Fidelity Bank Plc has announced plans to initiate the second phase of its equity capital raise before the end of 2025.
The disclosure was made by Nneka Onyeali-Ikpe, managing director and CEO of the bank, during Fidelity’s 37th Annual General Meeting (AGM), which was held virtually on Tuesday.
The bank had previously unveiled plans on June 5, 2024, to raise a total of ₦127.1 billion through a combination of a rights issue to existing shareholders and a public offer.
The first phase, concluded in February 2025, recorded an impressive 237 percent oversubscription in the public offer.
Onyeali-Ikpe who reaffirmed the bank’s strategic priorities for the year ahead, noted: “Our focus in the 2025 financial year is to complete the next phase of our capital raise, enhance our asset base, drive operational efficiency, advance digital innovation, and pursue strategic expansion into select African markets.”
Chairman of the Board, Mustafa Chike-Obi, praised the bank’s performance in a challenging global economy, citing record-breaking results.
“We achieved strong growth across all key metrics, particularly in Profit Before Tax (PBT), which speaks to the resilience of our strategy,” he said.
He also highlighted investor confidence in the bank’s future, pointing to the overwhelming subscription rates:
“The 237.9% oversubscription in the Public Offer and 137.7% in the Rights Issue are clear endorsements of our brand strength. With this momentum, we will move swiftly to complete the second phase.”
Shareholders echoed these sentiments.
Tunji Okelana, chairman of the bank’s zonal shareholders’ committee, commended the leadership of Onyeali-Ikpe, describing her tenure as transformative:
“Her achievements surpass those of any of her predecessors. Her team reflects the Fidelity ethos—true to their word.”
Boniface Okezie, national chairman of the Progressive Shareholders Association, also praised the bank’s 2024 performance:
“It’s a stellar result. Fidelity has become one of Nigeria’s top three dividend-paying banks—something shareholders deeply value.”
During the AGM, shareholders approved a final dividend of ₦1.25 per share.
The bank also announced new board appointments: Abdullahi Mohammed and Obiaku Okam as non-executive directors, and Sufiyanu Garba as an executive director.
Mustapha Chike-Obi and Henry Obih were re-elected as non-executive directors.
