Between Peter Obi and Tompolo

On July 18, 2025, the Asset Management Corporation of Nigeria (AMCON) sold a significant portion of Fidelity Bank shares, 1.14 billion, roughly 2.3 percent, to an unidentified prominent Niger Delta oil and gas security businessman. Speculations arose that the buyer was High Chief Government Ekpemupolo, known as Tompolo, who chairs Tantita Security Services Nigeria Limited.

Tompolo, if reports are accurate, has been buying shares and now leads the shareholder register. Tompolo is reportedly seeking influence over who will succeed Dr Nneka Onyeali-Ikpe, the Managing Director of Fidelity Bank since January 2021. Her term ends on December 31, 2026.

Peter Obi, a former Anambra State governor and a pioneer major shareholder of Fidelity Bank, also comes into the picture. Obi was the bank’s chairman from 1994 until 2025. He maintains that he does not own the bank, stating that his board seat is a professional duty. However, the documents leave little doubt about his connection to the bank.

Fidelity's 2025 annual report stated that there were 525,912 shareholders, with a total of 50.2 billion shares, none of which held more than five percent. The July sale occurred before the December 31, 2025 date, and the bank dismissed the takeover story as unsupported.

Reports suggest that Obi may secretly hold up to 29.5 percent through proxies, nearly six times the five percent ceiling. Unnamed shareholders have corroborated similar claims in other reports. The contest for influence is evident, as Obi is gearing up for a 2027 presidential run under the Nigeria Democratic Congress. A decision on the successor to Onyeali-Ikpe could be swayed by this influence, as any large shareholder would want to have a say in such matters.

The bank denies any claims of political manipulation but insists it remains detached from partisan politics. The ultimate decision regarding the bank’s future leadership will likely bring clarity to these intriguing developments.