By Barnabas Esiet.
Fidelity Bank Plc has opened application lists for N127.2 billion combined rights and public offer, in an effort to meet and surpass it’s capital requirement in line with the banking recapitalisation mandated by the Central Bank of Nigeria (CBN).
The bank is simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share and a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share.
The acceptance and application lists for the rights issue and public offer opened on Thursday at a ‘Facts Behind the Combined Offer’ presentation at the Nigerian burse NGX and is scheduled to close on Monday, July 29, 2024.
Dr Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, highlighted some of the milestones that have distinguished the bank in the past years business expansion drive and a stable and resilient business model as some of the attractions for its shares.
She also underscored the history of the bank’s outstanding growths and impressive annual ROI averageing over 100 per cent in the past five years.
“We has a clear pathway to achieving the N500 billion new minimum capital base, which will clearly confirm beyond any doubt that Fidelity Bank is one of the biggest banks in Nigeria.” She stated.
Earlier, the Chairman of Fidelity, Mustafa Chike-Obi, represented by a non-executive director, Isa Inuwa, emphasised that the bank is aiming to surpass the N500 billion minimum capital requirement set by the apex bank.
Chike-Obi highlighted the Bank’s has strong and sustainable fundamental as convincing appeal to discerning investors to acquire more stakes in the bank.
For his part, the Executive Director of Fidelity Bank, Stanley Amuchie his presentation pointed out Fidelity Bank’s strong market positioning in the Nigerian banking space, excelling despite adverse economic headwinds and the significant competitive landscape.
Ahonsi Unuigbe, Chairman, Nigerian Exchange (NGX), said the combined offer, which is a testament to Fidelity Bank’s unwavering commitment to strengthening its own capital base, is a landmark for the bank and the financial services sector.
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