A fresh ownership and control dispute has erupted among some shareholders of Fidelity Bank Plc, with allegations that former Anambra State Governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, is seeking to expand his influence in the bank through the accumulation of shares allegedly acquired through other shareholders and entities.
The controversy centres on who ultimately controls significant interests in the publicly listed financial institution, with some shareholders raising questions over alleged beneficial ownership, the use of third parties and the possibility of political interests becoming intertwined with the bank’s ownership structure.
According to sources cited by SaharaReporters, Obi’s officially recorded shareholding does not reflect the level of interest he allegedly controls, with the sources claiming that his combined beneficial interest, including shares allegedly held through proxies or fronts, could be as high as 29.5 per cent.
The allegation contrasts with Fidelity Bank’s publicly disclosed shareholding structure.
The bank’s 2025 annual report stated that, as of December 31, 2025, no individual shareholder held up to five per cent of its issued share capital.
Fidelity Bank had 50.2 billion ordinary shares and 525,912 shareholders at the time, while investors holding 100 million shares or more collectively accounted for 59.50 per cent of the outstanding shares.
The bank’s audited financial statements also disclosed the shareholdings of its directors.
Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, was listed as holding 145,846,128 Fidelity Bank shares as of December 31, 2025. The disclosed holding represented less than one per cent of the bank’s 50.2 billion outstanding shares, while no indirect holding was disclosed in the relevant table.
Fidelity Bank had separately disclosed that Onyeali-Ikpe acquired an additional 18 million shares in May 2025 for approximately N366 million, following purchases made in 2024.
However, sources alleged that some of the shares attributed to the bank’s chief executive were beneficially owned by Obi and that she was allegedly acting as a front.
The allegation has not been established by Fidelity Bank’s publicly available shareholding disclosures, which list Onyeali-Ikpe’s direct holding without disclosing any indirect interest in the relevant table.
The sources also alleged that Onyeali-Ikpe was working through Christopher Oshiafi of PanAfrican Capital Holdings in connection with the alleged strategy to acquire additional shares.
One source described the transactions as involving shares being 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 further alleged that individuals were being used to acquire shares on behalf of another interest, with the intention of eventually consolidating those holdings.
“So, once he has bought them, they want to take all those shares away from those people,” the source said.
Another source said the dispute was not simply about individual investments but about who could accumulate enough shares to exercise substantial influence over 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.
The situation has reportedly become more contentious following the emergence of Government Oweizide Ekpemupolo, popularly known as Tompolo, as an alleged significant investor in Fidelity Bank.
Public market records confirm that a major off-market transaction involving Fidelity Bank shares took place on July 18, 2025, involving approximately 1.14 billion shares crossed in nine negotiated deals.
Reports identified the Asset Management Corporation of Nigeria (AMCON) as the seller and described the buyer as a prominent Niger Delta oil and gas security businessman.
Fidelity Bank and the Nigerian Exchange did not publicly identify the buyer in the reports reviewed, but sources identified the buyer as Tompolo.
Tompolo is the founder and chairman of Tantita Security Services Nigeria Limited, a company involved in pipeline surveillance and crude-oil theft prevention operations in the Niger Delta.
The alleged acquisition has added another major dimension to the dispute, with sources portraying the situation as an emerging contest among investors seeking greater influence over one of Nigeria’s major commercial banks.
The issue has also taken on political significance because Obi is preparing to contest the 2027 presidential election on the NDC platform.
Some shareholders reportedly expressed concern that the growing involvement of a major opposition presidential candidate in the bank’s ownership structure could expose Fidelity Bank to increased political scrutiny.
One source linked the concerns directly to campaign financing ahead of the 2027 election.
“It is tied to the election because there are people who will move money for it. You know there are people who will donate money for an election campaign,” the source said.
The source further alleged that political donations could potentially be disguised through transactions that appear in financial records as ordinary investments or share purchases.
“The donations; those donations will not come into the system as donations. It will not appear that way in the financial system. It will appear as though they are buying shares, as though they are making investments, but the money is actually campaign money,” the source alleged.
Another shareholder claimed that the concern was heightened by the possibility of Obi becoming one of the bank’s most influential shareholders.
“What is causing concern is that the bank is already politically exposed. A major opposition figure is almost the second-largest shareholder in the bank,” the source said.
The shareholders’ concerns come against the background of Obi’s long-standing relationship with Fidelity Bank.
Obi’s connection to the institution predates his political career, as historical records show that he previously served as chairman of Fidelity Bank before leaving the board after becoming governor of Anambra State.
He subsequently became the Labour Party’s presidential candidate in the 2023 general election before emerging as the NDC’s presidential candidate for the 2027 election at the party’s special convention in Abuja on May 30, 2026.
Some shareholders also pointed to Fidelity Bank’s previous appearance in an investigation involving political funds.
The Economic and Financial Crimes Commission investigated transactions involving $115 million linked to former Petroleum Minister Diezani Alison-Madueke ahead of the 2015 general election. The commission had alleged that the funds were connected to attempts to influence the outcome of the election.
Fidelity Bank’s then Managing Director, Nnamdi Okonkwo, was among those questioned in connection with the transactions.
The bank had maintained that the transactions were conducted in the normal course of banking business and that it cooperated with the relevant authorities.
Against that background, some shareholders said they were concerned about any development that could again associate the bank with political financing.
“They have personalised the bank and there is infighting,” one shareholder said.
“The shareholders don’t want the bank in politics so that it will not affect the bank,” the shareholder added.
Fidelity Bank, however, has strongly rejected the allegations.
Dr Meksley Nwagboh, Divisional Head of Brand and Communications at Fidelity Bank Plc, described the claims as “false, unfounded and without any factual basis.”
He said the bank operates under strict regulatory requirements, corporate governance structures, compliance procedures and internal controls.
“It is therefore inaccurate to suggest that the Bank could deploy shareholders’ interests, Bank resources or corporate structures to finance or support the political campaign of any individual or political party,” Nwagboh said.
He stressed that Fidelity Bank does not engage in partisan political financing.
“The Bank does not engage in partisan political financing. Our robust corporate governance, compliance risk management and internal-control frameworks are specifically designed to ensure that the Bank’s resources and operations are not misused for purposes outside its legitimate business mandate,” he said.
Nwagboh acknowledged Obi’s former position as chairman but said the relationship did not give him any entitlement to the bank’s resources.
“The fact that Mr. Obi previously served as Chairman of Fidelity Bank is a matter of public record, but his former association with the Bank does not confer any entitlement to the Bank’s resources or those of its shareholders,” he said.
He also rejected any suggestion that Fidelity Bank could appropriate or direct the independent rights of its shareholders.
“It is also important to reiterate that the Bank cannot appropriate or direct the independent rights of its shareholders, nor would it do so,” he said.
According to Nwagboh, the allegations were particularly concerning because they had been presented without supporting documentation or verifiable evidence.
“We are concerned by the presentation of these allegations without any accompanying evidence, documentation or verifiable facts,” he said.
He called for rigorous verification of claims involving political financing and shareholders in a regulated financial institution.
Fidelity Bank also placed on record that it was not supporting Obi’s 2027 presidential campaign.
“We therefore wish to place on record that Fidelity Bank is not financing, facilitating or supporting the 2027 presidential campaign,” Nwagboh added.
Efforts to obtain Obi’s response were reportedly unsuccessful, with calls to his mobile line unanswered and a text message sent to him receiving no response as of the time the report was filed.
The controversy comes months after a leadership transition at Fidelity Bank.
Amaka Onwughalu became chairman of the bank’s board on January 1, 2026, following the completion of Mustafa Chike-Obi’s tenure on December 31, 2025. Fidelity Bank said the transition was communicated to the Central Bank of Nigeria, the Nigerian Exchange Group and other relevant stakeholders.
At the centre of the unfolding dispute are competing allegations over share accumulation, beneficial ownership and influence, alongside concerns raised by some shareholders over the possible intersection of banking, investment and 2027 political interests.
While the alleged 29.5 per cent beneficial interest attributed to Obi and the claims concerning proxy ownership remain disputed, Fidelity Bank’s published records provide the formal shareholding picture as of December 31, 2025, while the bank has categorically denied that its resources or operations are being used to support any political campaign.