Fidelity Bank’s capital raise oversubscribed by 238%

Fidelity Bank Plc has successfully concluded the first phase of its equity capital raise, achieving an impressive 238 per cent oversubscription in its public offer.

The bank’s combined offer comprising a public offer and a rights issue garnered overwhelming investor participation, reinforcing confidence in the institution’s financial strength and growth strategy.

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), Fidelity Bank recorded 108,046 applications for 23.79 billion ordinary shares, amounting to N231.97 billion under the public offer.

After verification, 23.77 billion shares worth N231.75 billion were deemed valid. The Rights Issue, meanwhile, saw 7,559 applications for 4.43 billion shares valued at N40.98 billion, achieving a 137.7 per cent subscription rate.

Managing Director and CEO of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe expressed gratitude for the overwhelming investor response:“We are delighted with the outcome of this first phase of our capital raise. The strong investor participation reflects the market’s confidence in Fidelity Bank and our strategic direction.

“As we move forward with the next phase, we remain committed to providing cutting-edge financial solutions and delivering value to all stakeholders.”The funds raised will support Fidelity Bank’s local and international expansion, technological upgrades, and customer service enhancements. With shareholders recently approving the second phase of the capital raise, the bank is well on track to meet the CBN’s new minimum capital requirements for banks with international authorization before the March 31, 2026, deadline.

Fidelity Bank was the first financial institution to launch a public offer on the Nigerian Exchange Limited following the CBN’s revised capital requirements in March 2024. Since the offer price of N9.75 per share (Public Offer) and N9.25 per share (Rights Issue) in June 2024, the bank’s shares have surged over 116 per cent to a high of N21.15 as of February 7, 2025, marking the highest growth rate among Nigerian banks.

Ranked among Nigeria’s top financial institutions, Fidelity Bank serves over 8.5 million customers through digital channels, 251 business offices, and its UK subsidiary, FidBank UK Limited.

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