By Ayomide Otitoju
The Managing Director and Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, announced on Tuesday that the bank has successfully met and exceeded its capital-raise target from its recently concluded combined offer. This achievement follows the N127 billion rights issue and public offer, which commenced on June 20 and closed the previous day.
In an email to shareholders, Onyeali-Ikpe expressed her satisfaction with the outcome, stating, “With the conclusion of the combined offer, I am delighted to announce that we have met and surpassed the capital-raise target we set for ourselves in this first phase of our capital-raise exercise. It is both gratifying and humbling to note this level of investor confidence in the bank.”
The funds raised from the offer will be strategically deployed to drive Fidelity Bank’s growth plans, including local and international expansion, IT infrastructure development, and capital provision for key sectors of the economy. “The proceeds from our combined offer will be deployed to achieving our growth strategy,” Onyeali-Ikpe noted.
She also acknowledged the critical role played by regulators, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Nigerian Exchange (NGX), in ensuring the seamless execution of the first phase of the bank’s recapitalization plans.
Fidelity Bank’s combined offer included the opportunity for investors to purchase 10 billion ordinary shares of 50 kobo each through a public offer and an additional 3.2 billion ordinary shares of 50 kobo each via a rights issue. The offer was extended by 14 days, concluding on Monday.
The bank’s management decided to move the share-to-token exchange event, initially scheduled for July 1st, to the third quarter to better serve its stakeholders. In a statement shared on X (formerly Twitter), the bank mentioned that it is actively engaging with tier 1 exchanges globally to ensure the security and integrity of the process.
Fidelity Bank’s capital-raise initiative comes as the first among Nigerian banks following the CBN’s directive for banks to bolster their capital base, highlighting the bank’s proactive approach in strengthening its financial position and expanding its market reach.
