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

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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.

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