Fidelity Bank Plc recently awarded 30,332,098 units of its shares currently valued at N661.24million to twelve (12) staff of the bank.
Detailed in a regulatory disclosure filed with the Nigerian Exchange Limited (NGX), the share allocation under its executive compensation framework revealed a striking concentration of wealth at the very top: just three Executive Directors secured N642.01 million—representing a massive 97.1percent (or 97 percent) of the total stock pool distributed.
Out of the shares vested on June 30 to the twelve staff, 29.454 million units currently valued at N642.01million were awarded to Amuchie Stanley, Garba Ibrahim Sufiyanu, and Shodipo Pamela – all Executive Directors of the bank.
Specifically, Amuchie Stanley got 12.727 million units now valued at N277.45million, Garba Ibrahim Sufiyanu got 4 million units currently valued at N87.2 million, while the bank’s 12.727 million units of shares now valued at N277.45million were allocated to Shodipo Pamela.
Through this incentive scheme, the trio effectively absorbed virtually the entire share award, leaving the remaining 877,554 units (N19.13million) for nine participating staff members to divide
