Fidelity Bank has finalized the necessary documentation to raise approximately NGN 127.1 billion through a combination of a public offer (NGN 97.5 billion) and a rights issue (NGN 29.6 billion) aimed at its existing shareholders. This capital raising effort is in response to the Central Bank of Nigeria’s new capitalization directive, which requires banks to enhance their capital bases.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 8.3 million customers who are serviced across its 251 business offices and various other digital banking channels in Nigeria and the United Kingdom.
- Investment Summary
Despite the significant changes in the competitive dynamics of the Nigerian banking industry and the challenging macroeconomic environment, Fidelity Bank has sustained strong performance, positioning itself among the top 5 Nigerian banks in key metrics such as total assets (ranking 5th), total loans and advances (ranking 4th) and total deposits (ranking 5th), according to the financial reports released by Nigerian banks as of March 31, 2024.
Issuer | Fidelity Bank Plc | |
Issuing House | Futureview Financial Services Limited | |
Mode of Offer | Public Offer via Offer for Subscription | Rights Issue |
Size | NGN 97.5 billion | NGN 29.6 billion 1 (One) for every 10 shares held as of January 5, 2024 |
No. of Shares | 10 billion ordinary shares | 3.2 billion ordinary shares |
Offer Price | NGN 9.75 | NGN 9.25 |
Offer Period | Open: 20th June, 2024 | Close: 29th July, 2024 |
Target Investors | General Investing Public | Existing Shareholders |
Use of Proceed (100%) |
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