Fidelity Bank’s CEO, Nneka Onyeali-Ikpe, has once again demonstrated her strong confidence in the bank’s future by increasing her personal stake in the institution. The latest acquisition, disclosed on the Nigerian Exchange Group (NGX) portal, occurred on May 19, when she purchased shares at N20.35 per share. This investment comes at a time when the bank is facing scrutiny over a decades-old legal case inherited from the defunct FSB International Bank, which was absorbed by Fidelity in 2005.
The purchase coincides with an unverified online report regarding a Supreme Court ruling tied to the case, but Fidelity Bank views this as a powerful signal of confidence in its stability and leadership. In previous transactions, Onyeali-Ikpe acquired 15 million shares worth N239.4 million on November 21 and 22, 2024, and another 10 million shares valued at N157.9 million on November 26 and 27, 2024.
On May 21, Fidelity Bank issued a statement emphasizing that the CEO’s substantial personal investments serve as a testament to her belief in the bank’s strategic direction and financial health. The statement read: “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.”
Fidelity Bank also reassured stakeholders, stating that as the bank moves towards resolving the legal process mandated by the court, the demonstrated strength and stability at the helm of the bank would help guide it through uncertain times.
The bank’s financial performance further solidifies this confidence. Fidelity’s Q1 2025 financial results showed a profit before tax of N105.8 billion, a significant 167.8% increase from the same period in 2024. Gross earnings grew by 64.2% year-on-year to N315.4 billion, driven by increases in both interest and non-interest income. Additionally, the bank’s balance sheet remains strong, with total deposits up by 11.1% to ₦6.6 trillion and net loans and advances growing by 5.0% to ₦4.6 trillion.
Despite the ongoing legal scrutiny and what the Central Bank of Nigeria described as “malicious publications,” Fidelity’s share price has shown resilience. After peaking at N21.00 on May 13, the price dipped slightly to N20.00, reflecting only a 3.8% decline, suggesting continued investor trust in the bank’s leadership and fundamental operations.
In light of these developments, stakeholders and investors are reassured that Fidelity Bank remains a strong player in the Nigerian banking sector, with a focus on long-term growth and stability.
