Nneka Onyeali-Ikpe increases stake in Fidelity Bank, acquires N366m shares

Nneka Onyeali-Ikpe, managing director (MD) and chief executive officer (CEO) of Fidelity Bank, has acquired an additional 18 million shares in the bank.

The development follows a report alleging that Fidelity Bank faced insolvency following a supreme court order requiring the bank to pay damages of N225 billion to a Nigerian firm.

However,  the bank denied being bankrupt, stressing its capacity to discharge its legal obligations.

According to a regulatory filing on the Nigerian Exchange Group (NGX), by Ezinwa Unuigboje, Fidelity Bank secretary, on Tuesday, the shares were acquired on May 19, at N20.35 each — amounting to a total transaction value of approximately N366 million.

The bank said the latest share purchase adds to Onyeali-Ikpe’s earlier acquisitions.

“Between November 21 and 22, 2024, she purchased 15 million shares worth N239.4 million, and subsequently added another 10 million shares valued at N157.9 million on November 26 and 27, 2024,” the statement reads.

“These cumulative investments reflect a consistent pattern of personal commitment to the bank’s long-term success.

“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, Dr. Onyeali-Ikpe sends a clear message of stability and trust in the institution’s governance and operational integrity.”

The shares acquired by Onyeali-Ikpe increased her shareholding in Fidelity Bank to 112.64 million shares or 0.22 percent stake of the bank from 94,64 million shares or 0.18 percent stake held as at December 31, 2024.

‘FINANCIAL PERFORMANCE REINFORCES INVESTOR CONFIDENCE’

Highlighting its financial performance, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025.

“Gross earnings rose by 64.2 percent year-on-year to N315.4 billion, driven by significant growth in interest income and non-interest revenue,” the bank said.

“The bank’s balance sheet remains solid, with total deposits increasing by 11.1% year-to-date to ₦6.6 trillion, and net loans and advances growing by 5.0% to ₦4.6 trillion.

“These figures highlight Fidelity Bank’s strong liquidity position and its capacity to support large-scale projects and absorb financial shocks.”

The financial institution further said that despite the “rash of malicious publications,” which have been debunked by the Central Bank of Nigeria (CBN), its share price has demonstrated resilience.

“After reaching N21.00 on May 13, 2025, the stock experienced a modest decline, closing at ₦20.00, a 3.8% decrease,” Fidelity Bank said.

“This stability suggests that investors remain confident in the bank’s fundamentals and leadership.

“Dr. Nneka Onyeali-Ikpe’s continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment.

“Her actions not only reinforce investor confidence but also underscore the bank’s robust financial standing and resilience.”

Fidelity Bank also said it looks to close out the legal process and navigate the final phase of the court-mandated settlement.