EXCLUSIVE: Fidelity Bank MD Onyeali-Ikpe Tells Police N5Billion ‘Settlement’ Narration In Statement Was Misrepresented As Bribe To AIG Abdul Yari

Petition And Charges

Specifically, it alleged that the sum of N692,122,000 was stolen from the account of Woobs Resources Limited by AIG Lafia and one James Uchechukwu Onyemenam.

One of the charges alleges that Victor Ukutt, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, and Whoba Ugwunna Ogo (now at large) conspired between 2011 and 2023 in Lagos to fraudulently convert about ₦19 billion belonging to Woobs Resources Limited, knowing the funds were proceeds of theft or fraud, from the company’s account at Fidelity Bank.

The petition, dated April 30, 2024, was sent by General Counsel Victor Ukutt, Esq., of Victor Ukutt & Co. Legal Practitioners, and received by the Inspector General of Police on May 2, 2024.

The petition also accused the suspects and officers of the Force Intelligence Bureau (FIB) of abuse of office and police power.

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.

The AGF Office has denied the allegation, saying 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.

SaharaReporters also recently reported that Onyeali-Ikpe had confessed to paying N5 billion to secure her release from police custody amid an ongoing multi-billion naira fraud case.

In a conversation exclusively obtained by SaharaReporters, Dr. Onyeali-Ikpe told a long-standing bank customer, identified only as Uba, that she paid N5 billion to bail herself after being arrested by the Nigerian Police in connection with the case.

However, in a recent statement, she denied that the N5 billion was a bribe, saying it was a bail bond paid to the police.

Statement On Alleged N5 Billion Bribe

In her second statement to the police obtained by SaharaReporters, Onyeali-Ikpe addressed allegations that she paid ₦5 billion as a bribe to AIG Yari to secure her release from police custody.

She addressed concerns about the use of the term “settlement” in the narration of the ₦5 billion bail bond transaction. She explained that referencing the payment as a settlement was not intended to imply that it was a bribe or payoff, but rather arose due to limitations in the narration space available in the bank’s system.

Dr. Onyeali-Ikpe described the interpretation of the term as a bribe or improper payment as a misrepresentation, clarifying that the ₦5 billion referenced was a bail bond on personal recognition to the Nigeria Police, and not a payment to any individual, including AIG Abdul Yari.

She described the claim as a misrepresentation, stating that the ₦5 billion was a bail bond on personal recognition and not a bribe.

“On the payment of the N5 billion to AIG (Abdul) Yari as bail is a misrepresentation. The N5 billion being mentioned is a bail bond on personal recognition to the Nigerian Police,” she wrote.

“With regards to the narration of settlement in the statement, reference was to be narrated as ‘pending settlement’ but for limited narration space on the system.”

She further explained that the controversial transfer of ₦692 million from Woobs Resources Limited’s account to a suspense account was a management decision aimed at safeguarding the funds pending a determination of the company’s true ownership.

She insisted that no part of the money was diverted to AIG Yari or any individual, as alleged in the petition against her and the bank.

Dr. Onyeali-Ikpe assured that Fidelity Bank would comply with court orders and return the funds to Woobs Resources Limited’s account, with proof of compliance to be provided to the police.

She wrote, “In addition to my statement of 16th April 2024, I wish to respond to the petition by Victor Ukutt Esq on behalf of Mr Whoba Ogo of Woobs Resources Limited on allegation of (1) Deactivation of telephone numbers and email address of Woobs Resources Limited (2) Transfer of the sum of N692,122,000 out of the company’s account number, 40100201772 (3) Allegation of payment of five billion Naira for bail.

“In response to No. 1, this was done to secure and restrict information about activities in the account because of the information available.

“Transfer of N692,122,000 out of the account, this was also done to secure the fund while the real ownership of the (account) company was determined. The fund was moved into a suspense account sundry for safe custody account No. 0162361000 on 24th April 2024.

“It was a decision taken by the management due to the antecedent of the accounts for safe keeping pending determination of real ownership of the company. The decision to move the money to suspense account was a management decision without a court order to that effect.

“However, the said fund will be moved immediately back to Woobs Resources Ltd account No 4010020172 in compliance with the court order. Evidence of the compliance will be forwarded to the police. It is important to state that no monies was (sic) moved from Woobs Resources accounts to Mr James Onyemenam or AIG Abdul Yari as alleged by the petitioner.”

“On the issue of the sundry suspense account being opened specifically for this transaction, this is in line with banking,” she added.