From Chukwuma Umeorah
Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has boosted her stake in the bank by purchasing an additional 18 million shares valued at approximately N366 million.
The transaction, disclosed on the Nigerian Exchange Group (NGX) portal, occurred on May 19, at N20.35 per share, coinciding with an unverified online report about a Supreme Court ruling tied to a decades-old case inherited from the defunct FSB International Bank, absorbed by Fidelity in 2005. The bank views this acquisition as a strong signal of confidence in its stability.
Previously, Onyeali-Ikpe acquired 15 million shares worth N239.4 million on November 21 and 22, 2024, followed by another 10 million shares valued at N157.9 million on November 26 and 27, 2024.
On Wednesday, May 21, the bank stated, “The CEO’s substantial personal investments serve as a powerful testament to her confidence in Fidelity Bank’s strategic direction and financial health. By increasing her stake during a period of legal scrutiny, Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.”
It added, “As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of the bank.”
Furthermore, Fidelity’s Q1 2025 financial results reinforce this confidence. The bank reported a profit before tax of N105.8 billion, a 167.8% increase from Q1 2024. Gross earnings grew by 64.2% year-on-year to N315.4 billion, driven by rises in interest and non-interest income. The balance sheet remained robust, with total deposits up 11.1% year-to-date to ₦6.6 trillion and net loans and advances increasing 5.0% to ₦4.6 trillion.
Despite unverified reports and what the Central Bank of Nigeria described as “malicious publications”, Fidelity’s share price showed resilience. After peaking at N21.00 on May 13, it dipped slightly to N20.00, a 3.8% decline, suggesting sustained investor trust in the bank’s leadership and fundamentals.
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