Nneka Onyeali-Ikpe, The managing director/CEO, Fidelity Bank Plc has assured of the Bank meeting up its N500 billion recapitalisation exercise.
Yesterday, June 20, 2024, the Bank commenced its capital raising of N127.1 billion comprising a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share and rights issue of 3.200 billion ordinary shares of 50 kobo each at N9.25 per share.
While speaking at the Bank’s public offer and rights issue Facts Behind the Combined Offer event held yesterday in Lagos, Onyeali-Ikpe said the financial institution’s N127.10 billion capital raising exercise is to be considered as a pacesetter in the life of the banking industry capitalisation drive.
In her words “our capital raising process was proactively initiated after obtaining approval from our shareholders in August 2023. This is part of our strategic growth plan to raise additional capital to meet our growth needs.”
She made bold that the CBN recapitalisation directive presents a significant opportunity for a stronger and more resilient banks industry.
“We have embraced the challenge as a catalyst to propel us towards our long term vision of becoming a market leader across every product that we could offer and segments that we serve, not just in Nigeria, but as an international bank.”
She went on to explain that “the proceeds from the offers will be instrumental in achieving our strategic growth plans.
“The funds will be deployed to drive our business and regional expansion. We will strategically expand our footprint within Nigeria to serve as a broader customer base and to unlock new market opportunities.
We will invest In and upgrade existing information and technology infrastructure. The offer will support our customers and their businesses.”
She emphasised that the Management is optimistic the Bank will continue to record significant growth and improvement in its operations over the coming years and that the Rights Issue will create a win-win for both the Bank, the investors, the shareholders and other stakeholders in translating this investment into significant economic benefits and enhanced shareholder value.
