The Asset Management Corporation of Nigeria (AMCON) has sold more than 1.14 billion shares of Fidelity Bank Plc in a major off-market transaction, raising speculation about a possible shift in the bank’s ownership structure.
The transaction, which took place on Friday, July 18, 2025, involved the crossing of exactly 1,140,866,892 shares in nine negotiated deals on the Nigerian Exchange (NGX). The trade was facilitated by Apel Asset Management Ltd and CardinalStone Securities Ltd, who acted as intermediaries.
According to sources familiar with the deal, the buyer is a well-known oil and gas security magnate based in Nigeria’s Niger Delta region. However, neither Fidelity Bank nor the NGX has released an official statement regarding the transaction.
Market analysts say the sheer volume of shares traded — and the fact that AMCON was the seller — has reignited discussions around AMCON’s gradual divestment from financial institutions in which it acquired stakes following the 2009 banking crisis.
Fidelity Bank, one of Nigeria’s leading tier-2 commercial banks, has been among the most actively traded equities on the Exchange in recent months. The sale is being viewed as a potential strategic shift that could reshape the bank’s board and shareholder structure in the near term.
Investors and capital market watchers are now closely observing the situation, awaiting clarity on the buyer’s long-term intentions and possible regulatory disclosures from the bank or the Exchange.
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