The World Bank has said that it is planning to introduce its joint capital markets programme (J-CAP) in Nigeria.

The J-Cap, a World Bank initiative, helps developing economies strengthen their capital markets, aiming to increase funding for strategic sectors like infrastructure, housing, and agriculture

Patricia Canziani, global head of capital markets and housing, financial institutions at the International Finance Corporation (IFC), spoke when she led a World Bank Group delegation to a meeting with the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.

The IFC is a subsidiary of the World Bank Group.

According to a statement on Sunday by Ifeanyi Nwoko, acting head of media and publicity at the ICRC, the meeting focused on how to develop and unlock the capital market in Nigeria.

Speaking during the meeting, Canziani said the essence of the meeting was to gather information that would enable the global bank to introduce its the J-CAP in Nigeria.

She said there are a number of untapped interests from potential international investors.

“The purpose of our visit is to introduce the J-CAP programme which we have introduced to 20 countries Worldwide and the purpose of the programme is to work together with the stakeholders in Nigeria and identify ways to support the development and roles of the capital market in Nigeria,” Canziani said.

“The capital market holds many opportunities for funding PPP. The Nigerian capital market already has different products, but we can support the development of newer products in the country.”

Canziani also commended the ICRC for its role in regulating public-private partnerships (PPPs), urging it to work with other players to develop new products and build investor confidence.

On his part, Jobson Ewalefoh, director-general of the ICRC, said the visit of the team was important as it could redefine the space of infrastructure development in Nigeria.

He said alternative finance options like the capital market to fund PPPs are at the heart of his innovative financing policy agenda.

Ewalefoh also said funding is at the core of infrastructure development, hence, unlocking the capital market would be a milestone.

“The World Bank and IFC were here to see what we can do in unlocking the potentials of the capital market in funding infrastructure development,” ICRC DG said.

“We deliberated on the opportunities, the challenges and the importance of having access to the huge funds available in the capital market to fund infrastructure.

“In my deliberation, I focused more on the potential for investors to invest in Nigeria based on the viability and bankability of projects in Nigeria.

“At the end of the day, we agreed that viability is not a problem but there are other risks that investors were weary of and also the lack of information about the opportunities that abound in Nigeria as a key investment destination.”

He, however, urged the global bank to do more in supporting Nigerian government agencies with funds and capacity development to come up with more eligible pipelines of projects.

Ewalefoh said the ICRC would do more to communicate the investment potential of Nigeria, adding that there is a nexus between the investment opportunities in Nigeria and the role the capital market can play in tapping into those potentials.

Securities and Exchange Commission (SEC) is to embark on investor education for State Governments across the Federation as part of strategies to harness the potentials inherent within the various states for wealth creation.

Dr. Emomotimi Agama, director General, Securities and Exchange Commission, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja, weekend.

Agama stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.

According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.

“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground”.

The Director-General added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.

“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.

“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it”.

Speaking earlier, Mr. Tom Ceusters, director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.

Fidelity Bank Plc, Leading financial institution, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification. However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.

With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% 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.

“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”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.

The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.

With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.

Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.

From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.