Fidelity Bank: Amuchie, Garba, Shodipo get 97% of N649.45m shares allocation to twelve staff

Fidelity Bank Plc recently awarded 30,332,098 units of its shares currently valued at N661.24million to twelve (12) staff of the bank.

Detailed in a regulatory disclosure filed with the Nigerian Exchange Limited (NGX), the share allocation under its executive compensation framework revealed a striking concentration of wealth at the very top: just three Executive Directors secured N642.01 million—representing a massive 97.1percent (or 97 percent) of the total stock pool distributed.

Out of the shares vested on June 30 to the twelve staff, 29.454 million units currently valued at N642.01million were awarded to Amuchie Stanley, Garba Ibrahim Sufiyanu, and Shodipo Pamela – all Executive Directors of the bank.

Specifically, Amuchie Stanley got 12.727 million units now valued at N277.45million, Garba Ibrahim Sufiyanu got 4 million units currently valued at N87.2 million, while the bank’s 12.727 million units of shares now valued at N277.45million were allocated to Shodipo Pamela.

Through this incentive scheme, the trio effectively absorbed virtually the entire share award, leaving the remaining 877,554 units (N19.13million) for nine participating staff members to divide

—roughly 2.89 percent of the current total value of the vested shares.

Equities-based compensation schemes are widely utilised across Nigeria’s listed companies to align management interests with long-term shareholder value and retain critical talent.

Further look at the notification on vesting of Fidelity Bank Plc’s shares to the remaining nine participating staff shows as follows: Ayerite Ebi Ngo (262,114 units), Maram Markus Magga (39,700 units), Igho Akpomeria (39,700 units), Ojonimi Joseph (39,773 units), Somoye Kabir Omoniyi (39,770 units) and Dickson Patience Ladi (39,773 units). Others are: Enangeto Uwem Essiet (39,773 units), Adejoh Grace (43,750 units), and Nwalor Emmanuel Onyema 333,201 units.

While equity grants are inherently designed to reward high-level leadership, the sheer imbalance of this distribution highlights the growing disparity between executive board members and non-board operational staff within institutions.

As the vested shares details circulate through the market, the stark divide between top-tier director allocation and broader staff rewards offers a compelling case study in corporate governance and compensation strategy.

Though by tying such significant equities value directly to the executive suite, the board may be making a heavy bet on these specific leaders to drive profitability, navigate regulatory shifts, and manage ongoing market expansion.

Nneka Onyeali-Ikpe, managing director, Fidelity Bank Plc said the first quarter (Q1) 2026 results reinforced the bank’s strong and resilient business model, saying that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.

The 14.75 percent return recorded year-to-date (YtD) by the shares of Fidelity Bank Plc shows it has underperformed the market as the NGX-All Share Index (ASI) closed same period (Monday, July 20) with record YtD rally of 58.20 percent.

In first quarter (Q1) to March 31, 2026 Fidelity Bank Plc reported profit after tax (PAT) decline to N74.47 billion. This profit level reported by the bank represents a dip by 18.25 percent when compared with N91.10 billion in the corresponding first quarter of 2025.

The group’s earnings per share lowered to N1.36 in Q1′ 2026 from N1.81 in Q1′ 2025. Fidelity Bank’s share price dropped to N21.8 per share on Monday July 20, down from last week’s Friday when the bank’s stock closed at N21.85. The stock had reached 52-week high of N24.25 and a 52-week low of N17.1.

The bank’s unaudited financial statements for the first quarter period ended March 31, 2026 shows that it recorded 37.9 percent growth in gross earnings to N434.95 billion as against N315.42 billion in first quarter 2025.