Why FG Dropped N19b Fraud Charge Against Fidelity Bank MD

The Attorney General of the Federation, AGF and Minister of Justice, Lateef Fagbemi, SAN has explained his decision to drop the criminal charge levelled against the Managing Director of Fidelity Bank, Dr Nneka Onyeali-Ikpe.

Explaining the decision, Special Assistant to the President on Communication Publicity, Kamarudeen Ogundele, explained that the decision to drop the criminal charge was based on the fact that Onyeali-Ikpe was neither the account officer nor the managing director of Fidelity Bank at the time the alleged fraud was committed.

He, however, affirmed that the charge against the bank would continue irrespective of the decision to drop the criminal charge against the bank’s managing director.

GWG.ng reports that the criminal charge was initiated by the Attorney General of the Federation before the Federal High Court, Lagos, against lawyer Victor Ukutt, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and Onyeali-Ikpe, over the alleged unlawful conversion of funds belonging to Woobs Resources Limited to the tune of N19 billion.

The statement read thus:

The attention of the Office of the Attorney General of the Federation and Minister of Justice has been drawn to reactions trailing the discontinuation of the criminal charge against the Managing Director and Chief Executive Officer MD/CEO of Fidelity Bank Plc.

The Attorney General’s decision to discontinue the criminal charge against Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, is a testament to the office’s commitment to upholding justice and fairness. As the chief law officer of the federation, the AGF has the constitutional power to enter a nolle prosequi, discontinuing a prosecution where it is deemed necessary to prevent a miscarriage of justice.

This decision followed a careful review of the case which did not connect Dr. Onyeali-Ikpe to the charge as she was neither the account officer nor the Managing Director of the Fidelity Bank when the account used in the alleged scheme of fraud was opened.

The Attorney General’s decision is guided by the principles of justice, fairness, and the rule of law, and we have every confidence that this decision is in the best interest of justice and the public.

This decision does not exculpate Fidelity Bank from the allegations contained in the charge which is still pending before the court, but rather a demonstration of the Attorney General’s duty to ensure that justice is served.

We urge the public to allow the legal process to run its course and to refrain from speculation or jumping to conclusions.

The AGF will ensure that the best interest of Justice is served at all times and that all those found wanting, at any time, face the full weight of law to serve as a deterrent to others.

GWG.ng reports that the decision of the AGF to drop the criminal charge against Onyeali-Ikpe had also resonated politically following the claim that it was directed at former Labour Party presidential candidate, Peter Obi who has a stake in Fidelity Bank.

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