The Office of the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), has explained why criminal charges against Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, were dropped.
SaharaReporters had earlier reported that the Nigerian government recently withdrew Onyeali-Ikpe’s name from an ongoing criminal case involving an alleged multi-billion-naira fraud.
The case, initiated by the AGF, targets lawyer Victor Ukutt; Whoba Ugwunna Ogo (who is reportedly at large); Fidelity Bank Plc; and previously, Dr. Onyeali-Ikpe, over the alleged unlawful conversion of funds belonging to Woobs Resources Limited.
Dr. Onyeali-Ikpe was initially listed as the third defendant in Charge No: FHC/L/138C/2025. Filed in February 2025, the case names the Federal Republic of Nigeria as the complainant, with Victor Ukutt, Fidelity Bank Plc, and Whoba Ugwunna Ogo as the first, second, and fourth defendants, respectively.
However, in an amended 10-count charge filed on May 5, 2025, the Federal Government dropped Onyeali-Ikpe’s name from the list of defendants and replaced her with Safiya Whoba.
However, in a statement issued on Monday by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity in the Office of the AGF, it was explained that the justice minister exercised his constitutional powers to enter a nolle prosequi—formally withdrawing the prosecution—after a comprehensive review of the case found no direct link between Dr. Onyeali-Ikpe and the alleged fraudulent account.
The Attorney General explained that the decision to withdraw the charges was rooted in the principles of justice, fairness, and the rule of law.
“The Attorney General’s decision is a testament to the office’s commitment to upholding justice and fairness,” the statement read.
According to the AGF Office, “Dr. Onyeali-Ikpe was neither the account officer nor the Managing Director of Fidelity Bank when the account in question was opened.”
The statement clarified that Fidelity Bank Plc, as a corporate entity, remains a party to the ongoing criminal proceedings, and that the withdrawal of charges against the MD/CEO should not be misinterpreted as exonerating the institution itself.
The statement said the decision “does not exculpate Fidelity Bank from the allegations contained in the charge”.
“Rather, it demonstrates the Attorney General’s duty to ensure that innocent individuals are not unjustly prosecuted,” it added.
The eight-count charge initially involving the Fidelity Bank MD was filed by M. B. Abubakar, Director of the Department of Public Prosecutions, on behalf of the Honourable Attorney General of the Federation and Minister of Justice, in accordance with Sections 104 and 379 of the Administration of Criminal Justice Act, 2015.
Filed before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos, the charges accused the Fidelity Bank MD and the three other defendants of conspiracy and breaches of the Money Laundering (Prohibition) Act, 2011 (as amended), among other offences.
Counts 1, 2, and 8 specifically named the bank MD.
Count one read, “That you Victor Ukutt, Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, did conspire amongst yourselves to fraudulently convert an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited (a company registered under the Companies and Allied Matters Act) from the company’s account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud.”
In Count 2, Onyeali-Ikpe and the other defendants were accused of “conversion,” an offence under Sections 15(2)(b) and 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended).
The second count stated: “That you Victor Ukutt, Fidelity Bank Plc, Dr Nneka C. Onyeali-Ikpe and Whoba Ugwunna Ogo (now at large) between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, with intent to defraud, converted an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) property of the Woobs Resources Limited ( a company registered under the Companies and Allied Matters Act) from the company’s account domiciled with the Fidelity Bank PLC, which sum you reasonably ought to have known was a proceed of an unlawful act, to wit; theft/fraud.”
In Count 8, which is the third charge against her, the bank MD and Fidelity Bank are accused of “failing to apply the principle of Know Your Customer (KYC),” an offence under Section 37(1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024).
The charge alleged that the duo “knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorized transactions in the bank account of Woobs Resources Limited”.
However, in an amended 10-count charge, the current defendants in the case are Victor Ukutt, Esq., Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba, listed as the first to fourth defendants, respectively.
The amended charges allege that between 2011 and 2024, Victor Ukutt, Whoba Ugwunna Ogo, Safiya Whoba (now at large), and Fidelity Bank Plc engaged in multiple acts of fraud and money laundering involving Woobs Resources Limited’s accounts with Fidelity Bank.
One of the counts accuses the defendants of conspiring to convert over ₦19 billion belonging to Woobs Resources Limited, funds which they ought to have known were proceeds of unlawful activity.
Another charge claims that between 2011 and 2023, Ukutt and Ogo fraudulently converted approximately ₦504 million from the same accounts, while separate charges outline similar fraudulent conversions of ₦243 million.
The charges also include allegations of obtaining money by false pretence, forgery, and conspiring to defraud. For instance, Ukutt and Ogo are accused of forging a board resolution for Woobs Resources Limited in October 2011 to fraudulently alter the bank account mandate.
The alleged offences violate various sections of the Money Laundering (Prohibition) Act, 2011 (as amended), the Advanced Fee Fraud and Other Related Offences Act, 2006, and the Cybercrimes Act, 2015.
The statement of offence for the 7th count alleges that Fidelity Bank failed to conduct due diligence, in violation of Section 37 (1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.