Fidelity Bank Board Member Acquires .5 Million Shares

By Dipo Olowookere

A member on the board of Fidelity Bank Plc, Mr Charles Umolu, has mopped up some equities of the company at the stock market.

Mr Umolu is a non-executive director of the financial institution and was in the past the Managing Director/Chief Executive Officer of Comet Merchant Bank Ltd.

A disclosure from Fidelity Bank said the director acquired just over half a million units of the company’s stocks at the exchange on Wednesday, May 6, 2020.

In the notice filed to the Nigerian Stock Exchange (NSE) on Thursday, May 7, 2020, the product of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, precisely purchased a total of 535,000 units of Fidelity Bank shares at N1.83 each.

Business Post reports that the transaction cost Mr Umolu, a former board member of Keystone Bank Limited, the sum of N979,050.

Mr Umolu was appointed to the board of Fidelity Bank as non-executive director in November 2016 along with Mr Ernest Ebi and Mr Kings C. Akuma.

He is presently a managing consultant with Corimol Nigeria Ltd and a chief executive with Corimol Consulting Ltd.

According to his profile on Reuters, he has over 18 years cognate experience in banking and was trained as a banker by Morgan Guaranty Trust Company of New York, USA.

He obtained a Bachelor’s degree in Economics from OAU in 1977 and an MBA from the same institution two years later.

His successive academic records earned him a national scholarship in 1974 and a university scholarship in 1975 where he obtained a distinction in Economics from OAU.

Major training programs Mr Umolu attended include: Global Strategic Management, Harvard Business School (June 21-26, 2015); Directors’ Consortium, University of Chicago, Booth School of Business (October 6-10, 2014); Finance for Executive Program, Columbia Business School, New York (April 2013); High Impact Leadership Program, Columbia Business School, New York, December 2-7, 2012, amongst others.

Mr Umolu served on the board of various organizations as an executive director and a non-executive director.

He currently serves on the board of Profound Securities Ltd – a subsidiary of the Nigerian Social Insurance Trust Fund (NSITF).