Fidelity Bank Gears Up For Recapitalization, Sells Shares

Determined to meet the banking recapitalisation mandate by the Central Bank of Nigeria (CBN), Fidelity Bank Plc has opened application lists for N127.2 billion combined rights and public offer

The bank also announced that it is offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share and a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share.

The acceptance and application lists for the rights issue and public offer opened on Thursday at a ‘Facts Behind the Combined Offer’ presentation at the Nigerian burse NGX and is scheduled to close on Monday, July 29, 2024.

The Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said the bank has recorded some milestones that has  distinguishes, stating that it has a stable and resilient business model that make up some of the attractions for its shares.

She added that the bank has built an outstanding growths and impressive annual ROI averageing over 100 per cent in the past five years.

Onyeali Ikpe said: “We have a clear pathway to achieving the N500 billion new minimum capital base, which will clearly confirm beyond any doubt that Fidelity Bank is one of the biggest banks in Nigeria.”

On his part, the Chairman of Fidelity, Mustafa Chike-Obi, represented by a Non-executive Director, Isa Inuwa, stressed that the bank is aiming to surpass the N500 billion minimum capital requirement set by the CBN.

In his presentation, the Executive Director of Fidelity Bank, Stanley Amuchie, said the bank is excelling despite adverse economic headwinds and the significant competitive landscape, referring to its strong market positioning in the Nigerian banking space as a proof.

Chairman, Nigerian Exchange (NGX),Ahonsi Unuigbe, said the combined offer by Fidelity Bank is a testament of its unwavering commitment to strengthening its own capital base.