By Ayomide Otitoju
Fidelity Bank Plc has announced the successful completion of the first tranche of its equity capital raise through a combined Public Offer and Rights Issue, following the Central Bank of Nigeria’s (CBN) capital verification and the Securities and Exchange Commission’s (SEC) approval of the Basis of Allotment.
The bank received 108,046 applications for a total of 23,791,687,463 Ordinary Shares, amounting to ₦231,968,952,764.25, during the Public Offer. Of these, 107,588 applications for 23,768,724,000 shares—totaling ₦231,745,059,000.00—were validated. However, 458 applications totaling 22,765,143 shares were rejected due to invalidity, along with 548 additional applications involving odd lots of 198,320 shares (₦1,933,620.00). The Public Offer was 237% subscribed and 150% allotted.
In relation to the Rights Issue, the bank received 7,559 applications for 4,430,290,237 Ordinary Shares, amounting to ₦40,980,184,692.25. Among these, 656 applications for 23,037,442 shares amounting to ₦213,096,338.50 were deemed invalid. The Rights Issue was 137.73% subscribed and fully allotted.
Dr. Nneka Onyeali-Ikpe, OON, Managing Director and CEO of Fidelity Bank Plc, expressed satisfaction with the positive results of the capital raising initiatives, highlighting them as a testament to the bank’s strength and the confidence investors have shown through the 237.92% subscription of the Public Offer and 137.73% subscription of the Rights Issue. She emphasized the bank’s commitment to providing innovative financial solutions and sustainable returns to stakeholders as they move into the next phase of capital raising.
The funds generated from this initial phase will be utilized for expansion into local and international markets, enhancing technology infrastructure, and improving customer service initiatives.
With this phase completed, the board has obtained shareholder approval to proceed with the next phase, aiming to meet the new regulatory capital requirements for banks with international authorization by the CBN’s deadline of March 31, 2026. Following the CBN’s revised minimum capital requirements announced in March 2024, Fidelity Bank became the first financial institution to undertake a public offer on the Nigerian Exchange Group.
From an offer price of ₦9.75 per share for the Public Offer and ₦9.25 per share for the Rights Issue, Fidelity Bank’s shares traded at a high of ₦21.15 on February 7, 2025, reflecting an impressive growth rate of over 116%—the highest in the banking industry.
Fidelity Bank, ranked among Nigeria’s top banks, serves over 8.5 million customers through its digital channels and 251 business offices in Nigeria, along with its subsidiary, FidBank UK Limited. The bank has received multiple accolades, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 from the Global Banking and Finance Awards. Additionally, it was recognized as Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and named the Best Domestic Private Bank in Nigeria at the Euromoney Global Private Banking Awards 2023
