AGF Explains Decision to Drop Fraud Charges Against Fidelity Bank CEO Nneka Onyeali-Ikpe
The Attorney General’s office has explained why fraud charges against Fidelity Bank CEO Nneka Onyeali-Ikpe were withdrawn after legal reassessment.
Officials clarified she wasn’t managing the account or in office during the alleged ₦19 billion diversion case timeline.
The Office of the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, has clarified the reasons behind its recent decision to withdraw criminal fraud charges against Fidelity Bank Plc’s managing director and CEO, Dr. Nneka Onyeali-Ikpe.
Kamarudeen Ogundele, Special Adviser on Communication and Publicity to the President, Office of the AGF and Minister of Justice, provided this explanation in a statement issued on Monday, June 9, 2025. The clarification follows growing public concern and media scrutiny over the removal of Dr. Onyeali-Ikpe’s name from an ongoing fraud case involving an alleged ₦19 billion fund diversion.
Background of the case
The criminal case, which is still ongoing at the Federal High Court in Lagos, involves multiple defendants, including a legal practitioner, Victor Ukutt, and Whoba Ugwunna Ogo, who is reportedly at large. Also named in the case are Fidelity Bank Plc and, originally, Dr. Nneka Onyeali-Ikpe.
The charges stem from accusations of the unlawful conversion of funds belonging to Woobs Resources Limited. According to initial court documents, the funds were allegedly siphoned through accounts held at Fidelity Bank. However, Safiya Whoba was listed in place of Dr. Onyeali-Ikpe in an amended 10-count charge filed on May 5, 2025, which sparked accusations of preferential treatment and raised questions.
AGF’s clarification
Responding to the backlash, the AGF’s office explained that the decision to remove the Fidelity Bank CEO from the list of defendants was made after a thorough legal review. Since Dr. Onyeali-Ikpe was neither the account officer nor the bank’s MD at the relevant time, the statement claims that she had no direct involvement with the account in question at the time of the alleged fraud.
Ogundele said, “The Attorney General’s decision to drop the criminal charge against Dr. Nneka Onyeali-Ikpe is a testament to the office’s commitment to upholding justice and fairness.”
He further emphasised that the AGF, as the chief law officer of the federation, has constitutional powers to discontinue legal proceedings where it is clear that continuing would result in a miscarriage of justice.
Fidelity Bank still under investigation
Despite the removal of Dr. Onyeali-Ikpe’s name, the case against Fidelity Bank Plc remains active. The AGF’s office made it clear that this development should not be construed as an exoneration of the financial institution as a whole. The allegations against the bank are still before the court and will be fully addressed during the legal process.
“We urge the public to allow the legal process to run its course and to refrain from speculation or jumping to conclusions,” the statement added.
Commitment to justice
The AGF reaffirmed the office’s dedication to due process and promised that anyone found guilty in the case, regardless of affiliation or status, would be held accountable. He emphasized that this approach is necessary to preserve public confidence in the nation’s justice system and serve as a deterrent against future violations.
