Fidelity Bank gets nod for second phase of capital raise after securing N272bn
Fidelity Bank has received the green light from its shareholders to commence the second phase of capital raising initiatives after securing N272 billion through a public offer and a rights issue.
The approval was obtained at the Extraordinary General Meeting of February 6, 2025.
“The board remains confident of achieving successful completion of this phase within the CBN’s deadline of March 31, 2026,” the bank said in a statement on Friday while announcing the successful conclusion of its 2024 public offer and rights issue.
It said the combined offer was significantly oversubscribed, describing it as “a demonstration of investors’ strong confidence in the bank”.
According to the statement, 107,588 valid applications for 23,768,724,000 ordinary shares totaling N231.75 billion were received on the public offer, which was 237.92% oversubscribed, while 6,903 valid applications for 4,407,252,795 ordinary shares totaling N40.77 billion were received on the rights issue, which was 137.73% oversubscribed.
“This significant milestone marks the conclusion of the first phase of the bank’s
capital raising towards achieving the N500 billion minimum regulatory capital requirement for banks with international authorisation,” the lender said.
Nneka Onyeali-Ikpe, managing director and chief executive officer of Fidelity Bank. said the positive result ”is a testament to the strength of the bank’s franchise in the capital market”.
“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,” she added.
