A signing ceremony for the Combined Offer took place on 5 June 2024, at Fidelity Bank’s headquarters in Lagos. The Bank’s shareholders had given the green light for this move during an Extra-Ordinary General Meeting held on 11 August 2023. The Rights Issue will offer 3.2 billion ordinary shares at ₦9.25 per share, available at a ratio of 1 new share for every 10 held as of 5 January 2024. Meanwhile, the Public Offer will make 10 billion ordinary shares available at ₦9.75 per share to the general public.

Stanbic IBTC Capital is the Lead Issuing House for the Combined Offer, with joint efforts from Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited, and Planet Capital Limited. Applications for the Rights Issue and Public Offer will be open from 20 June 2024 to 29 July 2024.

Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, highlighted that the funds raised would be allocated towards enhancing IT infrastructure, expanding business operations regionally, and improving product distribution channels. Oladele Sotubo, CEO of Stanbic IBTC Capital, praised the Bank’s leadership for its proactive approach to meeting the CBN’s new capital requirements and expressed optimism that this initiative would inspire other firms to seek equity market funding for their strategic needs.

Shareholders will receive the Rights Circular, containing the Provisional Allotment Letter and Participation Form, by mail. Printed copies of the Public Offer Prospectus will be available at Fidelity Bank and the Issuing Houses’ offices throughout the application period.

Fidelity Bank Plc, a prominent commercial bank with a wide presence across Nigeria and a subsidiary in the UK, continues to offer diverse financial services to its extensive customer base, comprising over 8.3 million clients as of 31 December 2023.