The Managing Director and Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, announced that the bank successfully exceeded its target from the recently concluded combined offer. This announcement comes following the closure of the N127 billion combined rights issue and public offer, which opened on June 20.
Fidelity Bank became the first financial institution in Nigeria to initiate its capital raising efforts, adhering to the Central Bank of Nigeria’s directive for banks to bolster their capital.
In a statement to shareholders, Onyeali-Ikpe expressed her satisfaction: “With the conclusion of the combined offer, I am delighted to announce that we have met and surpassed the capital-raise target set for this first phase of our exercise. It is both gratifying and humbling to note the level of investor confidence in the bank.”
The proceeds from this combined offer will be strategically directed towards enhancing Fidelity Bank’s growth strategy, including local and international expansion, IT infrastructure development, and capital allocation for pivotal sectors of the economy.
Onyeali-Ikpe acknowledged the crucial support from regulatory bodies, including the Central Bank of Nigeria, Securities and Exchange Commission, and Nigerian Exchange, which facilitated the smooth execution of this initial phase of recapitalization.
The bank’s combined offer invited investors to purchase 10 billion ordinary shares at 50 kobo each through public offerings and an additional 3.2 billion ordinary shares via rights issues. The public offering was extended by 14 days and concluded on Monday.
