Fidelity Bank Raises N272.51bn Via Oversubscribed Right Issue, PO

Fidelity Bank Plc has raised a total offer combined of N272.51 billion through right issue and public offer, which was oversubscribed.

The bank stated this in announcing the successful conclusion of its 2024 public offer and rights issue (the combined offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).
Fidelity Bank said that the Combined Offer was significantly oversubscribed, a demonstration of investors’ strong confidence in the Bank.

Specifically, 107,588 valid applications for 23.769 billion ordinary shares totaling N231.745 billion were received on the public offer, which was 237.92 per cent oversubscribed, while 6,903 valid applications for 4.407 billion ordinary shares amounting to N40.767 billion were received on the rights issue, which was 137.73 per cent oversubscribed.

The Bank said “this significant milestone marks the conclusion of the first phase of its capital raising towards achieving the N500 billion minimum regulatory capital requirement for banks with international authorisation.

Speaking on the combined offer, managing director and chief executive officer, Fidelity Bank, Dr Nneka Onyeali-lkpe said, “we are delighted to announce the successful completion of the first phase of our capital raising initiatives through a public offer and rights issue, which were 237.92 per cent and 137.73 per cent oversubscribed respectively.”

She stated that the positive result is a testament to the strength of the Bank’s franchise in the capital market, saying that “it is both gratifying and humbling to note this level of investor confidence in the Bank and we extend sincere gratitude to our investors for their continued confidence.”

Onyeali-lkpe noted that “as we go into the next phase of capital raising, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”.

The bank explained that “in accordance with the phased implementation plan, the Board of Directors of the Bank at the extraordinary general meeting held on February 6, 2025, obtained the approval of shareholders to commence the second phase of capital raising initiatives. The Board remains confident of achieving successful completion of this phase within the CBN’s deadline of March 31, 2026.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels.