Another Fidelity Bank Non-Executive Director purchases 1 million shares worth N2.75million

Another non-executive director of Fidelity Bank has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

In what seems to be a growing optimism in the Bank’s future, another non-executive director of Fidelity Bank, Mr. Chidi Agbapu, has purchased an additional 1,000,000 shares of the bank worth N2.75 million.

This is according to an official notification by the bank, signed by its Secretary, Ezinwa Unuigboje, and seen by Nairametrics

What you should know

Nairametrics had earlier reported last week that a Non-Executive Director of the bank, Chief Charles Umolu, had purchased 3,138,000 additional shares worth N8.8 million.

Sequel to this, Mr. Chidi is the second Non-Executive Director of the bank to purchase additional shares of the bank over the past one week.

The breakdown of the latest transaction revealed that Mr. Chidi acquired the additional 1,000,000 units of Fidelity Bank shares in two tranches of 500,000 shares, at an average share price of N2.75 per share. This puts the total consideration for the 1,000,000 shares purchased at N2.75 million.

Why it matters

The latest disclosure is in line with the Nigerian Stock Exchange Policy on insider dealing, aimed at ensuring transparency in the system.