Fidelity Bank Plc has dismissed reports suggesting that former Niger Delta militant leader, Government Ekpemupolo, popularly known as Tompolo, has taken over the financial institution, insisting that neither he nor any individual shareholder exercises control over its board, management or operations.
The bank described the claims as false, misleading and unsupported by verifiable evidence, following a publication by The Capital on October 27, 2026, titled “As Ex-Militant Tompolo Takes Over Fidelity Bank, Can He Rewrite Its Image?”
The publication alleged that Tompolo had emerged as the bank’s largest single shareholder following its recent capital-raising activities and raised questions about whether his alleged stake could influence the institution’s leadership succession and corporate direction.
However, Fidelity Bank, in a statement responding to the report, categorically rejected the suggestion that Tompolo had taken over the bank or assumed control of its affairs.
The bank also challenged the claim that he had become its largest shareholder, describing it as an assertion made without documentary or regulatory evidence.
Fidelity Bank explained that it is a publicly listed financial institution whose ownership structure, material shareholding disclosures and governance arrangements are regulated by applicable laws, the Nigerian Exchange Limited and the Central Bank of Nigeria.
It stressed that ownership of shares does not automatically translate into control of the bank’s board, management or daily operations, adding that executive appointments and strategic decisions must follow established corporate governance procedures.
The controversy comes as Fidelity Bank prepares for a leadership transition, with the tenure of its Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, approaching its reported completion on December 31, 2026.
At the bank’s 38th Annual General Meeting held virtually on October 9, 2026, Chairman Amaka Onwughalu confirmed that a structured succession process had been undertaken to identify a successor to Onyeali-Ikpe.
The chairman disclosed that the process had progressed through the bank’s internal procedures, while the proposed succession decision had been submitted to the Central Bank of Nigeria for regulatory consideration.
The bank has not publicly named the incoming managing director or announced final regulatory approval.
Fidelity Bank maintained that the succession process was not being controlled or influenced by any individual shareholder and assured investors that the appropriate disclosure would be made once the CBN reaches a decision.
The AGM also considered the bank’s corporate governance and financial performance. Shareholders approved the election of Dr Jonathan Ososuakpor as a non-executive director and the re-election of Amaka Onwughalu as chairman. The retirement of Chief Nelson Nweke as a non-executive director was also approved.
The bank’s audited 2025 financial statements, presented to shareholders, showed a profit after tax of ₦242.44 billion and eligible capital of ₦532.6 billion, above the ₦500 billion minimum regulatory capital requirement applicable to its recapitalisation category, according to reports on the AGM.
Meanwhile, Fidelity Bank’s investor relations disclosures list its shares as publicly traded on the Nigerian Exchange under the ticker symbol FIDELITYBK.
Although speculation over Tompolo’s alleged shareholding has generated public discussion, the bank’s response makes clear that claims of a takeover or unilateral control of its leadership are not established facts.
The distinction is significant because a major shareholding position in a publicly quoted bank is not the same as acquiring control of its board, management or operations. Any material ownership position and changes requiring disclosure must be established through verifiable corporate and regulatory records.
Fidelity Bank said it would continue to operate under its established governance framework and regulatory obligations, while awaiting the Central Bank’s decision on the proposed leadership succession.
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