Investors have described Fidelity Bank as a solid bank known to the market as a good investment, with evident records of impressive returns and corporate responsibility.
The investors were reacting to the Bank’s N127.1 billion combined rights and public offers which recently received rousing support from the investing public.
The Doyen of Stockbrokers, the oldest practising stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth profitability and dividend payments.
Referencing the bank’s impressive returns, Yussuff noted that Fidelity Bank has been paying good dividends.
According to the Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, Fidelity Bank has shown exceptional growth and resilience, rising from being a private merchant in 1987 to becoming one of the largest, publicly quoted commercial banks in Nigeria.
Chairman of Nigerian Exchange (NGX), Mr. Ahonsi Unuigbe said the combined offer marked a pivotal moment for the bank and the financial services sector, noting the new banking recapitalisation is aimed at bolstering the resilience and stability of the nation’s financial institutions.
According to him, the ongoing recapitalisation has set robust minimum capital requirements that will ensure Nigerian banks are not only more solvent but also capable of supporting the growth and development of the economy.
Acting Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, commended Fidelity Bank for its performance and willingness to avail the investing public of every relevant information.
He assured that the NGX remains committed to supporting companies like Fidelity Bank in its quests to deepen the capital markets and foster an environment conducive to sustainable growth and innovation.
Addressing the investing public at the NGX, Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, reiterated the commitment of the bank to delivering impressive returns to shareholders and supporting the growth of the Nigerian economy.
She explained that the new capital raising by Fidelity Bank was driven by its proactive business expansion plan having secured shareholders’ approval to raise new equity funds as early as August 2023. The Central Bank of Nigeria (CBN) directive on new minimum capital was released in March 2024.
The offer will increase our capacity to support our customers and their businesses. In summary, this capital raise will help our customers to grow, their businesses to thrive, and their economy to prosper, Onyeali-Ikpe said.
