Fidelity Bank CEO Nneka Onyeali-Ikpe Acquires Fresh N366.3m Shares

The banking executive, on Monday, May 19, 2025, amid reports of a purported bankruptcy rumour over a Supreme Court judgement debt, acquired addition 18 million shares of the firm at N20.35 per unit.

In a notice to the Nigerian Exchange (NGX) Limited on Tuesday, it was disclosed that the transaction was carried out a day earlier at the exchange.

The total value of the purchase, according to the disclosure, was worth about N366.3 million, underscoring her unwavering confidence in the organisation despite the panic created by the reports.

Mrs Onyeali-Ikpe’s latest acquisition is not an isolated gesture, as 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, reflecting a consistent pattern of personal commitment to the bank’s long-term success.

Her continued investment in Fidelity Bank during a period of legal scrutiny exemplifies strategic leadership and personal commitment.

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

As the institution looks to closing out the legal process as mandated by the court, stakeholders can take solace in the demonstrated strength and stability at the helm of Fidelity Bank.

The legacy debt in question involved the defunct FSB International Bank, which Fidelity Bank acquired in 2005.

The lender gave a $3 million loan to G. Cappa Plc in 2002 and was secured with mortgage on a property located in Ikoyi, Lagos, but the it defaulted on the repayment of the credit facility and in a bid to prevent FSB from selling the mortgaged property to repay the loan, G. Cappa commenced an action against FSB at the Federal High Court, Lagos, to stop the sale.

The Federal High Court in its judgment ruled that the FSB as legal mortgagor rightfully sold the leased interest in the property to Sagecom in 2011, but declined to order vacant possession of the property and directed the issue of vacant possession to the Lagos State High Court.

In the meantime, G. Cappa remained in possession of the property and kept collecting rents therefrom, and in 2011, Sagecom instituted an action against the bank and G. Cappa at the Lagos State High Court seeking damages against lender for breach of contract and for possession of the property.

The claim was for liquidated damages calculated as rentals on the several component apartments in the property plus interest on same over different time frames.

On Monday, it was reported that Fidelity Bank has been asked by the apex court to pay the company N225 billion as damages over the transaction.

Reacting to this, the bank said it has approached the court for interpretation of the judgement because of some “significant ambiguities” resulting in difficulties in calculating the actual financial liability to G.Cappa due to “the exchange rate as of 2005 when the incident and cause of action arose,”