The Managing Director of Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe, has reportedly admitted to paying ₦5 billion to secure her release from police custody amid a large-scale fraud investigation involving billions of naira.
According to court filings in case number FHC/L/138C/2025 before the Federal High Court in Lagos, the Federal Government is prosecuting Victor Ukutt, Fidelity Bank Plc, Dr. Onyeali-Ikpe, and a suspect identified as Whoba Ugwunna Ogo (currently at large), over the alleged misappropriation of funds belonging to Woobs Resources Limited.
In a recorded phone conversation obtained by SaharaReporters, Dr. Onyeali-Ikpe told a longtime customer, identified only as Mr. Uba, that she had to pay ₦5 billion to secure her release following police actions related to the case.
Dr. Onyeali-Ikpe is listed as the third defendant in the matter filed earlier this year in February.
Uba, a Fidelity Bank customer since 2003, raised concerns about losing access to his account and claimed that all his registered contact information was removed without his permission. He lamented that despite multiple efforts to reach the bank for clarification, no one responded to his inquiries.
“I’ve been a loyal customer for over two decades, yet I woke up one day to find that I could no longer access my account. Even my phone number and email were removed from your system without warning,” Uba said during the call.
Dr. Onyeali-Ikpe responded by confirming the bank had been dealing with serious police matters and said she narrowly avoided arrest herself. She explained that a letter had been sent to Uba, asking him to return to Nigeria within 14 days to help resolve the issue, but they received no reply.
“Believe me, this isn’t easy for us either. Our staff have been detained, and I personally had to spend ₦5 billion for bail and legal expenses,” she said. “This case is hurting us deeply too.”
Uba insisted the matter could have been resolved earlier had the bank reached out to him directly.
Dr. Onyeali-Ikpe was initially named in the criminal charges, which accused her and others of conspiring to fraudulently convert ₦19 billion belonging to Woobs Resources Limited between 2011 and 2023. She was charged under Nigeria’s Money Laundering (Prohibition) Act and the Administration of Criminal Justice Act.
However, in a revised 10-count charge filed on May 5, 2025, her name was removed and replaced with another defendant, Safiya Whoba. The updated list now includes Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba.
Fidelity Bank and Dr. Onyeali-Ikpe had earlier filed a counter-affidavit, arguing that the prosecution violated a prior agreement with the complainant and authorities, who had promised not to pursue charges against the bank. The affidavit, submitted by the bank’s Legal Services Head Oluwatodimu Adeyemi, argued that this promise influenced the bank’s decisions and that continuing the case against them was unjust.
The Office of the Attorney General later clarified that charges against Dr. Onyeali-Ikpe were dropped based on legal principles and fairness. A statement from the AGF explained that she was not the managing director nor involved with the account in question when the alleged fraud began. However, it stressed that the bank itself remains a defendant and that the withdrawal of charges against its MD does not absolve the institution of wrongdoing.
“This move reflects the AGF’s responsibility to avoid prosecuting individuals without direct involvement while ensuring accountability at the institutional level,” the statement read.
