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Fidelity bank chairman sell 2.6m stocks,MD Buys 2.7m units

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Chairman of Fidelity Bank Plc, Mr Ernest Ebi, has offloaded a total of 2,630,000 units of the company’s stocks at a unit price of N1.89.

The transaction was carried on the Nigerian Stock Exchange (NSE) on Friday, May 29, 2020, a notice from the lender stated.

However, the reason for the sale was not explained in the disclosure. The chairman offloaded the shares for the sum of N4.971 million.

Mr Ebi, who received an undergraduate degree and an MBA from Howard University, is a respected businessperson, who was once the MD/CEO of New Nigeria Bank Limited.

He sits on the board of different companies including Dangote Cement, AIICO Pension Managers Ltd, Julius Berger Nigeria Plc, amongst others.

He was once the Deputy Governor of the Central Bank of Nigeria (CBN), Assistant Vice President at Federal Savings & Loans Association, Chairman for Unic Insurance Plc, amongst others.

Meanwhile, days before his sale of Fidelity Bank Plc shares, the Managing Director of the bank, Mr Nnamdi Okonkwo, had purchased a total of 2,750,000 units of the company’s equities.

In a separate notice to the exchange, it was stated that the MD/CEO acquired the additional stocks in four different trading sessions on the exchange.

It was disclosed that Mr Okonkwo bought the shares from May 13 to 18, 2020 at an average price of N1.79 each. The transactions cost him the sum of N4.923 million.

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