AGF Explains Why Fraud Charges Against Fidelity Bank CEO Were Dropped

By Achimi muktar

In a dramatic twist to an alleged multi-billion-naira fraud case, Nigeria’s Attorney General has explained why the Managing Director and CEO of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, was suddenly dropped from the list of defendants.

The Office of the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, on Monday clarified that the decision to discontinue fraud charges against Dr. Onyeali-Ikpe was rooted in justice and fairness—not political pressure or favouritism.

A statement issued by Kamarudeen Ogundele, Special Adviser to the President on Communication and Publicity, Office of the AGF & Minister of Justice, on June 9, 2025, sought to address the growing backlash following a media report that accused the AGF of shielding the Fidelity Bank boss from prosecution.

The Fraud Allegation

The controversy revolves around an ongoing criminal case before the Federal High Court in Lagos, where lawyer Victor Ukutt, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and initially Dr. Onyeali-Ikpe were accused of unlawfully converting N19 billion belonging to Woobs Resources Limited.

In an amended 10-count charge filed on May 5, 2025, the AGF removed Onyeali-Ikpe’s name and replaced it with another defendant, Safiya Whoba.

The move raised eyebrows, with critics questioning why a high-profile CEO was suddenly exonerated while the case is still pending in court.

Why the AGF Dropped the Charges

Providing clarity, 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.”

According to Ogundele, the AGF exercised his constitutional powers after a meticulous review revealed that Dr. Onyeali-Ikpe was not connected to the fraudulent transaction.

“She was neither the account officer nor the Managing Director of Fidelity Bank when the account used in the alleged fraud was opened,” the statement read.

The Attorney General’s office stressed that this move does not mean Fidelity Bank as an institution has been cleared. The bank remains a defendant in the case, and the trial will proceed.

What’s Next?

While the CEO is now officially out of the legal battle, public attention will remain on Fidelity Bank’s corporate role in the matter.

“We urge the public to allow the legal process to run its course and refrain from speculation or jumping to conclusions,” the statement added.

The AGF further assured Nigerians that all individuals or institutions found culpable will face the full weight of the law—regardless of status or influence.

As the high-profile trial continues, all eyes will be on the Federal High Court to see whether justice will ultimately prevail in one of Nigeria’s most talked-about financial fraud cases.