The Nigerian Government has dropped the name of Dr. Nneka C. Onyeali-Ikpe, Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, from an ongoing criminal case involving an alleged multi-billion-naira fraud.
The case, initiated by Attorney General Lateef Fagbemi (SAN), targets lawyer Victor Ukutt, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and previously Dr. Onyeali-Ikpe, over alleged unlawful conversion of funds belonging to Woobs Resources Limited.
Dr. Onyeali-Ikpe was listed as the 3rd Defendant in Charge No: FHC/L/138C/2025. The eight-count charge accused her and other defendants of conspiracy, conversion, and violating the Money Laundering (Prohibition) Act.
Count one alleged conspiracy to fraudulently convert N19 billion belonging to Woobs Resources Limited. Count two accused her of conversion, while Count eight alleged failure to apply Know Your Customer (KYC) principles.
However, in an amended 10-count charge filed on May 5, 2025, the Federal Government dropped Dr. Onyeali-Ikpe’s name and replaced it with Safiya Whoba. The current defendants are Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
The amended charges allege multiple acts of fraud and money laundering involving Woobs Resources Limited’s accounts with Fidelity Bank. One count accuses the defendants of conspiring to convert over N19 billion belonging to Woobs Resources Limited.
Fidelity Bank has been embroiled in controversy over a N225 billion judgment debt. The bank’s MD has faced allegations of insider trading, purchasing 18 million shares of the bank amid pressure following the Supreme Court ruling.
The apex court upheld a N225 billion judgment debt against Fidelity Bank in favor of Sagecom Concept Limited. The bank insists its liability is closer to N14 billion and is negotiating a repayment plan.
Fidelity Bank’s spokesperson, Meksley Nwagboh, said Dr. Onyeali-Ikpe purchased shares because she believes in the bank’s long-term viability.
Source: Sahara Reporters
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