…stock still near 52-week high
Nneka Onyeali-Ikpe, Managing Director/ CEO of Fidelity Bank Plc, acquisition of an additional 18 million shares of Fidelity Bank, amounting to about N366 million is compliant with the Nigerian Exchange Limited (NGX) rules.
Onyeali-Ikpe had on May 19 acquired these additional 18 million units of the bank’s shares at N20.35 per share, a transaction which further signals the management’s strong belief in the brand Fidelity.
This transaction was disclosed by the bank in a notification to the NGX and investing public.
The additional share purchase by the bank’s CEO happened on the same day an online publication (not Businessday.ng) released an unverified report linking it to a long-standing legal case inherited by Fidelity Bank following its 2005 absorption of the defunct FSB International Bank.
After peaking at N21 on May 13, the price moderated to N18.25 in early trading on Thursday, still near its 52-week high of
N21.5 as against a 52-week low of N7.85.
BusinessDay check on the details of the transaction revealed that they were made public through a regulatory disclosure on the NGX titled “Notification of Share Dealing by Insiders”.
A “Close Period” in finance, particularly in relation to listed companies, is a period where trading in a company’s stock is restricted, typically before the release of financial results.
Read also: Fidelity: Here’s why you must hold that bank stock
During this period, insiders (directors, senior employees, etc.) and their connected persons are usually prohibited from trading in the company’s shares to prevent insider trading and maintain fair market access for all investors.
Onyeali-Ikpe transaction on May 19 didn’t happen during the bank’s recent Close Period which elapsed 24 hours after it published its unaudited first quarter (Q1) 2025 results for the period ended March 31. The bank published its Q1 results on April 30 as shown on the NGX portal.
Analysts say the bank CEO’s recent share purchase reflects her continued confidence in the bank’s strategic direction and governance. “Making such a move while the institution is under legal attention sends a deliberate signal to investors.”
Amid mixed sentiments at the stock market, Fidelity Bank’s share price has remained relatively stable. Generally, investors are taking profits on banking stocks as reflected on the NGX Banking Index.
Onyeali-Ikpe had in November 2024 purchased 25 million shares in two tranches—15 million shares worth N239.4 million on November 21 and 22, followed by another 10 million shares valued at N157.9 million on November 26 and 27.
Onyeali-Ikpe’s continued share purchases during a sensitive legal period have drawn attention for their timing and scale.
The bank has maintained that it is following due legal process to conclude matters related to the decades-old case, while assuring stakeholders of its operational soundness.
Fidelity Bank’s leadership appears focused on maintaining institutional stability and investor trust through direct financial commitment and consistent performance.
Fidelity Bank’s recent financial results provide further context. The lender recorded a Profit Before Tax of N105.8 billion in the first quarter of 2025, up 167.8 percent from the same period in 2024. Gross earnings also rose by 64.2 percent year-on-year to N315.4 billion, driven by both interest and non-interest income.
On the balance sheet, the bank’s total deposits climbed to N6.6 trillion, representing an 11.1 percent increase year-to-date, while net loans and advances rose by 5 percent to N4.6 trillion. These figures suggest sustained liquidity and the capacity to manage lending and investment operations effectively.
