Fidelity Bank CEO Acquires ₦239m Worth Of Shares 

The Managing Director (MD)\ Chief Executive Officer (CEO) of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, has expanded her stake in the bank with the acquisition of 15 million shares in a transaction worth ₦239.4 million.

The purchases were carried out over two days, November 21 and 22, 2024, at an average price of ₦15.96 per share. Detailed disclosures on the Nigeria Exchange Limited revealed that Dr. Onyeali-Ikpe bought 9 million shares at ₦16.10 per share and an additional 6 million shares at ₦15.75 per share.

This transaction, classified as insider trading, complies with regulatory requirements mandating directors of listed companies to report their share dealings.

The acquisition comes as Fidelity Bank reports robust financial growth for the third quarter of 2024. Gross earnings surged by 98.7 percent to ₦772.5 billion, up from ₦388.8 billion in the same period last year. This impressive growth was largely driven by increased interest income and operating income.

Net interest income also soared by 141.4 percent, rising from ₦194.96 billion in Q3 2023 to ₦470.49 billion in Q3 2024. Fee and commission income contributed positively as well, growing by 54.4 percent from ₦36.43 billion to ₦56.28 billion within the same period.

Profit before tax showed remarkable growth, climbing by 153.9 percent to ₦281.41 billion, compared to ₦110.99 billion in Q3 2023. Similarly, profit after tax increased by 144.3 percent to ₦224.6 billion, up from ₦91.75 billion in the previous year.

The bank’s profitability was further bolstered by a rise in other comprehensive income, driven by fair value gains on equity instruments, which increased by 141.4 percent to ₦23.66 billion, compared to ₦9.79 billion in Q3 2023.