Fidelity Bank Plc has rubbished a report against its MD/CEO, Dr. Nneka Onyeali-Ikpe, which says that she took personal advantage of material price sensitive information to engage in insider trading and used the bank's funds to purchase 18 million units of its shares.

In a statement on Friday, the Divisional Head, Brand and Communications Fidelity Bank Plc, Meksley Nwagboh, described the publication as false, misleading and malicious.

Nwagboh rubbished the allegation "based on the fact that Fidelity Bank Plc is a public quoted company regulated by the NGX and subject to the Listing Rules of the NGX as well as the Regulations issued by the Securities and Exchange Commission (SEC)."

He confirmed that neither the bank nor its MD/CEO had ever engaged in insider trading at any time.

He said the MD/CEO funded the referenced share purchase transaction from personal sources, adding that she neither took a loan from the bank nor used its funds to purchase the shares.

"The transaction was conducted strictly in accordance with the Listing Rules of the Exchange and the regulations guiding insiders' dealings in the shares of public quoted companies," he said.

Nwagboh said the transaction was duly disclosed and published on the trading floor of the NGX in accordance with the Listing Rules.

He pointed out that similar transactions are undertaken by the insiders of various public quoted companies virtually on a daily basis and published on the Disclosure Portal of the NGX.

He said in addition to the SEC and NGX Rules and Regulations on insider trading, the Bank has a documented internal Insider Trading Policy that ensures that its "Insiders" and their "Connected Persons" transact in the Company's shares only when trading in its securities is permitted (i.e. Open Periods).

"In this regard, we confirm that the trading window for dealing in the bank's shares was declared open to insiders on May 4, 2025, sequel to publication of its Q1 2025 unaudited accounts on the trading floor of the Exchange on April 30, 2025.

"The trading window for insiders to deal in the Bank's shares remains open. We shall continue to publish details of their dealings in the Bank's shares until the trading window is declared closed, as required by extant regulations," he said.

Nwagboh said Fidelity Bank Plc has formally requested that the NGX carry out an independent review of the referenced share purchase transaction based on extant trading rules by insiders and revert with its findings.

He said in response, the NGX by a letter dated May 22, 2025, confirmed unequivocally that: "Following the filing of the Bank's 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours. Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on 19 May 2025 was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the Bank by insiders."

He expressed the believe that the clarification by the NGX would be reassuring to the domestic and global investment community, "our domestic and foreign regulators/counterparties and the general public, while ensuring sustained confidence in the operations of the Nigerian capital market."

He said the bank has vowed to pursue all legal remedies available in relation to the "malicious and sponsored publications which were clearly intended to defame the character of our Managing Director/CEO and cause reputational damage to the institution."