A group, The Transparency Network and Public Interest Initiative, has petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) over alleged use of proxies and fronts to accumulate shares in Fidelity Bank for the benefit of former Anambra State governor and 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi.
SINL Nigeria Online reports that the petition, dated September 25 and signed by the group’s convener, Ehizojie Emmanuel Anderson, called for an investigation into the bank’s ownership structure, alleged insider dealing, concealment of beneficial ownership and what it described as a possible “covert takeover” of the financial institution.
The group alleged that Obi was accumulating a controlling or near-controlling beneficial interest in Fidelity Bank through proxies, fronts and related parties.
Specifically, the group cited a September 25 report which put the alleged aggregate beneficial interest linked to Obi at about 29.5 per cent.
The group further alleged that a top echelon of the bank was holding interests allegedly belonging to Obi and acting as a front for the former governor.
The allegations have not been established by either the EFCC or CBN, and the organisation urged the agencies to independently investigate the claims.
It also called for a probe into the acquisition of 18 million Fidelity Bank shares by a top echelon of the bank in May 2025 for about N366 million.
According to the petition, the individual was reported in the bank’s 2025 disclosures to have held 145,846,128 ordinary shares, representing less than one per cent of the 50.2 billion shares outstanding at the time.
The group said the 2025 acquisition had previously generated allegations of insider dealing and misuse of Fidelity Bank funds.
It, however, acknowledged that Fidelity Bank and NGX RegCo had stated that the transaction occurred during an open trading window following the release of the bank’s unaudited first-quarter 2025 financial statements.
The organisation asked the EFCC to establish the source of funds used for the purchase and examine subsequent acquisitions by the managing director or related parties.
It also urged the commission to determine whether material non-public information, management influence or bank resources were used in the transactions.
The petition referenced Fidelity Bank’s reported 525,912 shareholders as of December 31, 2025, noting that the bank had stated that no single shareholder held up to five per cent.
The group said the alleged existence of a concealed 29.5 per cent beneficial block, if established, would raise questions about disclosure requirements, beneficial ownership and possible attempts to influence control of a listed deposit-money bank.
“If those allegations are true, Nigeria is looking at: concealment of persons of significant control; possible insider dealing and use of privileged information and corporate structures to tilt a shareholding contest; possible laundering or disguise of political finance as securities transactions; and an attempt to place a deposit-money bank under the effective influence of a serving presidential candidate,” the group said.
It added that an investigation would also help clear the bank, its management and shareholders if the allegations were found to be false.
The organisation therefore called for investigations involving Obi and any person, company, trustee, nominee or intermediary allegedly involved in the acquisition or warehousing of Fidelity Bank shares.
“A deposit-money bank is not a campaign committee. It is not a private trophy. It is not a warehouse for undisclosed political capital,” the group said.
The organisation urged the EFCC and CBN to conduct concurrent investigations, insisting that an independent probe was necessary to establish whether the allegations of hidden ownership, insider dealing and an attempted change of control had any basis.
