A fresh dispute over the ownership and control of Fidelity Bank Plc has erupted among some of its shareholders, with sources alleging that former Anambra State Governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, is seeking to increase his interest in the bank through a network of other shareholders and entities. The sources told PodiumReporters that the dispute is fundamentally about share accumulation and control of the publicly listed bank.
They alleged that Obi currently has a substantial direct or officially recorded interest in Fidelity Bank, while claiming that his aggregate beneficial interest, including shares allegedly held through proxies or fronts, is significantly higher and could be about 29.5 per cent. However, Fidelity Bank’s 2025 annual report states that, as of December 31, 2025, no single shareholder held up to 5% of the bank’s issued share capital. The bank had 50.2 billion ordinary shares and 525,912 shareholders at the time. Investors holding 100 million shares or more accounted collectively for 59.50 per cent of the outstanding shares.
The bank’s 2025 audited financial statements also disclose the shareholdings of directors. They show Managing Director and Chief Executive Officer Nneka Onyeali-Ikpe with 145,846,128 shares as of December 31, 2025, with no indirect holding disclosed in the table. That represented less than one per cent of the 50.2 billion shares then outstanding. Separately, the bank has publicly disclosed that Onyeali-Ikpe acquired 18 million additional Fidelity Bank shares in May 2025 for approximately ₦366 million, following purchases in 2024. Sources alleged that her shares “belong to Peter” and that she was acting as a front. No documentary evidence supporting that allegation was provided.
The sources further alleged that the development has become contentious because another major investor, whom they identified as former militant and Tantita Security Services Nigeria Limited (TSSNL) founder Government Oweizide Ekpemupolo, popularly known as Tompolo, has also accumulated a significant stake in Fidelity Bank. According to the sources, Obi is seeking to acquire additional shares from existing shareholders, including smaller investors, in an attempt to increase his overall interest and strengthen his position in the bank.
The shareholders, who spoke to PodiumReporters on condition of anonymity because of the sensitivity of the matter, stated that the bank’s Managing Director and Chief Executive Officer, Dr. Onyeali-Ikpe, was working through a third party, identified as Mr. Christopher Oshiafi of PanAfrican Capital Holdings, in connection with the alleged plan. The allegations have assumed a political dimension because Obi is preparing to contest the 2027 presidential election on the NDC platform.
One source explained to PodiumReporters that the transactions being questioned involve attempts to purchase shares offered for sale by existing shareholders. “The shares that are available for sale, they are buying them back. That is what they are doing,” the source said. The source alleged that individuals were being used as fronts to acquire shares from other investors. The source claimed that the strategy was to gradually consolidate those interests. “So, once he has bought them, they want to take all those shares away from those people,” the source said. The source said the objective was ultimately to establish a sufficiently large shareholding position to influence the bank. “It is a simple issue. We are fighting for control. We are fighting for control of the bank and nothing more,” the source said.
Public market records confirm that a major off-market transaction involving Fidelity Bank shares took place on July 18, 2025. A total of 1,140,866,892 Fidelity Bank shares were crossed in nine negotiated deals, with AMCON identified as the seller. Reports at the time said the buyer was a prominent Niger Delta oil and gas security businessman, although Fidelity Bank and the Nigerian Exchange did not publicly identify the buyer. The shareholders who spoke to this publication identified the buyer as Tompolo.
The allegations have not been independently established. Fidelity Bank has not issued a public statement on the matter, and no regulatory body has announced an investigation into the claims. Obi has previously denied owning Fidelity Bank, stating in May 2025 that “Fidelity has over 500,000 shareholders, none of whom hold a majority stake”. He has also said that while he served as chairman or director at three banks, including Fidelity Bank, he never held ownership over any.
The latest allegations come amid a broader contest for influence over one of Nigeria’s leading commercial banks, with shareholders warning that the outcome could have significant implications for the bank’s governance and for Nigeria’s political landscape ahead of the 2027 general elections.