Fidelity Bank Plc has issued a statement in response to the recent circular issued by the Central Bank of Nigeria (CBN) concerning regulatory forbearance on Single Obligor Limit (SOL) and other credit facilities.
The bank has provided clarifications on its commitment to compliance with regulatory policies and directives.
The bank successfully raised ₦273 billion through a recent Public Offer and Rights Issue and intends to raise an additional ₦200 billion through a Private Placement in 2025 to meet the new minimum regulatory capital requirement of ₦500 billion for banks with international authorization.
Fidelity Bank has obtained CBN and Shareholders’ approval for the Private Placement and is processing other regulatory approvals.
The bank’s exposure under the SOL forbearance relates to two obligors, and Fidelity Bank is confident that this exposure will be brought within the applicable regulatory limit in H1 2025.
Regarding other credit facilities under forbearance, the bank confirms that this applies to four customers and has made substantial provisions on these facilities.
Fidelity Bank has taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025.
The bank expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet prevailing requirements, enabling it to pay dividends for the current financial year and subsequently.
The bank expresses sincere appreciation to its investors, customers, and stakeholders for their continued confidence.
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