The Office of the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), has explained why the federal government dropped criminal charges against Dr. Nneka Onyeali-Ikpe, the Managing Director/CEO of Fidelity Bank Plc, in a case involving an alleged ₦19 billion fraud.
Dr. Onyeali-Ikpe was initially named as the third defendant in Charge No: FHC/L/138C/2025, filed in February 2025. The case, brought by the AGF, accused her alongside lawyer Victor Ukutt, Fidelity Bank Plc, and one Whoba Ugwunna Ogo (now at large), of conspiring to fraudulently convert funds belonging to Woobs Resources Limited.
However, in an amended 10-count charge filed on May 5, 2025, Onyeali-Ikpe's name was removed and replaced with one Safiya Whoba.
In a statement on Monday, the AGF’s Office, through the Special Assistant to the President on Communication and Publicity, Kamarudeen Ogundele, said the charges were dropped after a “comprehensive review” found no direct link between Dr. Onyeali-Ikpe and the fraudulent transactions.
The Attorney General exercised his constitutional power to enter a nolle prosequi—a formal withdrawal of prosecution—based on the absence of evidence tying her to the alleged offences.
“Dr. Onyeali-Ikpe was neither the account officer nor the MD of Fidelity Bank when the account in question was opened,” the statement clarified, adding that the withdrawal was based on principles of fairness and the rule of law.
The statement further stressed that while Onyeali-Ikpe was cleared, Fidelity Bank Plc remains a defendant in the case. “This decision does not exculpate Fidelity Bank from the allegations contained in the charge,” it said.
Previously, in an eight-count charge filed by the Department of Public Prosecutions on behalf of the AGF, Dr. Onyeali-Ikpe was accused—alongside others—of conspiracy, money laundering, and failure to conduct due diligence, among other offences.
Specifically, she was charged under the Money Laundering (Prohibition) Act, 2011 (as amended) and the Cybercrimes Act, 2015 (amended in 2024). Counts 1, 2, and 8 had directly implicated her in the alleged ₦19 billion fraud.
The revised charge now lists Victor Ukutt, Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba as the four defendants. The amended charges include conspiracy, fraudulent conversion, forgery, and breach of customer verification laws.
One of the new counts accuses the defendants of conspiring to convert ₦19 billion belonging to Woobs Resources Ltd, while others detail fraudulent conversions of ₦504 million and ₦243 million.
Ukutt and Ogo are also accused of forging a board resolution in 2011 to alter the account mandate for fraudulent purposes.
The prosecution is proceeding under multiple legal frameworks, including the Money Laundering Act, Advanced Fee Fraud Act, and Cybercrimes Act.
Trial is expected to continue at the Federal High Court in Lagos before Justice Ambrose Lewis-Allagoa.
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