Fidelity Bank Plc has successfully concluded the first phase of its equity capital raise through a Public Offer and Rights Issue (the Combined Offer), marking a significant milestone in its growth strategy. The process was completed following the Central Bank of Nigeria’s (CBN) capital verification exercise and the Securities and Exchange Commission’s (SEC) approval of the Basis of Allotment.
The Public Offer attracted 108,046 applications for 23,791,687,463 Ordinary Shares, valued at ₦231.97 billion. After verification, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231.75 billion were deemed valid. However, 458 applications for 22,765,143 shares worth ₦221.96 million were rejected, along with 548 odd-lot applications amounting to 198,320 shares (₦1.93 million). The Public Offer was 237% subscribed and 150% allotted.
Similarly, the Rights Issue received 7,559 applications for 4,430,290,237 Ordinary Shares worth ₦40.98 billion. However, 656 applications for 23,037,442 shares (₦213.1 million) were invalid. The Rights Issue saw a 137.73% subscription rate and was fully allotted.
Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, expressed gratitude to investors, stating: “We are delighted to announce the successful completion of the first phase of our capital-raising initiatives. The overwhelming response to our Public Offer and Rights Issue reflects the strong confidence investors have in Fidelity Bank. The 237.92% and 137.73% oversubscription rates are a testament to our credibility in the capital market. As we embark on the next phase, we remain committed to delivering cutting-edge financial solutions and sustainable returns to our stakeholders.”
Strategic Utilization of Funds
The funds raised will be directed towards expanding local and international operations, enhancing technology infrastructure, and improving customer service delivery.
With this successful capital raise, Fidelity Bank’s Board has secured shareholder approval to commence the second phase, ensuring compliance with the CBN’s revised minimum capital requirement for banks ahead of the March 31, 2026, deadline.
Fidelity Bank’s Market Performance
Following the CBN’s new capital requirements announced in March 2024, Fidelity Bank was the first financial institution to launch a public offer on the Nigerian Exchange Group in June 2024.
The Bank’s share price has shown impressive growth, rising from ₦9.75 per share (Public Offer) and ₦9.25 per share (Rights Issue) in June 2024 to ₦21.15 on February 7, 2025—a 116% increase, the highest growth rate among Nigerian banks.
Fidelity Bank’s Industry Leadership
Fidelity Bank Plc, a full-service commercial deposit money bank, serves over 8.5 million customers through its digital banking platforms, 251 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited.
The Bank has received multiple awards, including:
- Export Finance Bank of the Year – BusinessDay Banks and Other Financial Institutions (BAFI) Awards 2023
- Best Payment Solution Provider Nigeria 2023 – Global Banking and Finance Awards
- Best SME Bank Nigeria 2022 – Global Banking and Finance Awards
- Best Bank for SMEs in Nigeria 2023 – Euromoney Awards for Excellence
- Best Domestic Private Bank in Nigeria 2023 – Euromoney Global Private Banking Awards
With its strong financial position and strategic growth plans, Fidelity Bank continues to solidify its position as a leading force in Nigeria’s banking sector.
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