By NIyi Jacobs
In a deal that has caught the attention of Nigeria’s financial markets, more than 1.1 billion units of Fidelity Bank Plc shares were traded outside the Nigerian Exchange (NGX) in a quiet, negotiated transaction on Friday, July 18, 2025.
Sources familiar with the deal say Apel Asset Management Ltd offloaded the shares, while CardinalStone Securities and Apel (acting for another client) picked them up in nine high-value block trades. So far, no official filing has been made on the NGX, fueling speculation about a possible ownership shake-up or strategic acquisition.
The transaction comes just days after another off-market blockbuster, where over 10 billion shares of FBN Holdings were exchanged.
With over 4 billion Fidelity shares traded on the open market in the last three months alone, the bank has been a hot target for investors. But this off-market move—done behind closed doors—has left analysts and shareholders wondering: who’s buying in big, and why now?
