Fidelity Bank has successfully exceeded its N127.1 billion target in a recent capital-raising initiative, concluding the program with strong investor backing. The bank launched a combined offer of 10 billion ordinary shares through a public offer at N9.75 per share and 3.2 billion shares through a rights issue at N9.25 per share.
Initially set to close on July 29, the offering was extended with approval from the Securities and Exchange Commission (SEC) to accommodate oversubscription, resulting in the issuance of an additional 8.2 billion shares. In total, the bank issued 21.4 billion shares.
In an email to investors, Fidelity Bank’s Managing Director, Nneka Onyeali-Ikpe, expressed gratitude for the overwhelming response, stating, “We have exceeded the capital-raise target set for the first phase of our exercise. This level of investor confidence is both gratifying and humbling.”
Fidelity Bank, with a paid-up share capital of N129.705 billion, needs to raise an additional N370.295 billion to maintain its international banking license. The successful capital raise reduces the bank’s remaining target to N243.195 billion.
As Fidelity Bank and GTCO wrap up their capital raises, three banks—Zenith Bank, FCMB Group, and Access Holdings—remain active in the market, collectively seeking to raise approximately N751.9 billion to meet the Central Bank of Nigeria’s new capital requirements by March 2026.
Credit: Nairametrics (Text Excluding Headline)
