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Fidelity Bank temporarily bans its Directors and families from trading its shares

@fidelitybankplc has announced that its Executives, Directors, other employees, Family members and other persons related to the employees and the lender have been barred from trading in the company’s shares.

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Fidelity Bank Plc, Fidelity Bank financial report, Fidelity Bank Insider Trading Policy, Nigeria's Insider Trading Policy, NSE stcoks, Companies on Nigerian Stock Exchange NSE

Fidelity Bank Plc has announced that its Executives Directors, other employees, their family members and persons related to the employees and the lender have been barred from trading in the company’s shares.

The restriction on the bank’s staff and related persons was carried out in accordance with Fidelity Bank’s Insider Trading Policy. The development was conveyed through a statement published on the Nigerian Stock Exchange (NSE).

[READ ALSO: MTN Nigeria gets new Chairman as Pascal Dozie steps down]

More Details: The Insider Trading Policy of Fidelity Bank prohibits the aforementioned categories of persons from dealing in the lender’s shares at certain times. And one of such periods includes when the company is working on its financial accounts.

The period leading to the release of the company’s finances is often called Blackout periods; when employees, Directors, and members of the Shareholders Audit Committee are prohibited from the bank’s securities.

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The company announced that “all Insiders and their Connected Persons are prohibited from trading (i.e buying, selling, transferring or otherwise dealing) in the Bank’s shares from July 26, 2019 until its audited Half Year 2019 financial accounts are released on the floor of the Nigerian Stock Exchange.”

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CEO of Fidelity Bank Plc, Nnamdi Okonkwo

NSE’s listing rules back the Insider Trading Policy of Fidelity Bank which became a quoted company on the NSE in 2005. The trading policy is implemented to ensure the following;

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  • Promote compliance with the provisions of the Investments and Securities Act (ISA) 2007, the Securities and Exchange Commission Code of Corporate Governance, and the Listing Rules of the Nigerian Stock Exchange.
  • Ensure that all persons to whom the policy applies (affected persons), who possess material non-public information do not engage in insider trading or tipping.

[READ ALSO: Femi Otedola: Why I don’t wear wristwatch any more]

What you need to know: Though insider trading is widely known as illegal, it is also legal to some extent as long as the Corporate Insiders do not break the trading rules which includes trading on non-public company information or passing such secret material to a family member, in-laws or related persons to trade on the knowledge of such information.

A legal insider trading mandates the Corporate Insider to inform the regulatory body (i.e., the Securities and Exchange Commission, SEC) about their trades. Otherwise, tradings are only allowed on the information made public by the private company or government.

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Fidelity Bank

This is because once an individual accepts a company’s employment offer, he or she has pledged to put the interest of the company’s shareholders above theirs. Therefore, trading based on private company information is tantamount to breaching the employee contract.

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[READ ALSO: If you’re in your 20s & 30s, here are some ideal investments]

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Criminal and civil penalties: Any Corporate Insider or related persons found guilty of such activities will face the following ISA criminal and civil penalties;

  • Criminal: Contravention could attract a fine ranging from N500, 000 or imprisonment for a maximum term of seven (7) years for individuals, whilst contraventions by corporate entities could result in the imposition of a minimum fine of N1, 000,000.00 or a sum equivalent to double the amount of any profit derived from or any loss averted by the use of such information.  SEC can and has recently sought the expulsion of the maximum profits gained by alleged offenders.
  • Civil: Civil liability could also include the payment of compensation to any aggrieved person for any applicable losses suffered due to a contravention of the ISA provisions relating to insider trading.

Plot twist: The only individual that trades with non-public information of a company and not get penalised or imprisoned for it is a third party that overheard some company staff discussing a private information. Such an individual must not be related to them in any way.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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#EndSARS: Governor Uzodimma approves N2bn for youth empowerment after talks with protesters 

Governor Uzodinma has approved the immediate release of N2 billion for youth empowerment.

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Ogun, Imo States give free hand sanitizers

Governor Hope Uzodimma of Imo State has approved the immediate release of N2 billion for youth empowerment, following a fruitful meeting with a group of youths associated with the #EndSARS movement in the State. 

This disclosure was made by Governor Hope Uzodinma in his statement today, during his third state Broadcast to the people of Imo State, this week. 

The Governor in his statement said that his heart is gladdened that a vast majority of the youth heeded the clarion calls to call off the #EndSARS protests, having laid down their points unmistakably. 

However, he revealed that in line with his determination to address the needs of the youth and empower them, he has approved an immediate release of a take-off fund of N2 billion for the empowerment of youth in the state. 

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He reiterated that the task is not complete until every single youth is pulled off our streets and kept a safe distance away from the reach of some unscrupulous elements whose demonic desire is to unleash endless carnage in some parts of the state. 

What you should know 

Recall that the governor on the met with a group of youths embedded in the EndSARS protests. The group was made up of youth leaders from all parts of the country comprising leaders from the National Youth Council of Nigeria, Areewa, Ohanaeze, Afenifere, Hausa, Fulani, Middle belt and Niger Delta Youths 

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However, during his interface with the youth, he assured them of a dedicated empowerment package, as part of his administration’s determination to address the needs of the youths and quell their dissatisfaction. 

  • The N2 billion take-off fund will be deployed for the training of the first batch of the beneficiaries, which will commence next week. The N2billion take-off fund is to be taken from the N6 billion earmarked for the accelerated youth empowerment programme. 
  • The empowerment programme is under the Imo State Special Youth Empowerment and Intervention Programme (IMYEIP). The State’s Ministry of Skills Acquisition and Entrepreneurship is directly charged with its immediate implementation. 
  • The programme is to begin training of the 1st, 2nd & 3rd Batches of an estimated number of 500, 000 Imo youths in different skills acquisition programmes within the next two years, and provide them with start-up capital to begin their own enterprises. 
  •  The training time table will be rolled out on Tuesday, October 27th, 2020. 
  • The 5000 Imo Youths who have already been trained in different skills under the IMYEIP platform, are to be given their start-up capital very soon. 

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ENDSARS

Tinubu visits Sanwo-Olu, speaks on recent violence in the state, travelling out of the country

Tinubu has spoken up about some of the happenings that have led to the recent unrest in Lagos State.

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Tinubu denies advising Buhari to print new naira notes

The former Lagos State Governor and the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has reacted to the outbreak of violence during the #EndSARS protest which has led to the destruction and looting of public and private infrastructure in the state.

He lamented the invasion and wanton looting and burning of public and private assets in the state of late, including police stations.

This was made known by Tinubu during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, on Saturday, October 24, 2020, at State House Marina, to commiserate with him on the recent violence in the state, sympathize with the victims through him and seek his permission to visit some of the victims.

While addressing journalists after the meeting with the governor, Tinubu said he asked him if he had ordered the attack on #EndSARS protesters by soldiers at the Lekki Tollgate on Tuesday.

He also said that he did not travel out of the country as reported by some sections of the media, who claimed that he had travelled to France and the UK.

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Tinubu said, “I didn’t go nowhere; I’m a Lagosian and I still hold the title of Asiwaju of Lagos and I am still a Jagaban. Fake news is all over the place. They say Seyi my son was kidnapped and was chased but look at him. I didn’t pay a penny to bring him here.

On the investigation and compensation for victims of violence, Tinubu said, “First, we have to segregate the calendar, those who suffered casualty before the protests from the hands of SARS. You have to separate that from those who suffered casualty due to what happened at the toll gate.

“For those who suffered casualty from SARS, the Commission of Inquiry that is already set up will unearth that and will make their recommendations. I trust the calibre and the character of the people there, they are independent. That is one.

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“Those who suffered casualty during the gunshots need to answer some questions too, how are they there? How long were they there? What kind of characters are they? Even though we want to help, we still must extract information that will help the government to prepare in future and understand how and when to react because the governor, in particular, is a youth.’’

Going further, he said, “As a youth himself, he (Sanwo-Olu) quickly went to Abuja with the 5/5. The government immediately put into action, dissolved the SARS and had to work through other recommended actions, the needs they demanded. Within a few days, he reported back to the public. That is responsive enough.

“But where are we getting the looting, the carnage, the burning, the invasion of police stations, stealing of arms, maiming of the innocent? It is a handshake beyond the elbow.

Tinubu has been under intense media attack over the shooting of unarmed protesters at the Lekki Tollgate on Tuesday. He was accused of being the mastermind of the incident because of his alleged interest in the tollgate which has been blocked for about 2 weeks, an allegation he has denied.

The hoodlums had burnt down some businesses allegedly linked to him in the course of the violence that erupted in Lagos. They include Oriental Hotel, Television Continental (TVC) and Nations newspaper.

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ENDSARS

#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.

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IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

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The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

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The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

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