The Attorney General of the Federation, Lateef Fagbemi (SAN), brought the case against Victor Ukutt, another defendant, Whoba Ugwunna Ogo (who is allegedly at large), Fidelity Bank Plc, and former Dr. Onyeali-Ikpe for allegedly converting Woobs Resources Limited funds unlawfully. The Grouo Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe, has been removed by the Nigerian government from a criminal case that is still pending about an alleged multibillion-naira scam.
The Attorney General of the Federation, Lateef Fagbemi (SAN), brought the case against Victor Ukutt, another defendant, Whoba Ugwunna Ogo (who is allegedly at large), Fidelity Bank Plc, and former Dr. Onyeali-Ikpe for allegedly converting Woobs Resources Limited funds unlawfully. With the number FHC/L/138C/2025, Dr. Onyeali-Ikpe was identified as the third defendant in charge. Victor Ukutt, Fidelity Bank Plc, and Whoba Ugwunna Ogo are the first, second, and fourth defendants in the action, which was filed in February 2025 and identifies the Federal Republic of Nigeria as the complainant.
On behalf of the Honourable Attorney General of the Federation and Minister of Justice, M. B. Abubakar, Director of the Department of Public Prosecutions, filed the eight-count charge in accordance with Sections 104 and 379 of the Administration of Criminal Justice Act, 2015. The Fidelity Bank MD and the three other defendants were charged with conspiracy and violations of the Money Laundering (Prohibition) Act, 2011 (as amended), among other offences, in an eight-count case before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos.
The bank’s MD was charged with counts 1, 2, and 8. Countone 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, did conspireamongst yourselves to fraudulently convert an aggregate sum of about N19,000,000,000.00 (Nineteen Billion Naira) propertyofthe WoobsResources 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.” As per Sections 15(2)(b) and 15(3) of the Money Laundering (Prohibition) Act, 2011 (as amended), Onyeali-Ikpe and the other defendants were charged with “conversion” in Count 2.
The second count said: “That between 2011 and 2023, in Lagos State, within the jurisdiction of this Honourable Court, Victor Ukutt, Fidelity Bank Plc, Dr. Nneka C. Onyeali-Ikpe, and Whoba Ugwunna Ogo (now at large) 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 with the Fidelity Bank PLC, which you reasonably ought to have known was the result of an unlawful act, namely, theft/fraud.
The bank MD and Fidelity Bank are charged with “failing to apply the principle of Know Your Customer (KYC)” in Count 8, the third allegation against her. This offence is in violation of Sections 37(1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024). The pair “knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorised transactions in the bank account of Woobs Resources Limited,” according to the allegation.
But in a revised 10-count charge submitted on May 5, 2025, the Federal Government substituted Safiya Whoba for Dr. Onyeali-Ikpe, the MD of Fidelity Bank. Victor Ukutt, Esq., Fidelity Bank Plc, Whoba Ugwunna Ogo, and Safiya Whoba are the current defendants in the lawsuit; they are ranked as the first and fourth defendants, respectively. A portion of the amended charge said: According to the updated accusations, Victor Ukutt, Whoba Ugwunna Ogo, Safiya Whoba (who is now at large), and Fidelity Bank Plc committed several fraud and money laundering crimes involving Woobs Resources Limited’s Fidelity Bank accounts between 2011 and 2024.
According to one of the counts, the defendants conspired to convert more than ₦19 billion that belonged to Woobs Resources Limited—money that they should have known was the result of illegal activities. Separate accusations describe similar fraudulent conversions of ₦243 million, while another allegation alleges that Ukutt and Ogo fraudulently converted over ₦504 million from the same accounts between 2011 and 2023. Allegations of forgery, conspiracy to deceive, and false pretences are also included in the charges. In order to fraudulently change the bank account mandate, for example, Ukutt and Ogo are accused of organising a board resolution for Woobs Resources Limited in October 2011. Sections of the Advanced Fee Fraud and Other Related Offences Act of 2006, the Cybercrimes Act of 2015, and the Money Laundering (Prohibition) Act of 2011 (as modified) are all violated by the alleged offences.
According to the statement of offence for the seventh count, Fidelity Bank violated Sections 37 (1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as modified in 2024, by failing to do due diligence.
The particulars of offence reads: “That you FIDELITY BANK PLC between 2011 and 2024, in Lagos, within the jurisdiction of this Honourable Court, knowingly and fraudulently failed to verify the identity of persons who were conducting illegal and unauthorized transactions in the bank accounts of WOOBS RESOURCES LIMITED (a company registered under the Companies and Allied Matters Act), domiciled with the Fidelity Bank PLC, with Account Number: 4010020172, 4010779717, and 4011072415, despite receiving letters dated 25th October, 2011 and 17th November, 2011 from MR. JAMES ONYEMENAM, the Chief Executive Officer and Majority Shareholder of WOOBS RESOURCES LIMITED, informing you of an attempt to fraudulently alter the company’s Mandate of Operation, thereby aiding VICTOR UKUTT, WHOBA UGWUNNA OGO, SAFIYA WHOBA and other persons at large to steal the aggregate sum of over N19,000,000,000.00 (Nineteen Billion Naira only) from the company’s accounts domiciled with the Fidelity Bank PLC.”
Serious ethical and legal concerns were raised in May when SaharaReporters exclusively revealed that Onyeali-Ikpe had allegedly engaged in insider trading by buying 18 million shares of the bank at N20.25 a share. A serious offence in the financial markets is insider trading, which is the unlawful activity of trading stocks based on private, non-public knowledge. Such activities could be a major breach of trust and corporate governance norms for a bank MD who has privileged access to sensitive information regarding the bank’s financial situation, mergers, or regulatory concerns. SaharaReporters was informed by sources that Fidelity Bank was under a lot of pressure to purchase shares after a recent Supreme Court decision.
One of the individuals claimed that Fidelity Bank has started to deceive the public by giving the appearance that its shares are strong as a result of the pressure from the court decision. “On Tuesday, the MD of Fidelity Bank bought 18 million shares at a price of N20.25 each using bank funds.” The bank’s alleged ₦14 billion claim was much outweighed by the ₦225 billion judgement debt against it that the highest court upheld in favour of Ibadan-based Sagecom Concept Limited. Due to compounded daily interest of 19.5% annually, the judgement debt, which stemmed from a credit dispute associated with the now-defunct FSB International Bank, has grown significantly. At current exchange rates, the sum owed as of May 20, 2025, had increased to almost $139.36 million (₦224.5 billion).
According to reports, Fidelity Bank has tried to give the market the impression that it is financially strong in reaction to the ruling by planning large share purchases, which detractors say is an attempt to mislead investors and the general public about the bank’s actual situation. Meksley Nwagboh, Divisional Head of Brand and Communications at Fidelity Bank, accepted the court’s decision in a statement and affirmed that ongoing discussions with Sagecom’s legal team are underway to set out a structured payback plan. The bank has stated that it will abide by the Supreme Court’s order and maintains that its responsibility is closer to ₦14 billion. “Has applied to the Court for a clarification and inquiry into the proper interpretation of the judgement and the computation of the actual quantum properly and lawfully payable by G. Cappa and the Bank,” the bank confirmed.
Meksley Nwagboh, the Divisional Head of Brand and Communications at the bank, responded to the share acquisition by saying that Onyeali-Ikpe bought the shares because she had faith in the company. “As the person in charge of the bank’s operations, the MD has demonstrated her faith in the bank by using her personal funds to buy 18 million shares of the bank,” he stated. “I think the MD’s gesture is very commendable and demonstrates her belief in the bank’s long-term viability.”
