₦airaland Forum

When Banking Power Meets Political Money: Questions Nigeria Must Ask

As Nigeria’s 2027 presidential election approaches, public attention is turning to the integrity of the country’s financial and electoral systems. Two areas of law are particularly relevant: prohibitions on insider dealing in securities markets, and rules governing political campaign financing. Both exist to protect public confidence—in markets and in elections alike.


Under the Investments and Securities Act (ISA) 2025, insider dealing is prohibited where a person trades, directly or indirectly, in securities while in possession of material, non-public information. The Act also creates liability for those who facilitate or benefit from such conduct. Penalties are severe: individuals face fines of at least N10 million or four times the profit gained (whichever is higher), plus imprisonment of at least five years.

Public commentary has raised questions about whether financial institutions or their executives could, in theory, be used as vehicles for undisclosed political financing.

Dr. Nneka Onyeali-Ikpe is the Managing Director and CEO of Fidelity Bank Plc, a position she has held since January 2021. She is a lawyer by training and has been recognized in the banking industry, including as Banker of the Year 2022 and Best Banking CEO Nigeria 2023. Fidelity Bank is a publicly listed financial institution whose stability depends on investor confidence in its governance and disclosures.

Peter Obi is a former governor of Anambra State and was the Labour Party’s presidential candidate in 2023. He has since moved to the Nigerian Democratic Congress (NDC) and is expected to contest the 2027 presidential election. Questions about campaign financing have followed Nigerian presidential candidates across party lines for years, and Obi is no exception.

The intersection of these issues becomes particularly significant given Peter Obi’s political prominence and the importance of Fidelity Bank within Nigeria’s financial system. Any documented connection between political financing associated with Obi’s political activities and transactions involving Fidelity Bank would therefore warrant careful examination of the relevant records, timelines and disclosures.

Allegations of this nature—whether involving insider dealing, undisclosed political financing, or both—carry serious potential consequences if left unexamined. For a publicly listed bank, credible allegations can undermine investor confidence, damage the institution’s reputation, raise its cost of capital, and weaken trust in corporate governance. For the electoral system, the risk is that undisclosed money could distort political competition and subvert the very rules the Electoral Act was designed to enforce.

Nigeria’s history of campaign finance enforcement is mixed. Researchers have documented repeated violations of donation and spending limits in past elections, with weak sanctions and limited monitoring. An INEC official quoted in one study acknowledged that extreme spending and violations go unpunished because perpetrators often belong to a powerful political class. This is precisely why allegations involving a serving bank CEO and a presidential candidate warrant independent scrutiny rather than dismissal.

The appropriate institutions should examine any credible evidence that falls within their mandates. The Securities and Exchange Commission (SEC) and NGX Regulation should review any trading records, disclosure timelines, and beneficial ownership structures relevant to potential insider dealing. The Central Bank of Nigeria (CBN) should examine any governance or fiduciary concerns involving a regulated financial institution. INEC should examine campaign finance disclosures and source-of-funds information as required by the Electoral Act 2026.

Where there is a proper basis, law enforcement agencies—including the Nigerian Financial Intelligence Unit (NFIU), EFCC, ICPC, and the Nigeria Police Force—should investigate within their statutory powers. The objective should be straightforward: establish the facts, protect investors, and preserve confidence in Nigeria’s financial and electoral systems.

This is not a partisan issue. Insider dealing and undisclosed political financing are problems that can affect any institution, any executive, and any campaign. The question is not whether Dr. Onyeali-Ikpe, Peter Obi, or Fidelity Bank are guilty of anything. No regulator has said they are. The question is whether the relevant records, communications, and funding structures should be examined transparently, and whether accountability should apply equally regardless of position or influence.


Adelami writes from Lagos

https://www.thisdaylive.com/2026/09/19/when-banking-power-meets-political-money-questions-nigeria-must-ask/

The article from NewsDay says ADELAMI writes from Lagos.

I also have questions for this ADELAMI and other ADELAMIs

I want to ask ADELAMI why he is yet to write on the President's past involvement in a Narcotics case and the questions Nigerians, Organizations and Forensic experts should be asking in order to confidently sever the political rise and influence of the President from possible financing sourced from illegal drug trade.

I also want ADELAMI to harness his journalistic curiosity to perform an expository inquisition into the entity of Alpha-Beta, a private consulting firm that plays a significant role in the Internal Revenue Collections process of the most populous state in Nigeria, Lagos. This inquiry should seek out to examine what connection this entity has to the current President and what role his influence as the former Governor of state plays in the process by which Alpha-Beta secured and maintains this opaque business relationship that expresses an clear institutional conflict of interest. Finally, express confidence in the transparency and uncompromised value that this relationship is meant to deliver to the people of that state.

Peter Obi must be disqualified from the 2027 Elections for conniving with the CEO of Fidelity Bank to funding his Campaign with depositors Money.

I remember when Tinibu brought bullion vans to his residence

That's a mixture of political power and banking power 😀

This looks like APC sponsored article to me, Oga you should be more concern about the source of funds Tinubu and APC are dolling out everyday by day in his campaign if you are sincere about accountability and transparency..

Let's start from their first..

Ignoramuses should not heat the banking polity. It is only and ignorant and mischievous person that will accuse any bank of fund the election of any presidential candidate at this point in time. Not and Never in this era of Yemi " the headmaster" Cardoso.

Even when Dem never sponsor election, CBN scrutiny no gree dem rest. If you are in doubt, go and ask Access.

Please stop the spread of this nonsense.

This is a typical case of mudslinging.

No error found, not even a whiff of smoke, but very convenient to sow doubt and discord. I wonder if the writer is doing a piece like this to actual check every other candidate (including the President) for potential violation of the current financial laws.

Another rubbish from the lagos-ibadan media houses

“Adelami from Lagos”🤣

They don come again with a different pattern this time. Lwkmd!

He has not written on alpha beta ans tinubu.

Seriously where una dea get all these una purported informations from. Una go just smoke get one wild idea come create post

Saturnalia:
Peter Obi must be disqualified from the 2027 Elections for conniving with the CEO of Fidelity Bank to funding his Campaign with depositors Money.

Adelami from Lagos, of all the politicians in Nigeria to question it's Peter Obi u used as your case study?

Immediately I saw ADELAMI from Lagos, I just know that nothing good can come out of this article. And I am also waiting for ADELAMI from Lagos to also write an article concerning other presidential candidate in this manner ( most especially that of APC).

ppogba:
Ignoramuses should not heat the banking polity. It is only and ignorant and mischievous person that will accuse any bank of fund the election of any presidential candidate at this point in time. Not and Never in this era of Yemi " the headmaster" Cardoso.

Even when Dem never sponsor election, CBN scrutiny no gree dem rest. If you are in doubt, go and ask Access.

Please stop the spread of this nonsense.

Access Bank Plc and Governor Yahaya Bello...

Kai. Make I no talk.

Saturnalia:
Peter Obi must be disqualified from the 2027 Elections for conniving with the CEO of Fidelity Bank to funding his Campaign with depositors Money.

Honest question, una no dey tire of this foolishness?

Saturnalia:
Peter Obi must be disqualified from the 2027 Elections for conniving with the CEO of Fidelity Bank to funding his Campaign with depositors Money.

Even your principals can't make this bold claim. Una go enter jail o!
Data Bois must borrow sense when doing this job. Your paymasters can easily trade you (pawn)

When will they investigate oando, and alphabet, please will need that too,

Delami, the APC/Tinubu sympathiser we see what you are trying to do there.

Delami did not write about the Tinubu/Alpha beta relationship always an issue in the public.

Delami did not write about the bouillon van entering Tinubu residence on the eve of election 2015

Delami did not write about the scarce cash policy of Buhari, Tinubu election funding in 2023 and the role of Elumelu.

Delami did not right about the Agbero, harassing and collecting/ extorting people on Lagos roads.

He finds it convenient to indirectly accuse a bank in a regulated industry. What is good for Tinubu is good for every other person.

Saturnalia:
Peter Obi must be disqualified from the 2027 Elections for conniving with the CEO of Fidelity Bank to funding his Campaign with depositors Money.

You must sack your supplier bro

ogugwa1992:
When Banking Power Meets Political Money: Questions Nigeria Must Ask




https://www.thisdaylive.com/2026/09/19/when-banking-power-meets-political-money-questions-nigeria-must-ask/

yoruba from tinubu dynastic sha nor wan let Obi rest
nawa o

the way they scrutinize obi and leave their drug baron brother sha

Alpha beta,
gilbert chargoury (the Abacha money lauderer)
oando,
Lagos state govt treasury,
etc
but somehow, it is Obi that its just one of the shareholders of Fidelity that must be scrutinize

Very silly article deliberately planted to raise dust from the ignorant,the mischievous writer is careful not to directly accuse anyone but seems to be forewarning Fidelity bank that they must not provide any funds to Peter Obi, how he assumed Peter Obi can't find his own Campaign is what I dont get

Nwaokunkpara:
I remember when Tinibu brought bullion vans to his residence

That's a mixture of political power and banking power 😀

Thank you very much

Half baked bigoted brown envelope writers everywhere

ogugwa1992:
When Banking Power Meets Political Money: Questions Nigeria Must Ask




https://www.thisdaylive.com/2026/09/19/when-banking-power-meets-political-money-questions-nigeria-must-ask/

You people are under serious pressure in that una camp. It is well but Nigerians have moved on, above that una level.

flexyrule:
Access Bank Plc and Governor Yahaya Bello...

Kai. Make I no talk.

Under Yemi Cardoso?

Kai. Make I no talk.