Managing Director and CEO of Fidelity Bank Plc, Nneka Onyeali-Ikpe, has acquired an additional 18 million shares in the bank, amounting to approximately N366 million.
The acquisition, executed at N20.35 per share on May 19, was disclosed in a regulatory filing published on the Nigerian Exchange Group (NGX) portal.
It came on the same day an online publication released an unverified report about a long-standing legal case inherited by Fidelity Bank following its 2005 absorption of the defunct FSB International Bank.
The latest transaction adds to a pattern of personal investment by Onyeali-Ikpe.
In November 2024, she 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.
“The CEO’s actions reflect her continued confidence in the bank’s strategic direction and governance,” a market analyst noted.
“Making such a move while the institution is under legal attention sends a deliberate signal to investors.”
Fidelity Bank’s strong financial performance provides further context for the investment.
The lender recorded a Profit Before Tax of N105.8 billion in the first quarter of 2025, marking a 167.8% increase from the same period in 2024.
Gross earnings also rose year-on-year by 64.2% to N315.4 billion, driven by growth in both interest and non-interest income.
The bank’s balance sheet showed total deposits climbing to N6.6 trillion—an 11.1% increase year-to-date—while net loans and advances rose by 5.0% to N4.6 trillion, underscoring the institution’s liquidity and lending strength.
Despite the recent online report, which has been refuted by the Central Bank of Nigeria, Fidelity Bank’s share price has remained relatively stable.
After peaking at N21.00 on May 13, the price saw a slight decline to N20.00, a 3.8% drop that has not significantly affected investor sentiment.
Onyeali-Ikpe’s continued acquisition of shares during a sensitive legal period has drawn attention for its timing and scale.
The bank has reiterated its commitment to following due legal process to resolve the inherited case and has assured stakeholders of its operational soundness.
Nneka Onyeali-Ikpe, who assumed the role of CEO in January 2021, is the first female to occupy the position in the bank’s history.