Banking and Finance
Fidelity Bank eyes oversubscription to N127.1 billion combined offers
Against the background of groundswell of supports and enthusiasm for the bank’s ongoing offers, Fidelity Bank Plc has started preparations to allow the bank absorb oversubscriptions.
With investors rallying behind the bank’s N127.1 billion combined rights and public offer, market pundits had indicated that the bank would raise more than initial size of the combined offer.
Reports have shown high subscription levels for the offers early weeks of the offer period, riding on the back of acceptances by existing shareholders and demand by the general investing public.
Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.
The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.
With promising feedbacks from receiving agents and as shareholders, investors, experts and other stakeholders continue to rate the combined offers high, the board of Fidelity Bank has called an extraordinary general meeting (EGM) to enable the bank to absorb expected surplus funds.
Shareholders are scheduled to meet later this month to authorise the company “to accept surplus monies arising from potential oversubscription of the combined offer in such proportion as may be determined by the board of directors, subject to the company’s issued share capital and obtaining relevant regulatory approvals”.
Shareholders are also expected to increase the issued share capital of the company from N22.6 billion divided into 45.2 billion ordinary shares of 50 Kobo each to N26.70 billion through the creation of up to 8.2 billion in order to “accommodate potential oversubscription of the combined offer in the proportion of 5.0 billion additional ordinary shares under the public offer and 3.2 billion additional ordinary shares under the rights issue”.
The meeting will also mandate the board to take all necessary actions in line with the absorption of the oversubscription funds.
The board of the bank reiterated its commitment to retain the bank’s international banking license by meeting the new capital requirement within the regulatory timeframe.
According to the board, the resolutions proposed for shareholders’ approval at the upcoming EGM of July 26, 2024, are to enable acceptance of potential oversubscription from the combined offer, subject to relevant regulatory approvals.
The board pointed out that with the resolutions to accept oversubscription, the bank will be in stronger position to take advantage of emerging business opportunities and secure long-term profitability and competitive advantage, while ensuring increased shareholder value.
The net proceeds of the offer would be applied to investments in information technology infrastructure, business and regional expansion, and product distribution channels.
“The company is on a strong growth trajectory and requires additional capital for improved profitability, expansion- domestic and international, and enhancement of its digital capabilities.
“Continuing advances in technology, the rapid evolution of the business of banking, and changes in the operating landscape also make it imperative that the bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward-looking institution,” the board stated.
Directors of the bank assured that notwithstanding the continued rapid evolution of the banking industry, Fidelity Bank has been placed on foundation for strong and sustainable growth.
Fidelity Bank Plc’s combined N127.1 billion rights and public offer had struck early success as enthusiastic shareholders mobilise to pick their pre-allotted shares and buy more stakes in Nigeria’s most-widely owned commercial bank.
Shareholders have said they would pick their rights and buy more shares from the public offer in a massive show of support and positioning in the bank. Fidelity Bank had delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.
In separate interviews, shareholders across Nigeria’s leading shareholders’ associations, said the pricing of the highly discounted rights issue and public offer, the operational growth of the bank over the years, dividend records and capital gains were attractions to buy more stakes in the bank. Fidelity Bank is one of the few companies that pay dividends twice a year at the stock market.
They envisioned that a post-recapitalisation Fidelity Bank would deliver higher returns and continue to be a leading preserver of values for shareholders’ wealth.
The shareholders, who spoke through their leaders, said recapitalisation has offered good opportunity to the investing public to buy into good banking stocks at reduced prices, noting that banks are the most influential stocks at the Nigerian market. Subscribers to primary market issues are exempted from paying transaction costs, unlike direct purchase through the secondary market.
Shareholders, under the auspices of Independent Shareholders Association of Nigeria (ISAN), Ibadan Zone Shareholders Association (IBZA), Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Pragmatic Shareholders Association of Nigeria and Progressive Shareholders Association of Nigeria among others, said they were picking up their rights and mobilising supports for the bank.
The general shareholders’ endorsements represent a major boost for Fidelity Bank, which has the most diversified retail shareholders’ base among Nigerian banks.
With nearly 400,000 shareholders, no single shareholder held up to 5.0 per cent of the issued share capital of the bank. Five per cent and above are considered the material shareholding under extant laws and market regulations.
Rights issue is traditionally pre-allotted on the basis of existing shareholdings and its success, most often, depend largely on the satisfaction and enthusiasm of existing shareholders.
Fidelity Bank appears to be riding high on its highly diversified shareholding base with its popularity showing across all cadres of investors in the market. The shareholders’ comments came on the heels of similar positive comments by investment experts and capital market stakeholders.
The combined rights and public offers had opened to a rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank’s impressive growths and investor-friendly disposition over the years.
From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.
They said Fidelity Bank’s N127.1 billion combined rights and public offer was the right way for the nation’s banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 per cent at the stock market, has strong appeal to the investing public.
The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.
Banking and Finance
Fidelity Bank Wins DBN Award for Expanding First-time Credit Access to MSMEs
L -R: Nneoma Onuoha, Acting Team Lead, Development Finance & Intervention Funds, Fidelity Bank Plc; Anthony Asonye, Managing Director/Chief Executive Officer, Impact Credit Guarantee Limited (ICGL); Ugochi Osinigwe, Divisional Head, Small and Medium-scale Enterprises Banking; Imaobong Nkanta, Product Manager, SME Banking; and Chiwuike Okere, Team Lead, SME Banking, (all of Fidelity Bank Plc); at the Development Bank of Nigeria Service Ambassadors Award which held recently in Lagos.
Fidelity Bank Plc has again reinforced its leadership in small and medium-scale business banking as it emerged the winner of the Development Bank of Nigeria (DBN) Service Ambassadors Award for the Highest Impact on MSMEs Accessing Credit for the First Time.The award recognises the Deposit Money Bank that has successfully onboarded previously unbanked or credit excluded Micro, Small and Medium Enterprises across Nigeria, reflecting Fidelity Bank’s sustained commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth.Speaking on the recognition, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, expressed appreciation to DBN and reaffirmed the bank’s commitment to the growth of small and medium-scale businesses across the country.“We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time. At Fidelity Bank, we remain devoted to supporting SMEs with the right mix of funding, advisory services, capacity building, market access and digital solutions that enable them to grow, create jobs and contribute meaningfully to the economy,” Osinigwe said.She added that the award would further encourage the bank to deepen its interventions in the SME sector and continue to provide practical solutions that help entrepreneurs overcome barriers to growth.The latest recognition builds on Fidelity Bank’s long-standing partnership with DBN and its consistent support for Nigeria’s MSME ecosystem. In 2025, the bank received the DBN Innovation Award in the Deposit Money Bank category, in recognition of its outstanding contribution to the development and delivery of innovative financial products and services tailored to MSMEs. The bank had also received the 2020 DBN Service Award for the Highest Disbursement to DBN-focused locations, a recognition that highlighted its role in facilitating access to affordable funding for small and medium-scale businesses across targeted markets.Over the years, Fidelity Bank has implemented several initiatives that support small and medium-scale businesses beyond access to loans. For instance, the bank established the Fidelity SME Hub in Gbagada, Lagos, as a dedicated facility for entrepreneurs, offering access to training halls, meeting rooms, networking spaces, business advisory support and creative studios for content production.The bank also recently launched its Fidelity Quarterly Business Forum, a strategic engagement platform designed to connect SME founders, business leaders, policymakers and industry experts for practical discussions on business growth, trade, innovation and sustainability. The maiden edition, held in Port Harcourt, focused on scaling trade and distribution businesses for sustainable growth, while providing entrepreneurs with relevant insights, networking opportunities and advisory support.In addition, Fidelity Bank has continued to support entrepreneurs through its SME Masterclass Series, which deliver practical capacity building in areas such as pricing, product quality, online sales, business visibility and preparation for international expansion. The initiative forms part of the bank’s broader commitment to equipping SMEs with tools they can apply immediately to improve competitiveness and profitability.The bank has also played a key role in the disbursement of the Federal Government of Nigeria MSME Intervention Funds, administered by the Bank of Industry, with a strategic focus on supporting qualified businesses and empowering women owned enterprises. Through its nationwide branch network, digital banking platforms and experienced relationship managers, Fidelity Bank continues to provide structured support to entrepreneurs across urban and rural communities.Fidelity Bank’s broader SME support architecture also includes export development and market access programmes. Through the Fidelity Nigeria International Trade and Creative Connect, the bank connects Nigerian businesses to international markets, including the United Kingdom and the United States. It also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme, which equips entrepreneurs and aspiring exporters with the skills, knowledge and networks required to compete in regional and global markets.The bank’s partnership with the National Credit Guarantee Company further strengthens its support for MSMEs by helping to reduce lending risks and expand access to finance. The collaboration also includes financial literacy and business management training to help MSME beneficiaries manage their loans effectively and build sustainable enterprises.With these interventions, Fidelity Bank continues to demonstrate a multi-dimensional approach to SME development, combining finance, advisory services, capacity building, digital enablement, market access and strategic partnerships to support businesses at different stages of growth.Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
-Latest
Fidelity Bank Empowers Plateau Schoolchildren with School Packs Donation
In a significant demonstration of its commitment to the development of education and community empowerment, Fidelity Bank Plc has donated back-to-school packs to school pupils in Plateau State.The intervention, which took place in Jos, saw over 600 randomly selected pupils drawn from all 17 Local Government Areas of the state benefit from the bank’s Corporate Social Responsibility (CSR) initiative. Each pupil received a school bag containing exercise books, writing materials, a mathematical set, and a water bottle, in a gesture designed to support their learning journey and encourage academic excellence.The initiative was facilitated by staff of Fidelity Bank’s University of Jos Branch, reflecting the bank’s culture of giving back to the communities it serves through the Fidelity Helping Hands Programme (FHHP), a key feature of the bank’s CSR strategy. Through the programme, staff identify impactful community projects and raise funds to support them, while the bank’s management matches their contributions to expand the reach and impact of each intervention.Speaking at the event, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc, said the initiative underscores the bank’s unwavering commitment to education as a catalyst for national development. “Investing in young people is one of the most impactful ways to build a brighter future, as education equips children with the knowledge, confidence, and opportunities needed to contribute meaningfully to society.Nwagboh further stated that the intervention reflects Fidelity Bank’s broader commitment to social impact and sustainable community development through initiatives that improve lives and create long-term value. He emphasized that the Bank remains dedicated to empowering future generations through education-focused programs and encouraged the pupils to remain diligent in their studies, reminding them that their aspirations are valid and that the future of Nigeria rests in the hands of well-educated, determined, and inspired young people.Also speaking at the presentation event, Shunom Leo, Branch Leader, Fidelity Bank, University of Jos Branch, whose team championed the intervention, said the initiative reflects the bank’s dedication to nurturing future leaders.“This is more than a donation of school items. It is a deliberate investment in the future of Plateau State and in the promise these children represent. Across Nigeria, Fidelity Bank has remained committed to projects that improve lives, support education and strengthen communities,” Leo said.Representing Governor Caleb Mutfwang, the Plateau State Governor, the Commissioner for Women Affairs and Social Development, Ms. Caroline Dafur, commended Fidelity Bank and Plateau State Sustainable Development Goals (SDGs) office for what she described as a timely and meaningful investment in children.“Let me sincerely appreciate Fidelity Bank and the Plateau State SDGs office for organizing this memorable ‘back-to-school’ campaign. This gesture of distributing school bags and learning equipment to our pupils is more than charity; it is an investment in the future of Plateau children,” Dafur said.She further reaffirmed the Plateau State Government’s commitment to prioritizing education, healthcare, social protection, and the overall wellbeing of children, while calling for increased collaborations to ensure sustained development.In her opening remarks, Mrs. Nanbam Danjuma-Lot, Project Coordinator of the Plateau State SDGs, applauded Fidelity Bank for partnering with the agency to positively impact the lives of children across the state, stating that, “Partnerships such as this demonstrate the power of collaboration in addressing societal challenges. Fidelity Bank has shown commendable leadership by investing in the future of our children, and we hope more organizations will follow this example by contributing meaningfully to their host communities.”Similarly, Mr. Sunday Amuna, Executive Secretary of the Plateau State Universal Basic Education Board (SUBEB), described the intervention as a foundation-laying initiative that would have long-term benefits for the beneficiaries.”The strength and durability of any structure depend largely on its foundation, the foundation we give these children today will determine the stability of their future. Fidelity Bank has made a meaningful contribution to that foundation and we commend the bank for this impactful intervention,” he said.Notably, the donation also benefited physically challenged children with varying degrees of disability, reinforcing Fidelity Bank’s commitment to inclusion and equal opportunities for all.Through initiatives such as the FHHP, Fidelity Bank continues to demonstrate its commitment to empowering communities, supporting education and contributing to sustainable development across Nigeria.Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.Photo caption:L-R: Mrs. Nanbam Danjuma-Lot, Project Coordinator of the Plateau State Sustainable Development Goals (SDGs); Mr. Shunom Leo, Branch Leader, Fidelity Bank University of Jos Branch; Ms. Caroline Dafur, Plateau State Commissioner for Women Affairs and Social Development; Hon. Sunday Amuna, Executive Chairman, Plateau State Universal Basic Education Board (SUBEB); Mr. Saje Joseph, Director of Planning, Research, and Statistics, Plateau State Ministry of Education; and Mrs. Victoria Abuka, Team Lead, Corporate Social Responsibility, Fidelity Bank Plc; at the Fidelity Helping Hands Programme (FHHP) Back-to-School outreach in Plateau State recently.
Banking and Finance
Fidelity Bank Empowers Exporters to Unlock AfCFTA Opportunities with EMP 19
Photo caption:L-R: Relationship Manager, Fidelity Bank Plc, Murtala Muhammed Road Branch, Kano, Victor Ngwu; Export Management Programme (EMP 19) participant, Abayomi Adewuyi; Facilitator, Gemma Ejiofor; Senior Fellow and Head, Department of Organisational Behaviour and Human Resources Mgt., Lagos Business School (LBS), Dr. Uche Attoh; Director, Export Management Programme, LBS, Prof. Frank Ojadi; and Team Lead, Export & Agriculture, Fidelity Bank Plc, Emmanuel Nwalor, during the closing ceremony of the 19th edition of the Fidelity Bank Export Management Programme (EMP 19) held recently at Lagos Business School, Lagos.
Fidelity Bank Plc has reaffirmed its commitment to supporting Nigeria’s economic diversification agenda through capacity building and export development, as it hosted the 19th edition of its Export Management Programme (EMP) at the Lagos Business School (LBS), Ajah, Lagos recently.Tagged EMP 19, the programme is an intense hands-on export management workshop, organized as a partnership between Fidelity Bank, Lagos Business School and Nigerian Export Promotion Council, brought together entrepreneurs, professionals, regulators and aspiring exporters for intensive training designed to equip participants with the knowledge, skills and networks required to compete successfully in international markets.Speaking at the closing ceremony, Divisional Head, Export and Agriculture, Fidelity Bank Plc, Isaiah Ndukwe, said the bank remains focused on empowering Nigerian businesses to leverage emerging opportunities under the African Continental Free Trade Area (AfCFTA) and expand the country’s non-oil export base.”At Fidelity Bank, we recognize that capacity building is critical to unlocking Nigeria’s export potential. Through the Export Management Programme, we are equipping businesses with practical knowledge, market intelligence and strategic insights required to compete successfully in regional and global markets,” Ndukwe said.“As AfCFTA continues to open new frontiers for trade across Africa, our goal is to ensure that Nigerian exporters are adequately prepared to seize these opportunities and contribute meaningfully to the country’s economic diversification agenda,” he added.Nwalor further noted that the bank remains committed to providing exporters with the financial solutions, advisory support and strategic partnerships necessary to expand their businesses beyond Nigeria’s borders.Also speaking, Director of the Export Management Programme at Lagos Business School, Professor Frank Ojadi, highlighted the need for continuous capacity development as international trade continues to evolve.”The export market is always evolving. There are changes in policies, improvements in processes and increasing interest from businesses. These developments make it necessary to build the capabilities of our people to compete effectively in export markets,” Ojadi said.According to him, this year’s programme placed significant emphasis on AfCFTA, exposing participants to both the fundamentals and practical aspects of leveraging the continental trade agreement for business growth.”Many businesses are still learning how to take advantage of AfCFTA. Through this programme, participants gained practical insights that will help them navigate opportunities across African markets and beyond,” he added.In his remarks, Senior Fellow and Head of the Department of Organisational Behaviour and Human Resources Management at Lagos Business School, Dr. Uche Attoh, emphasized the importance of negotiation and dispute resolution skills in international trade.”It is negotiation that enables businesses to establish deals, while arbitration helps resolve disputes when they arise. Once participants understand the principles, they can apply them in any business environment, whether in Africa, Europe or America,” Attoh said.Participants described the programme as impactful and transformative. Assistant Director at the Nigerian Shippers’ Council, Obinna Oforum, said the training strengthened his resolve to become an “export champion”.Similarly, Chief Superintendent of Customs, Orji Samuel, praised Fidelity Bank and Lagos Business School for subsidizing the programme and creating an enabling platform for practical learning, noting that the knowledge gained would help participants navigate export challenges and unlock new business opportunities.The Export Management Programme is Fidelity Bank’s flagship capacity-building initiative aimed at developing export-ready businesses and professionals capable of driving Nigeria’s non-oil export growth. Through strategic partnerships and targeted interventions, the Bank continues to play a leading role in supporting businesses, facilitating trade and creating pathways for sustainable economic development.Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
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