Former Labour Party presidential candidate Peter Obi has dismissed reports that he travelled to Rome to beg President Bola Tinubu for help over a ₦225 billion debt linked to Fidelity Bank.
The controversy began after a photo of Obi with Tinubu at the Vatican circulated online, with some sources alleging the meeting was secretly arranged to discuss the bank’s legal troubles.
Obi explained that his visit to Rome had no connection to any financial crisis or political negotiation.
According to him, he travelled to Vatican City on May 9 to attend the funeral rites of Pope Francis and later returned to Nigeria via London.
While at the Vatican, he briefly greeted Tinubu and other dignitaries during the installation Mass of Pope Leo XIV, which he says was not pre-planned.
He added that he has not held any personal meeting with President Tinubu since he assumed office.
Reports had earlier claimed that Obi made the trip to seek Tinubu’s intervention in a rising debt burden facing Fidelity Bank.
The debt, which reportedly stems from a long-running legal dispute with Sagecom Concept Limited, has grown due to compounded interest and court decisions, reaching over ₦224 billion as of May 20, 2025.
The Supreme Court recently ruled that Fidelity Bank must pay this amount, alongside construction firm G. Cappa Plc, for damages linked to a rental dispute on a property in Ikoyi.
The report also alleged that Obi had tried to build support before the Vatican trip by meeting with several prominent Nigerian figures including the Lagos State Governor, the Ooni of Ife, and former Ekiti State governors.
Former Governor Kayode Fayemi was said to have accompanied Obi to the Vatican to support a planned discussion with Tinubu.
Sources claimed the Vatican greeting was a strategic move after the Presidency insisted that any meeting with the President should take place publicly.
Obi rejected these reports and clarified that he does not own Fidelity Bank.
While he once served as a director in three financial institutions, including Fidelity, he explained that the bank is owned by over 500,000 shareholders and no single individual holds a controlling stake.
He also said that those spreading false stories are doing so out of a desire to damage his reputation.
“Peter Obi stands out as a beacon of integrity and accountability in Nigerian politics. His vision for a better Nigeria, driven by transparency, youth empowerment, and sound economic policies, gives hope to millions. Whether or not you agree with his politics, his humility, intellect, and commitment to good governance are qualities every leader should aspire to.