Fidelity Bank: Little Zeal For Onyeali-Ikpe’s 7-Point Agenda In The Stock Market

The stock market reacted with little enthusiasm on Monday to the weekend proposal by the new management of Fidelity Bank to lift the institution into the Tier-1 category.

 GreenWhiteGreen GWG had reported the new Chief Executive Officer/ Managing Director, Mrs Nneka Onyeali-Ikpe, at the weekend as unveiling a seven-point agenda aimed at lifting the bank to join the ranks of the Tier-1 banks in the country.

The tier-1 banks dubbed FUGAZ include First Bank, UBA, GTB, Access, and Zenith. 

She had said that the agenda would be focused on brand architecture, brand building and refresh, talent development, and transformation, as well as product and service delivery.

According to her, agility and performance discipline, digital transformation and regulatory compliance are part of the agenda.

 GreenWhiteGreen GWG reports that Onyeali-Ikpe who is Fidelity Bank’s first female chief executive officer had said the bank intended to embark on an innovation drive through the implementation of new processes and techniques. 

“The bank is also executing fresh ideas to ensure continuous process improvement, reduce cost to serve, increase competitiveness, improve brand recognition and value, build new partnerships and relationships, drive turnover, and increase profitability,” she said.

However, there appeared to be little enthusiasm towards the agenda from the markets on Monday, the first day Fidelity Bank shares were traded after the unveiling of the seven-point agenda towards attaining tier-one status.

Fidelity Bank stock moved 2 kobo on Monday to close at N2.33 a marginal increase of 0.87%.

That was definitely not the bounce that was expected after her bold seven point agenda released at the weekend.

A stock broker contacted on the development told  GreenWhiteGreen GWG while welcoming the initiative from Fidelity Bank, however, said that the market will not react to agenda but to performance.

“The markets do not react like that. The market will only react to performance and not to intentions, so the share price will react when they see the performance,” he told  GreenWhiteGreen GWG.

Mrs. Onyeali-Ikpe assumed the mantle at Fidelity Bank at the beginning of the year after six years of Mr. Nnamdi Okonkwo as CEO.

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