the bank stated.
The bank also addressed a secretly recorded conversation between Onyeali-Ikpe and Mr. Whoba, in which the MD referenced the ₦5 billion bond. Fidelity Bank explained that this conversation, which has been used as the basis for the allegations, was recorded without the MD’s consent and misrepresented out of context. The conversation referred specifically to the bail bond—not a financial payoff.
Fidelity Bank further noted that the accusation had been formally presented to the Inspector General of Police in a petition submitted by Victor Ukutt on his own behalf and on behalf of Mr. Whoba.
In response to the petition, the IGP ordered an independent investigation into the matter. The investigation concluded that the allegation was baseless, effectively clearing the MD of any wrongdoing in the context of the alleged payment.
While the bank refrained from commenting on the broader issues of the case, citing ongoing court proceedings, it reiterated its commitment to transparency, corporate governance, and legal compliance. “As a leading financial institution with a long-standing commitment to strong corporate governance, we remain dedicated to adhering to the rule of law and maintaining the highest ethical standards in all our dealings,” the statement concluded.
The case in question reportedly stems from a dispute over the financial management of accounts linked to Woobs Resources Limited. Although details of the larger ₦19 billion fraud probe remain under judicial consideration, Fidelity Bank maintains that its Managing Director has cooperated fully with the authorities and has not been implicated in any financial misconduct.
The clarification comes amid heightened scrutiny of the banking sector and the handling of high-profile investigations involving senior executives. Fidelity Bank’s firm denial aims to quell rumors and prevent reputational damage stemming from unverified media reports.
