Shopping cart

Lagoscityreporters.com is a web-based news and entertainment portal established to deliver cutting edge, incisive and knowledge-driven journalism practicelagoscityreporters.com is mandated to drive this vision through online journalism.

TnewsTnews
  • Home
  • Featured
  • Purchase Of Shares: No Insider Trading Was Done By Fidelity Bank MD – NGX Confirms
Business

Purchase Of Shares: No Insider Trading Was Done By Fidelity Bank MD – NGX Confirms

27
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, Dr. Nneka Onyeali-Ikpe, 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.

Comments are closed

Related Posts

NEWS:  lagoscityreporters.com Unveils Online Live Streaming Radio | Ill-Fated Indian Airline: How I survived, Lone Survivor Recounts Miracle Escape From Crash | Social Media Post: Jonathan Breaks Silence On Contesting 2027 Presidency | Teacher Charged With Sexual Assault, Murder Of Adopted Toddler | Keyamo Orders Investigation Into Oshiomhole’s Faceoff With Air Peace | Middle East War: Iran, Israel Target Each Other With Deadly Missiles | 10 Key Facts About The Iran-Israel Conflict | Victim Of Ill-Fated India Plane Crash Came From London To Fulfill Wife's Dying Wish | Timeline Of How London-Bound Air India Flight Crashed Moments After Take-Off | How UK Based Doctor, Wife And Three Children Died In the Ill-Fated Indian Plane Crash | 38-Year-Old Man Miraculously Walks Out After Air India Crash | June 12: Tinubu Cancels National Broadcast | June 12: Why President Tinubu Cancelled National Broadcast | Tanker Explosion On Lagos-Ibadan Expressway Leaves Two Injured, Vehicles Burnt | London-bound Passenger Plane Crashes In India | Gov Eno Knocks Kenneth Okonkwo | ADVERT: Healthy You Pharmacy And Diagnostic Laboratory, 85 Zik's Avenue, Opposite Gtbank, Eke Awka, Awka, Anambra State, healthyupharmacy24@gmail.com, +2347070508446 | For News Coverage, Adverts Placement And Other Enquiries, call: +234(0)8063310733