Explosive Twist: AGF Reveals Shocking Reason Fraud Charges Vs. Fidelity Bank MD Were Dropped

According to a statement issued on Monday by the AGF’s Special Assistant on Communication and Publicity, Kamarudeen Ogundele, the charges were dropped after a thorough legal assessment determined that there was no direct connection between Onyeali-Ikpe and the fraudulent account at the heart of the case.

The matter, originally filed in February 2025 under Charge No: FHC/L/138C/2025, involved allegations against lawyer Victor Ukutt, Fidelity Bank Plc, and a fugitive, Whoba Ugwunna Ogo, for allegedly conspiring to illegally convert funds belonging to Woobs Resources Limited.

Onyeali-Ikpe had initially been named as the third defendant. However, in an updated 10-count charge dated May 5, 2025, her name was removed and replaced with Safiya Whoba.

The AGF’s office stated that the decision reflects its dedication to fairness and justice, clarifying that Onyeali-Ikpe was neither the account officer nor the Managing Director at the time the suspicious account was created.

Despite the MD being cleared, Fidelity Bank Plc remains a defendant in the case and still faces accusations of financial misconduct.

“This move does not absolve Fidelity Bank of the allegations in the charge. Rather, it shows the Attorney General’s duty to avoid the unjust prosecution of innocent individuals,” the statement emphasized.

Initially, an eight-count charge filed by the Director of Public Prosecutions, M.B. Abubakar, included Onyeali-Ikpe in Counts 1, 2, and 8, accusing her of conspiracy and breaching the Money Laundering (Prohibition) Act, 2011 (as amended).

The case is currently being heard by Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos.

The AGF’s decision to drop the charges was made in line with Section 174 of the Nigerian Constitution, which authorizes the Attorney General to discontinue criminal cases in the interest of justice.

One of the original counts alleged that between 2011 and 2023, Victor Ukutt, Fidelity Bank, Onyeali-Ikpe, and Whoba Ugwunna Ogo conspired to fraudulently convert ₦19 billion belonging to Woobs Resources Limited from an account held at Fidelity Bank—funds that were believed to be proceeds of theft or fraud.

Another count accused them of criminal conversion under Sections 15(2)(b) and 15(3) of the Money Laundering Act.

In Count 8, Onyeali-Ikpe and Fidelity Bank were charged with failing to comply with Know Your Customer (KYC) regulations, an offence under Section 37(1) and (2) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024.