Leading financial institution, Fidelity Bank Plc, has
announced the successful conclusion of the first tranche of its equity capital
raise through its 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).
A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totalling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.
With respect to the Rights Issue, 7,559 applications for
4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of
which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50
were invalid based on the terms of the Rights Issue. The Rights Issue was
137.73% subscribed and 100% allotted.
“We are delighted to announce the successful completion of the
first phase of our capital raising initiatives through a Public Offer and
Rights Issue. The positive result recorded in our Combined Offer is a testament
to the strength of the Fidelity Bank franchise in the capital market. It is
both gratifying and humbling to note this level of investor confidence in our
Bank. We extend sincere gratitude to our investors for their continued
confidence in the Bank, as evidenced by the 237.92% and 137.73%
oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital
raising drive, we reaffirm our commitment to providing cutting-edge financial
solutions to our customers and sustainable returns to our stakeholders”,
commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive
Officer, Fidelity Bank Plc.
The funds realised from this initial phase of capital raising
will be deployed to local and international business expansion, enhancement of
technology infrastructure and deepening customer service initiatives.
With the successful conclusion of the first phase of capital
raising, the Board of Directors recently obtained the approval of shareholders
to commence the second phase and is confident of meeting the new regulatory
capital for banks with international authorisation before the CBN’s deadline of
March 31, 2026.
Following the CBN’s publication of the revised minimum capital
requirement for banks in March 2024, Fidelity Bank with its combined offer of
June 2024, became the first financial institution undertake a public offer on
the Nigerian Exchange Group.
From an offer price of N9.75 per share for the Public Offer
and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded
at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the
highest for any financial institution in the banking industry.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a
full-fledged Commercial Deposit Money Bank serving over 8.5 million customers
through digital banking channels, its 251 business offices in Nigeria and
United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international
Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay
Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment
Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking
and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria
by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank
in Nigeria by the Euromoney Global Private Banking Awards 2023.
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