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Cleared! NGX Absolves Fidelity Bank CEO of Wrongdoing in Insider Trading Allegations

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The Nigerian Exchange Group (NGX) has cleared the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, of any wrongdoing following recent allegations of insider trading linked to her acquisition of 18 million shares in the bank.

In an official letter dated May 22, 2025, NGX Regulation Limited (NGX RegCo) confirmed that the transaction adhered strictly to regulatory guidelines. According to the exchange, Dr. Onyeali-Ikpe’s share purchase on May 19, 2025, occurred during an open trading window—following the bank’s filing of its Q1 2025 Unaudited Financial Statement on April 30. NGX RegCo stated that no undisclosed, price-sensitive information existed at the time of the trade that would restrict insider transactions.

“The share purchase transaction referenced by Sahara Reporters was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the Bank by insiders,” the regulatory body clarified.

In response to the allegations, Fidelity Bank issued a strongly worded statement, describing the claims as “false, misleading, and maliciously intended to damage the reputation of the bank and its CEO.” The statement, signed by the bank’s Divisional Head of Brand and Communications, Dr. Meksley Nwagboh, emphasized that the CEO personally funded the share acquisition without using bank resources or taking out a loan.

“As a publicly quoted company regulated by the NGX and the Securities and Exchange Commission (SEC), we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading,” the statement read.

Dr. Nwagboh reiterated Fidelity Bank’s commitment to transparency, corporate governance, and strict compliance with all regulatory requirements.

The bank said it was compelled to respond to the report published by Sahara Reporters on May 21, 2025, which it accused of deliberately misleading the investing public and tarnishing the image of its leadership.

The NGX’s confirmation is expected to restore investor confidence and put to rest the controversy surrounding the transaction.

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Tinubu Nominates Oyedele As Minister of State for Finance, Moves Anite-Uzoka to Budget Ministry

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A statement signed by the Special Adviser to the President on Information and Strategy Bayo Onanuga, has announced that “President Bola Tinubu has nominated Taiwo Oyedele as the minister of state for finance, replacing Doris Anite-Uzoka.

“Mrs Anite-Uzoka will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

“President Tinubu has today conveyed the nomination of Mr Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.

“Until President Tinubu nominated him as a minister, Mr Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

“Mr Oyedele, 50, is an economist, accountant and public policy expert.

“He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.

“He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

“Mr Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.

“Mr Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.”

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Defection: Atiku’s Son, Adamu, Resigns As Adamawa Commissioner

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Adamu Abubakar, the first son of former Vice-President Atiku Abubakar, has resigned as Adamawa State’s commissioner for works and energy development, days after Governor Ahmadu Fintiri defected from the Peoples Democratic Party to the All Progressives Congress.

Abubakar’s resignation letter, dated 2 March 2026, was addressed to the governor through the Secretary to the State Government. He gave no reason for his departure.

The timing is pointed. Fintiri announced his defection to the APC in a statewide broadcast last Friday, saying his cabinet and the PDP’s state structure had moved with him. Within 24 hours, 22 commissioners and special advisers publicly announced they were following suit. Abubakar, whose father remains one of the PDP’s most prominent national figures, was not among them.

In a statement issued Monday night, Abubakar’s media aide Abdulaziz Jauro said the former commissioner thanked the governor for the opportunity to serve and pledged continued loyalty to the administration’s developmental agenda. He also expressed gratitude to his father “for granting him the moral support and blessing to serve the people of Adamawa State” — a line that, read in context, suggests Atiku was consulted on the decision.

Abubakar said his resignation was not a withdrawal from public life. “This does not mark the end of his commitment to public service,” the statement read, “but rather the beginning of new avenues for developmental collaboration.”

The resignation leaves unresolved the question of whether it reflects a political break with the governor over his defection or a personal decision unconnected to the broader party realignment now reshaping Adamawa’s political landscape.

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DSS Nabs Man over Assassination Attempt on Peter Obi

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Nigeria’s Department of State Services (DSS) has detained a man in connection with the recent attack and alleged assassination threats targeting Labour Party’s 2023 presidential candidate, Peter Obi.

According to AIT, the shooting incident took place on February 24, 2026, in Benin City, Edo State, during a political gathering attended by Obi and several figures from the African Democratic Congress (ADC). The meeting was hosted by former APC National Chairman, John Oyegun. Gunmen reportedly opened fire at the venue, causing panic and forcing attendees to disperse for safety.

According to security sources, shortly after the attack, an individual identified as Udeme Monday Stephen allegedly took to social media claiming responsibility and issuing additional threats against Obi, warning of further violence.

Intelligence officials reportedly initiated swift investigations, employing digital tracing and forensic tools that led to the arrest of the 26-year-old suspect in Rivers State. He is said to be a teacher at a private secondary school in the Eliozu area of Obio-Akpor Local Government Area.

The suspect remains in DSS custody and is expected to face prosecution. The agency reiterated its commitment to responding to credible threats and safeguarding lives and national interests without bias.

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