Petition Filed with Nigerian Regulators Over Allegations Surrounding Fidelity Bank Plc

The Transparency Network and Public Interest Initiative petitioned the Economic and Financial Crimes Commission and the Central Bank of Nigeria. The petition called for an investigation into allegations of insider dealing, concealed beneficial ownership, and irregular accumulation of shares in Fidelity Bank Plc. The claims focus on alleged attempts by Peter Obi to increase his interest in the bank through proxies and related entities. The group noted that these allegations have not been established by any regulatory or judicial finding.

The petition targets Fidelity Bank, a publicly listed deposit-taking institution whose corporate governance is subject to banking and capital market regulations. The group stated that an investigation would help determine the true beneficial ownership of the shares and establish if any applicable banking, securities, or anti-money-laundering regulations were breached.