Fidelity Bank Completes First Phase of Capital Raise with Oversubscribed Public Offer and Rights Issue

LAGOS/Nigeria: Fidelity Bank Plc has successfully concluded the first tranche of its equity capital raise through a Public Offer and Rights Issue (the Combined Offer), following the completion of the capital verification exercise by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

The Public Offer recorded an overwhelming response, with 108,046 applications for 23,791,687,463 ordinary shares valued at ₦231.97 billion. Following CBN verification, 107,588 applications for 23,768,724,000 shares amounting to ₦231.75 billion were deemed valid, while 458 applications totaling 22,765,143 shares worth ₦221.96 million were rejected. Additionally, 548 applications containing odd lots amounting to 198,320 shares (₦1.93 million) were also disqualified. The Public Offer was 237% subscribed and 150% allotted.

For the Rights Issue, 7,559 applications were received for 4,430,290,237 shares totaling ₦40.98 billion. Of these, 656 applications representing 23,037,442 shares worth ₦213.09 million were invalid. The Rights Issue was 137.73% subscribed and fully allotted.

Dr. Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer of Fidelity Bank, described the success of the capital raise as a testament to investor confidence in the bank’s franchise.

“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive outcome of our Combined Offer reaffirms the strength of the Fidelity Bank brand in the capital market. The level of investor confidence in our Bank is both gratifying and humbling,” Onyeali-Ikpe said.

“As we proceed to the next phase of our capital-raising drive, we remain committed to delivering innovative financial solutions and sustainable returns to our stakeholders.”

Proceeds from this phase of capital raising will be deployed toward local and international business expansion, upgrading technology infrastructure, and enhancing customer service initiatives.

With this milestone, Fidelity Bank has secured shareholder approval to commence the second phase of capital raising and is confident of meeting the new regulatory capital requirements for banks with international authorization ahead of the CBN’s March 31, 2026, deadline.

Fidelity Bank was the first financial institution to launch a public offer on the Nigerian Exchange Group following the CBN’s revised minimum capital requirements in March 2024. Since the offer in June 2024 at ₦9.75 per share for the Public Offer and ₦9.25 per share for the Rights Issue, the bank’s stock has surged, reaching a high of ₦21.15 on February 7, 2025—reflecting a growth rate of over 116%, the highest among financial institutions in the banking sector.

Ranked among Nigeria’s leading commercial banks, Fidelity Bank serves over 8.5 million customers through digital channels, 251 business offices nationwide, and its UK subsidiary, FidBank UK Limited.

The bank has received multiple accolades, including Export Finance Bank of the Year at the 2023 BusinessDay Awards, Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards, and Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023.