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The Chairman of Tier-2 lender Fidelity Bank Plc Ernest Ebi and CEO/Managing Director, Nnamdi Okonkwo have purchased a combined 5.3 million shares in the bank worth about N9.89 million.
Ebi purchased 2.63 million shares at an average price of N1.89 per share for a total consideration of N4.97 million, while Okonkwo purchased 2.75 million shares at N1.79 per share valued at N4.92 million.
The purchases took place between May 13 and 29, 2020, according to a filing on the Nigerian Stock Exchange (NSE).
Insiders at Nigerian firms have been buying shares in their company’s in recent times, which might mean they feel their stocks are undervalued.