Document reveal how the Managing Director and the Chief Executive Officer of Fidelity Bank, Nneka Onyeali-Ikpe, arranged an internal borrowing to the sum N205,084,530 from the bank as personal term loan and credit card. The accounts mark the loan as performing and the security as perfected.
However, a year earlier, in 2024, her personal loan from the same bank was N97,117,038. In just one year, it more than doubled.
The accounts also listed loans arranged for other directors of the bank. At least, five executive directors and nine former directors are named with their own facilities. The total loan for all key management personnel stands at N324,955,407.
The same accounts list two companies linked to the bank’s key managers. Both loans are now classified as lost, irrecoverable and bad loans. By this, it means that the bank does not expect to recover them and that these directors have cornered these loans to themselves and would never pay them back.
One of the beneficiary companies linked to a director CY Incorporated owes N321.58 million. Equipment Solutions Ltd owes N767.03 million. Together, the now termed ‘irrecoverable loans’ stand at N1.09 billion in insider-linked loans..
In total, the accounts show N1.41 billion in related-party exposure. But in another note in the same audited accounts, the bank states that there were “no related party transactions.”
Both statements are in the same accounts signed by the auditors. One note lists N1.41 billion in insider loans. Another note says there were none
