Fidelity Bank non-executive director acquires additional 4.4m shares

By Kayode Tokede

Fidelity Bank Plc has notified the Nigerian Exchange Group Limited (NGX) that Mrs. Nwamaka Onwughalu, a Non-Executive Director in the bank, has acquired 4,404,700 additional units of Fidelity Bank shares, worth N9.95 million.

In line with The Exchange’s policy on insider dealing, the formal disclosure was made by the Bank’s Secretary, Ezinwa Unuigboje.

According to the notice, Mrs. Nwamaka acquired the additional 4.4 million units of Fidelity Bank shares at an average share price of N2.26 per share.

This put the total consideration for the shares purchased by the non-executive director at N9,954,622. In addition, it is pertinent to note that the deal took place on the 16th-17th of June, 2021.

It is imperative to note that the disclosure is in line with the statutory requirements specified by the Exchange and needed to entrench transparency and confidence in the system.

Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

Fidelity Bank’s shares opened trading on Wednesday at N2.28 per share.