They received a whopping 108,046 applications for a total of 23,791,687,463 Ordinary Shares, amounting to ₦231,968,952,764.25 from the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares, totaling ₦231,745,059,000.00, were deemed valid after the CBN's verification.
On the flip side, 458 applications for 22,765,143 Ordinary Shares worth ₦221,960,144.25 were rejected as invalid, along with 548 applications that included odd lots totaling 198,320 Ordinary Shares (or ₦1,933,620.00). The Public Offer was oversubscribed at 237% and allotted at 150%.
For the Rights Issue, they received 7,559 applications for 4,430,290,237 Ordinary Shares, totaling ₦40,980,184,692.25. However, 656 applications for 23,037,442 Ordinary Shares worth ₦213,096,338.50 were invalid according to the Rights Issue terms. This part was 137.73% subscribed and fully allotted.
“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank,” said Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer.
“We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively. As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders.”
The money raised in this first round of funding will be used for expanding both locally and internationally, upgrading tech infrastructure, and improving customer service efforts.
After successfully wrapping up the initial funding phase, the Board of Directors recently got the green light from shareholders to kick off the second phase. They’re optimistic about meeting the new regulatory capital requirements for banks with international licenses ahead of the CBN’s deadline on March 31, 2026.
In March 2024, the CBN announced updated minimum capital requirements for banks, and by June 2024, Fidelity Bank became the first financial institution to launch a public offer on the Nigerian Exchange Group.
Starting with an offer price of N9.75 per share for the Public Offer and N9.25 for the Rights Issue in June 2024, the Bank’s shares soared to a peak of N21.15 on February 7, 2025, marking a growth of over 116%, the highest in the banking sector.
Fidelity Bank Plc is recognized as one of Nigeria's top banks, operating as a full-service Commercial Deposit Money Bank with over 8.5 million customers. They offer services through digital channels and have 251 branches in Nigeria, along with a subsidiary in the UK, FidBank UK Limited.
The Bank has received numerous awards both locally and internationally, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards, accolades from the Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 from the Global Banking and Finance Awards.
Additionally, Fidelity Bank was honored as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and named the Best Domestic Private Bank in Nigeria at the Euromoney Global Private Banking Awards 2023.