Fidelity Bank Plc is advancing confidently toward meeting the Central Bank of Nigeria’s (CBN) recapitalization requirements, buoyed by a highly successful initial phase of its fundraising efforts that saw subscriptions exceed 238% and its stock value more than double.
This surge reflects unprecedented trust from investors in the bank’s future.
Having wrapped up the first stage of its capital increase, Fidelity Bank is in a prime position not only to satisfy the CBN’s mandates but also to drive long-term expansion.
The equity fundraising effort concluded with remarkable results: the Public Offer was oversubscribed by 237.92%, with 107,588 applications for over 23.7 billion shares, totalling ₦231.7 billion.
The Rights Issue followed suit, achieving a 137.73% subscription rate with 6,903 applications for more than 4.4 billion shares, amounting to ₦40.7 billion.
Dr Nneka Onyeali-Ikpe, the bank’s Managing Director and CEO, hailed the enthusiastic investor response as proof of Fidelity Bank’s strong standing in the financial market.
“The overwhelming support we’ve received highlights our dedication to pioneering financial solutions and ensuring lasting value for our stakeholders,” she said, crediting the bank’s solid reputation.
Building on this momentum, Fidelity Bank gained shareholder approval on February 6, 2025, during an Extraordinary General Meeting to embark on the second phase of its capital-boosting plans.
This includes raising the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion by authorizing an additional 20 billion shares at ₦0.50 each.
This move aligns with the CBN’s new ₦500 billion minimum capital threshold for internationally authorized banks, due by March 31, 2026, and supports the bank’s ambitions for sustainable growth and top-tier service.
The bank’s stock has emerged as a standout performer, climbing from an initial Public Offer price of ₦9.75 per share to a peak of ₦21.15 on February 7, 2025—a rise of over 116%.
Analysts from Apel Asset Limited point to an 80% return for investors holding shares since 2023, cementing Fidelity Bank’s status as a market leader.
Experts also forecast a 28.88% upside, pegging the stock’s fair value at ₦23.15 compared to a current benchmark of ₦19.50, making it an attractive prospect in Nigeria’s banking sector.
Proceeds from the early fundraising rounds are slated for critical projects, including expanding operations domestically and abroad, upgrading technological systems, and enhancing customer experiences.
These efforts underscore Fidelity Bank’s focus on innovation and operational superiority.
As it prepares for the next fundraising chapter, the bank remains committed to hitting its recapitalization targets while rewarding its stakeholders.
Leadership expresses optimism that, with continued investor enthusiasm and a sound financial roadmap, Fidelity Bank will thrive amid Nigeria’s shifting banking environment.
This capital-raising triumph marks a turning point, reinforcing the bank’s financial bedrock.
With strong backing, smart resource deployment, and a bold vision, Fidelity Bank appears not just on course to meet the CBN’s goal but ready to exceed it.
The path forward promises steady progress and ingenuity, solidifying its role as a pacesetter in Nigerian finance.
Looking ahead, the bank vows to nurture investor trust and uphold its pledge to deliver excellence and unmatched customer satisfaction, steering toward a future defined by leadership and foresight.
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