Fidelity Bank Plc has initiated a significant capital-raising effort, starting its N127.10bn rights issue and public offer. This makes Fidelity Bank the first to go public following the Central Bank of Nigeria's (CBN) recapitalization directive issued in March.
The offer, which runs from 20 May 2024 to 29 July 2024, includes 10 billion ordinary shares at N9.75 per share and a rights issue of 3.2 billion ordinary shares at N9.25 per share. During the presentation at the Nigerian Exchange Limited, Fidelity Bank's Managing Director/CEO, Nneka Onyeali-Ikpe, highlighted the importance of this capital-raising initiative as a key step in the bank's growth strategy.
Onyeali-Ikpe noted that Fidelity Bank was proactive in starting the capital raise ahead of the CBN's directive, which mandates a minimum capital base of N200bn for national banks and N500bn for international banks. She viewed this requirement as an opportunity to strengthen the banking industry and propel Fidelity Bank towards its vision of becoming a market leader both in Nigeria and internationally.
The proceeds from the N127.1bn capital raise will be used to support the bank's strategic growth plans, including business expansion, technological upgrades, and enhancing customer support. Chairman Mustapha Chike-Obi, represented by independent director Isa Mohammed, Bexpressed confidence that the bank would exceed the N500bn capital requirement for its international operations.
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