Fidelity Bank Director Purchases 13,005,700 Units of Shares to His Holdings

Nelson Nweke, a Non-Exective Director, Fidelity Bank Plc, acquired 13,005,700 shares of the bank, according to the latest disclosure filing of the bank.

The Non-Exective Director bought the shares at N2.07 per unit on May 18, 2021 in Lagos, Nigeria (Nigerian Exchange Limited trading floor). Total sum expended equals NGN 26,921,799.

Brief profile of the Non-Executive Director

Mr. Nelson Nweke was appointed to the Board of Fidelity Bank as a Non-Executive Director, effective January 1, 2021. He currently serves as the Managing Director of Neilville Nigeria Limited and an Independent Non-Executive Director at Berger Paints PLC. Prior to joining the Board of Fidelity Bank, he had previously served as a Non-Executive Director of Premium Pension Limited and was a member of the Governing Council of Anambra State Investment Promotion and Protection Agency between 2014 and 2018.

His banking industry experience covers Operations, Public Sector, Corporate Services and Human Resources Administration, with an extensive career in the financial sector, rising to the position of Executive Director at legacy Intercontinental Bank Plc.

He holds a Bachelor’s degree in Political Science and an Msc. in Industrial and Labour Relations, both from the University of Ibadan. He has also attended various executive development programmes at world class business schools including INSEAD, France; IMD, Lausanne, Switzerland; and Harvard Business School, amongst others. He is an Associate Member of the Chartered Institute of Stockbrokers (CIS), Member Chartered Institute of Personnel Management (CIPM) and Nigeria Institute of Management (NIM).

Fidelity Bank records 53.9% profit growth in Q1 2020

Fidelity Bank says it recorded N10.1 billion in profit before tax (PBT) for the first quarter of 2021 which ended March 31.

According to a statement released by the bank, this represents an increase of 53.9 percent when compared to N6.6 billion recorded in the corresponding period in 2020. Gross earnings increased by 7.7 percent year on year to N55.1 billion on account of 66.7 percent growth in non-interest revenue to N12.1 billion from N7.2 billion in Q1 2020.

The bank’s unaudited results show an increase in net revenue by 13.4 percent from N30.3 billion in Q1 2020 to N34.4 billion in 2021. The bank explained that the increase in its non-interest revenue came from foreign exchange related income, digital banking income and account maintenance charge, among other.

It said total customers’ induced transactions across all its service channels increased by 30.4 percent year on year and 17.1 percent quarter on quarter.