Fresh concerns have emerged over the ownership and control of Fidelity Bank Plc, following allegations by some shareholders that former Anambra State Governor and 2027 presidential candidate, Peter Obi, is seeking to increase his interest in the publicly listed bank through other individuals and entities.
The allegations, made by shareholders who spoke on condition of anonymity, centre on the alleged accumulation of Fidelity Bank shares and the possibility of a struggle for greater influence over the financial institution.
Some of the shareholders alleged that Obi has a substantial beneficial interest in the bank, with one source putting the alleged combined interest at as much as 29.5 per cent.
However, Fidelity Bank’s 2025 Annual Report does not support that figure. The report states that, as of December 31, 2025, no individual shareholder held up to five per cent of the bank’s issued share capital. The bank had 50.2 billion ordinary shares and 525,912 shareholders at the time.
The report further stated that shareholders holding 100 million shares or more collectively accounted for 59.50 per cent of the outstanding shares.
Fidelity Bank’s audited financial statements also disclosed the shareholdings of directors and senior officials. Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, was listed as holding 145,846,128 shares as of December 31, 2025, representing less than one per cent of the bank’s outstanding shares.
The bank had earlier disclosed that Onyeali-Ikpe acquired an additional 18 million Fidelity Bank shares in May 2025 for about ₦366 million.
Some of the shareholders, however, alleged that part of her shareholding was held on behalf of Obi.
One source claimed that the shares “belong to Peter”, alleging that Onyeali-Ikpe was acting as a front for the former governor. No documentary evidence was provided to substantiate the claim.
Alleged Share Accumulation
The shareholders also alleged that additional Fidelity Bank shares were being acquired from existing investors, including smaller shareholders, through third parties.
They specifically mentioned Christopher Oshiafi of PanAfrican Capital Holdings in connection with the alleged transactions.
According to one source, shares offered for sale by existing investors were allegedly being purchased and gradually consolidated.
Another shareholder described the alleged development as a contest for influence over the bank.
The allegations have not been independently established.
July 2025 Fidelity Bank Share Transaction
The controversy has also drawn attention to a major off-market transaction involving Fidelity Bank shares in July 2025.
On July 18, 2025, 1,140,866,892 Fidelity Bank shares were crossed in nine negotiated deals, with AMCON identified as the seller. Contemporary market reports said the buyer was a prominent Niger Delta oil and gas security businessman, although the buyer was not publicly identified in the transaction information available at the time.
The shareholders who spoke to this publication identified the buyer as Government Oweizide Ekpemupolo, popularly known as Tompolo, but that identification has not been independently established from the cited market disclosure.
Political Concerns
The allegations have attracted additional attention because Obi is now the presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election. The NDC formally adopted him as its presidential candidate at a convention in Abuja on May 30, 2026.
Some shareholders said their concern was about the possibility of political considerations becoming linked to the ownership or operations of a publicly listed commercial bank.
One source alleged that political donations could potentially be disguised as investment transactions, rather than appearing directly as campaign contributions.
The allegation was not supported with documentary evidence.
Another shareholder expressed concern over what they described as the potential political exposure of the bank if a major political figure were to acquire a significant interest.
However, the bank’s 2025 Annual Report records no individual shareholder with up to five per cent of its issued share capital at the end of the year.
Obi’s Previous Relationship With Fidelity Bank
Obi’s relationship with Fidelity Bank predates his political career. He previously served as chairman of the bank before leaving the board after becoming governor of Anambra State.
His former position at the bank has now become part of the discussion surrounding the latest allegations.
Fidelity Bank Rejects Allegations
Fidelity Bank has rejected the allegations, describing them as false and unfounded.
Dr. Meksley Nwagboh, Divisional Head, Brand & Communications, said the bank is a highly regulated and publicly listed financial institution whose operations, governance and financial resources are subject to regulatory requirements and internal controls.
Nwagboh said it was inaccurate to suggest that Fidelity Bank could use shareholders’ interests, bank resources or corporate structures to finance or support the political campaign of an individual or political party.
He said the bank does not engage in partisan political financing and urged that allegations involving a regulated financial institution should be supported by verifiable evidence.
The bank also maintained that Obi’s former position as chairman did not give him any entitlement to the bank’s resources or those of its independent shareholders.
Fidelity Bank said it remained committed to transparency, corporate governance, compliance and the protection of its customers, shareholders and other stakeholders.
“We therefore wish to place on record that Fidelity Bank is not financing, facilitating or supporting the 2027 presidential campaign,” Nwagboh said.
Obi Yet to Respond
Efforts to obtain Obi’s reaction to the allegations were unsuccessful.
Calls to his mobile phone went unanswered, while a text message sent to him had not received a response as of the time of filing this report.
Board Leadership Change
The controversy comes months after a change in the leadership of Fidelity Bank’s board.
Amaka Onwughalu became chairman of the bank’s board on January 1, 2026, following the completion of Mustafa Chike-Obi’s tenure on December 31, 2025.
Fidelity Bank said the leadership transition was communicated to the Central Bank of Nigeria, the Nigerian Exchange Group and other relevant stakeholders.
