Fidelity Bank shirks off failure rumours, increases staff salaries

As NGX confirms no insider trading was done by the MD/CEO of Fidelity Bank Plc.

Tier-one lender, Fidelity Bank Plc, has recently announced salary increments for its staff following a remarkable full year 2024 financial performance.

The salary increase announced in May follows a prior increment from November 2024 and aims to recognize staff contributions in customer service and achieving corporate goals.

It will be recalled that the Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe-led institution recorded the highest growth in year-on-year profitability in the Nigerian banking industry in 2024 with a 210% growth in Profit Before Tax to N385.2 billion.

Similarly, the bank recently announced that it was on the verge of closing out on the Central Bank of Nigeria-mandated recapitalization directive with a private placement exercise scheduled to conclude in June 2025.

NGX confirms no insider trading was done by the MD/CEO of Fidelity Bank Plc.

The Nigerian Exchange Group (NGX) has affirmed that the recent purchase of 18 million units of Fidelity Bank shares by its Managing Director/Chief Executive Officer was conducted in full compliance with applicable regulations.

In a letter dated May 22, 2025, the regulator dismissed allegations of insider trading and the misuse of bank funds for the transaction stating:

“….Following the filing of the Bank’s 2025 Q1 UFS on 30 April 2025, the Directors and other insiders of the Bank became eligible to trade on the securities of the Bank after twenty-four (24) hours.

“Therefore, the share purchase transaction referenced by Sahara Reporters which occurred on 19 May 2025 was transacted during an open trading window and NGX RegCo is not aware of any other price sensitive information that the Bank is required to disclose which should hinder trades on the securities of the Bank by insiders.”

Fidelity Bank has subsequently issued a statement addressing the accusations, categorizing them as false, misleading, and maliciously intended to tarnish the reputation of both the bank and its MD/CEO, as well as to mislead the investment community and the general public.

Signed by the bank’s Divisional Head of Brand and Communications, Dr Meksley Nwagboh, the statement clarified that Fidelity Bank was compelled to respond to the erroneous article published on May 21, 2025.

“As a publicly quoted company regulated by the NGX and subject to the Listing Rules of the NGX and the Securities and Exchange Commission (SEC) regulations, we unequivocally confirm that neither the Bank nor its MD/CEO has ever engaged in insider trading.”

Dr Nwagboh further emphasized that the MD/CEO personally funded the share purchase and did not utilize bank funds or take a loan for the transaction. The statement reaffirmed that the transaction was conducted in strict adherence to the Listing Rules and insider trading regulations governing publicly traded companies.

See a copy of the press release below:

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