Kelechukwu Mgboji 
In a resounding vote of confidence, investors have overwhelmingly backed Fidelity Bank Plc, resulting in an astonishing 238 per cent over – subscription of its first-phase equity capital raise.
This remarkable feat underscores the bank’s growing dominance in Nigeria’s financial sector and signals robust market trust in its strategic expansion.
Fidelity Bank successfully concluded its Public Offer and Rights Issue, following regulatory scrutiny by the Central Bank of Nigeria (CBN) and approval of the Securities and Exchange Commission (SEC).
The Public Offer received 108,046 applications for 23.79 billion ordinary shares, amounting to N231.97 billion. After verification, 107,588 applications totaling N231.75 billion were deemed valid, resulting in a 237 per cent subscription rate and 150 per cent allotment.
Similarly, the Rights Issue attracted 7,559 applications for 4.43 billion shares, totaling N40.98 billion, achieving 137.73 per cent subscription and full allotment.
This extraordinary level of participation reflects unwavering investor confidence in the bank’s financial strength and strategic vision.
Expressing gratitude for the overwhelming support, Dr. Nneka OnyealiIkpe, OON, Managing Director and CEO of Fidelity Bank, stated: “The success of our Combined Offer is a testament to the strength of the Fidelity Bank brand in the capital market.
We are humbled by the trust our investors have placed in us and remain committed to delivering cutting-edge financial solutions and sustained returns.”
The proceeds from this capital raise will be strategically deployed towards domestic and international expansion, technological advancements, and enhanced customer service initiatives.
Additionally, with the CBN’s revised minimum capital requirement deadline set for March 31, 2026, the bank’s Board of Directors has secured shareholder approval to proceed with the second phase of capital raising, reinforcing Fidelity Bank’s position as a leading financial institution.
Notably, Fidelity Bank was the first financial institution to launch a public offer on the Nigerian Exchange Group following the CBN’s capital regulation update in March 2024.
Since then, the bank’s share price has surged from N9.75 per share in June 2024 to N21.15 as of February 7, 2025, marking an impressive 116 per cent increase, the highest in the banking sector.
With a growing customer base exceeding 8.5 million, 251 business offices in Nigeria, and an expanding presence in the UK through FidBank UK Limited, Fidelity Bank continues to solidify its reputation as a powerhouse in Nigeria’s banking landscape, earning multiple local and international accolades for its outstanding performance.
