March 29 (Lagos) - Fidelity Bank Plc (
FIDELITYBK ) announced that the dividend information that was noted in the audited financial statements released to public on March 28 was wrong.
The correct dividend is 11 Kobo per unit, 50% lower than the 22 Kobo which was in the audited financial statements. This will leave a bad taste for investors.
No wonder the shares sold off today on heavy volume. Shares closed lower today almost 9% at N 2.06 per unit at Nigerian Stock Exchange in Lagos.
The auditor of the firm is E&Y and raises questions on how something like this is possible from a top bank in Nigeria.
reporting for easykobo.com on Friday, March 29 2019 from Lagos, Nigeria