N127bn Fidelity bank capital raise oversubscribed – CEO

The Managing Director/Chief Executive Officer of Fidelity Bank, Dr Nneka Onyeali-Ikpe, has said that the bank was able to meet and surpass its target from the just concluded combined offer.

This was disclosed in an email, which was signed by Onyeali-Ikpe on Tuesday, a day after the closing of the N127bn combined rights issue and public offer, which commenced on June 20.

Fidelity Bank was the first bank to commence its capital raise, following the directive of the Central Bank of Nigeria to banks in the country to raise fresh capital.

Onyeali-Ikpe told shareholders, “With the conclusion of the combined offer, I am delighted to announce that we have met and surpassed the capital-raise target we set for ourselves in this first phase of our capital-raise exercise. It is both gratifying and humbling to note this level of investor confidence in the bank.

“The proceeds from our combined offer will be deployed to achieving our growth strategy. The funds will be deployed to drive our local and international expansion plans, IT infrastructure development and capital provision for key sectors of the economy.”

She added that the regulators, namely the CBN, Securities and Exchange Commission and Nigerian Exchange, played a significant role in ensuring the seamless execution of the first phase of its recapitalisation plans.

Fidelity Bank had a combined offer for intending investors to purchase 10 billion ordinary shares of 50 kobo each via public offer and 3.2 billion ordinary shares of 50 kobo each via rights issue.

The offer was extended by 14 days, which expired on Monday.

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