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 the Attorney General of the Federation, Lateef Fagbemi (SAN), targets lawyer Victor Ukutt, another defendant, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and previously Dr. Onyeali-Ikpe, over the 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 case, filed in February 2025, names the Federal Republic of Nigeria as the complainant, with Victor Ukutt, Fidelity Bank Plc, and Whoba Ugwunna Ogo as the first, second, and fourth defendants, respectively.
The eight-count charge was filed by M. B. Abubakar, Director of the Department of Public Prosecutions, on behalf of the Honourable Attorney General of the Federation and Minister of Justice, under Sections 104 and 379 of the Administration of Criminal Justice Act, 2015.
The eight-count charge, brought before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos, accused the Fidelity Bank MD and the three other defendants of conspiracy and violation of the Money Laundering (Prohibition) Act, 2011 (as amended), among others.
Counts 1, 2, and 8 were the charges brought against the bank MD.
Count One read:
"That you Victor Ukutt, Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, did conspire amongst yourselves to fraudulently convert an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited (a company registered under the Companies and Allied Matters Act) from the company's account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud."
In Count Two, Onyeali-Ikpe and the other defendants were accused of “conversion,” an offence under Sections 15(2)(b) and 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended).
It stated:
"That you Victor Ukutt, Fidelity Bank Plc, Dr Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, with intent to defraud, converted an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited ( a company registered under the Companies and Allied Matters Act) from the company's account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud.”
In Count Eight, which is the third charge against her, the bank MD and Fidelity Bank are accused of “failing to apply the principle of Know Your Customer (KYC),” an offence under Section 37(1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024).
The charge alleged that the duo:
"Knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorized transactions in the bank account of Woobs Resources Limited."
However, in an amended 10-count charge filed on May 5, 2025, the Federal Government dropped the name of the Fidelity Bank MD, Dr. Onyeali-Ikpe, and replaced it with Safiya Whoba.
The current defendants in the case are: Victor Ukutt, Esq., Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba, listed as the 1st to 4th defendants, respectively.
Some of the amended charge partly read:
The amended charges allege that between 2011 and 2024, Victor Ukutt, Whoba Ugwunna Ogo, Safiya Whoba (now at large), and Fidelity Bank Plc engaged in multiple acts of fraud and money laundering involving Woobs Resources Limited’s accounts with Fidelity Bank.
One of the counts accuses the defendants of conspiring to convert over ₦19 billion belonging to Woobs Resources Limited, funds which they ought to have known were proceeds of unlawful activity.
Another charge claims that between 2011 and 2023, Ukutt and Ogo fraudulently converted approximately ₦504 million from the same accounts, while separate charges outline similar fraudulent conversions of ₦243 million.
The charges also include allegations of obtaining money by false pretence, forgery, and conspiring to defraud. For instance, Ukutt and Ogo are accused of forging a board resolution for Woobs Resources Limited in October 2011 to fraudulently alter the bank account mandate.
The alleged offences violate various sections of the Money Laundering (Prohibition) Act, 2011 (as amended), the Advanced Fee Fraud and Other Related Offences Act, 2006, and the Cybercrimes Act, 2015.
The statement of offence for the 7th count alleges that Fidelity Bank failed to conduct due diligence, in violation of Section 37 (1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.
The particulars of offence read:
"That you FIDELITY BANK PLC between 2011 and 2024, in Lagos, within the jurisdiction of this Honourable Court, knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorized transactions in the bank accounts of WOOBS RESOURCES LIMITED (a company registered under the Companies and Allied Matters Act), domiciled with the Fidelity Bank PLC, with Account Number: 4010020172, 4010779717, and4011072415, despite receiving letters dated 25th October, 2011 and 17th November, 2011 from MR. JAMES ONYEMENAM, the Chief Executive Officer and Majority Shareholder of WOOBS RESOURCES LIMITED, informing you of an attempt to fraudulently alter the company's Mandate of Operation, thereby aiding VICTOR UKUTT, WHOBA UGWUNNA OGO, SAFIYA WHOBA and other persons at large to steal the aggregate sum of over N19,000,000,000.00 (Nineteen Billion Naira only) from the company's accounts domiciled with the Fidelity Bank PLC."
In May, SaharaReporters exclusively reported that Onyeali-Ikpe was reportedly engaged in insider trading by purchasing 18 million shares of the bank at ₦20.25 per share, raising serious ethical and legal questions.
Insider trading, the illegal practice of trading securities based on confidential, non-public information, is a grave offence in financial markets.
For a bank MD, who has privileged access to sensitive information about the bank’s financial status, mergers, or regulatory issues, such actions could amount to a serious breach of trust and corporate governance standards.
Sources told SaharaReporters that the move to buy shares came as Fidelity Bank faced enormous pressure following a recent Supreme Court ruling.
“Due to the pressure of the court ruling, Fidelity Bank has begun creating the impression that their shares are strong in an attempt to fool the public,” one of the sources said.
“The MD of Fidelity Bank on Tuesday used bank funds to purchase 18 million shares at ₦20.25 per share.”
The apex court had upheld a ₦225 billion judgment debt against the bank in favour of Ibadan-based Sagecom Concept Limited, a liability far exceeding the bank’s reported ₦14 billion claim.
The judgment debt, originating from a credit dispute tied to the now-defunct FSB International Bank, has ballooned due to compounded daily interest of 19.5 percent per annum.
As of May 20, 2025, the amount owed had risen to approximately $139.36 million (₦224.5 billion) at prevailing exchange rates.
In response to the judgment, Fidelity Bank has reportedly attempted to project an image of financial strength to the market by orchestrating significant share purchases—actions critics describe as an effort to mislead investors and the public about the bank’s true position.
A statement from Fidelity Bank’s Divisional Head of Brand and Communications, Meksley Nwagboh, acknowledged the court ruling and confirmed ongoing talks with Sagecom’s legal team to arrange a structured repayment plan.
The bank insists that its liability is closer to ₦14 billion and expressed commitment to complying with the Supreme Court order.
The bank confirmed that it:
“Has applied to the Court for a clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G. Cappa and the Bank”.
Reacting to the purchase of the shares, the bank’s Divisional Head of Brand and Communications, Meksley Nwagboh, said Onyeali-Ikpe purchased the shares because she believed in the bank.
“As the person at the helm of affairs of the bank, the MD has shown faith in the bank by purchasing 18 million shares of the bank with her personal funds,” he said.
“I think this gesture of the MD shows her belief in the long-term viability of the bank and is highly commendable.”
SOURCE: SAHARA REPORTERS
