E-Financial
Fidelity Bank Gets Shareholders’ Approval to Increase Share Capital
Fidelity Bank Plc has secured shareholders’ approval to proceed with the second phase of its capital-raising initiatives, following the successful completion of the first phase, which saw its Public Offer and Rights Issue significantly oversubscribed.
Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank,
This development also includes an increase in the bank’s issued share capital from N26.7 billion to N36.7 billion, reinforcing its financial base as it progresses toward meeting the Central Bank of Nigeria’s (CBN) N500 billion minimum regulatory capital requirement for banks with international authorisation by March 31, 2026.
In a notice filed with the Nigerian Exchange Limited (NGX), Fidelity Bank disclosed that the approvals were granted during an Extraordinary General Meeting (EGM) held on February 6, 2025.
Shareholders unanimously endorsed the creation of an additional 20 billion ordinary shares of N0.50 kobo each, increasing the bank’s issued share capital to N36.7 billion.
They also authorised the Board of Directors to raise additional equity capital through various means, including private placements, rights issues, or public offers, in tranches and on terms deemed suitable by the Board, subject to regulatory approvals.
Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank, expressed gratitude to investors for their confidence in the bank’s long-term strategy.
“We are delighted to announce the successful completion of the first phase of our capital-raising initiatives through a Public Offer and Rights Issue, which were 237.92 per cent and 137.73 per cent oversubscribed, respectively. The positive result is a testament to the strength of the bank’s franchise in the capital market,” she said.
She further emphasised that the next phase of capital raising would position the bank for sustainable growth and improved service delivery. “As we go into the next phase of capital raising, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and delivering sustainable returns to our stakeholders,” she said.
The first phase of the capital-raising exercise, which included a Public Offer and Rights Issue, demonstrated strong investor confidence.
The Public Offer was oversubscribed by 237.92 per cent, attracting 107,588 valid applications for 23,768,724,000 ordinary shares valued at N231.7 billion.
Similarly, the Rights Issue was oversubscribed by 137.73 per cent, with 6,903 valid applications for 4,407,252,795 ordinary shares amounting to N40.7 billion.
As part of its long-term expansion strategy, Fidelity Bank stated that the increase in share capital and additional fundraising initiatives would provide the necessary financial flexibility to deepen its digital transformation efforts, explore new growth opportunities, and expand its market reach.
“This capital raise is a strategic move to strengthen our balance sheet, enhance our competitive position, and ensure we can continue to deliver exceptional value to our customers and stakeholders,” the bank noted.
The resolutions passed at the EGM also allow the Board to underwrite the capital-raising exercise, if necessary, to ensure full subscription.
The newly issued shares will be listed on the NGX and will rank pari passu with existing shares.
Additionally, shareholders approved amendments to the bank’s Memorandum and Articles of Association to reflect the increased issued share capital and ensure compliance with regulatory requirements.
Fidelity Bank reaffirmed its commitment to executing the next phase of its capital-raising plan in compliance with the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and the Corporate Affairs Commission (CAC) regulations.
Fidelity Bank has announced a three-month extension of its Get Alert in Millions (GAIM) Season 6 promo, now running until November 30, 2025, with total cash rewards increased from ₦159 million to ₦189 million.
L-R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.
This move follows strong customer demand for more participation time and has received full regulatory approval.
Originally launched in November 2024 for nine months, the GAIM 6 campaign was set to end in August 2025. However, based on customer feedback, the bank extended the promo to allow more Nigerians to benefit.
Recently, the bank celebrated 20 winners nationwide, each receiving ₦1 million through electronically supervised draws overseen by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure fairness.
With over ₦30 million still up for grabs in upcoming monthly draws, the final prizes include ₦2 million for second runner-up, ₦5 million for first runner-up, and a ₦10 million grand prize. Recipients also gain access to financial advisory support at the Fidelity SME Hub to help maximize their rewards.
Fidelity Bank serves over 9.1 million customers through digital channels and 255 branches, earning various awards for innovation, digital transformation, and SME banking excellence.
The bank continues to promote savings culture and financial empowerment across Nigeria through initiatives like GAIM.
Dr Daramola Omoyele, an economist and data analyst has warned that the introduction of a Tax Identification Number (TIN) under Nigeria’s new taxation legislation could compromise efforts towards stronger financial inclusion.
An estimated 38 million Nigerian adults are currently unbanked.
Nigerian Observer quoted Omoyele as explaining that the TIN, which by the new law is a requirement for bank account opening and filing of tax returns, adds up to several other digital IDs existing in a siloed system.
There is the National Identification Number (NIN), the Bank Verification Number (BVN), and the general multipurpose card, among other existing ID numbers, he pointed out.
The TIN is provided for in the Nigeria Tax Administration Act 2025 which was enacted in June, but couldn’t immediately go into force due to contention from different national stakeholders in the country.
Recently, the federal government announced that the legislation is now expected to go into force in January 2026, and will help the country in efforts to strengthen tax compliance, broaden the tax base for more revenue, and digitalize the tax administration.
To Omoyele, it would have been better for the government to build on the blocks which are already in place, citing the NIN as an example, for a harmonized data system and single digital ID to be used for different purposes.
Beyond that, there are fears that the current challenges in obtaining the NIN and other digital IDs could be replicated in the process of obtaining the TIN.
The federal government has highlighted the need for data harmonization in the past, but concrete results are yet to be obtained.
Omoyele cited examples of countries like India where the Aadhaar digital ID is used across services. South Africa also recently unveiled a roadmap for a single digital ID system to be used for multiple services.
“The irony is that Nigeria already has the building blocks of a single digital identity. The NIN was designed to be the master ID, while the BVN has captured biometric and financial data for millions of bank customers,” The Nigerian Observer quoted Omoyele as saying.
“Instead of harmonising these, the new TIN law introduces another obstacle at a time when about 38 million adults remain unbanked.”
“Nigeria must stop building silos and start building systems that talk to each other. One number is enough. The new TIN law is well-intentioned, but it risks worsening an already messy identification system,” he added.
The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In addition, banks are required to obtain regulatory approval for the successor’s appointment no later than six months before the current MD/CEO’s tenure ends.
The CBN said that the move was aimed at ensuring seamless leadership transitions and reducing potential disruptions in the top management of key financial institutions.
“This requirement is aimed at: minimising disruptions at the top management level. Enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes”, the apex bank noted.
This was contained in a circular to DSIBs and signed by Rita I. Sike Director, Financial Policy & Regulation Department, CBN.
According to the circular, Section 2.14 of the CBN corporate governance guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria (2023) mandates the boards of such institutions to approve succession plans for their Managing Directors/Chief Executive Officers (MD/CEO), Executive Directors (EDs), and senior management staff.
“In view of the critical role Domestic Systemically Important Banks (DSIBs) play in maintaining financial system stability, the CBN reiterates the importance of effective succession planning in these institutions.
“Accordingly, and in line with sound corporate governance practices, each DSIB is required to: obtain regulatory approval for the appointment of a successor MD/CEO not later than six months before the expiration of the incumbent’s tenure.
“Publicly announce the appointment of the successor MD/CEO not later than three months before the planned exit of the incumbent. You are hereby directed to ensure strict compliance with the above directives,” the circular added.
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