Connect with us


Fidelity Bank investors lose N289.74m as CBN probe triggers sell off



Fidelity Bank staff arrested for diverting N137m customer’s money

Over N289.74 million was lost by Fidelity Bank investors on Monday, following a sell off among shareholders after a disclosure that the Central Bank of Nigeria (CBN) was probing its financials.

Fidelity Bank had notified its shareholders in a letter dated August 27, 2021, and signed by the lender’s Company Secretary Ezinwa Unuigboje, that the central bank is reviewing its Half Year Audited Financial Statements.

The examination by the financial regulator has caused a delay in the release of the financial statements to the public, the note seen by Ripples Nigeria said – with no new date announced.

Read also: Market indices up by 0.21% as Fidelity Bank leads trading in Nigeria’s stock market

“Please be informed that the AFS is still undergoing review by the CBN and will be published upon receipt of the CBN’s approval.” Fidelity Bank told investors.

This triggered a sell off on Monday, causing the market value of Fidelity Bank to depreciate by 0.42 percent, while wiping off N289.74 million from shareholders investment.

Last week, high volume of sell off occurred on Fidelity Bank’s stock, as investors sold an average of three million shares on a daily during the five days of trading.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × 2 =