Fidelity Bank Plc has cemented its position as one of Nigeria’s most resilient financial institutions, delivering record investor returns, expanding its shareholder base, and demonstrating strong corporate governance amid Nigeria’s shifting banking landscape.
Following the Central Bank of Nigeria’s (CBN) directive in March 2024 that banks with international licenses must raise their minimum capital to N500 billion, Fidelity Bank became the first financial institution to undertake a public offer on the Nigerian Exchange Group (NGX).
In June 2024, the lender launched its Public Offer and Rights Issue (Combined Offer), raising N175.9 billion in fresh capital. The offer was met with overwhelming demand, as the public offer and rights issue were oversubscribed by 237.92 per cent and 137.73 per cent, respectively.
This expanded the bank’s shareholder base from 400,000 in 2024 to over 500,000 by mid-2025, ensuring no single investor holds a controlling stake—a development analysts say strengthens governance and long-term valuation.
From its June 2024 offer price of N9.75 per share, Fidelity’s stock closed at N21.30 on August 29, 2025—representing a 116 per cent price gain and positioning it among the best-performing bank stocks on the NGX.
The bank’s current market capitalization stands at N1.07 trillion, with a price-to-earnings ratio of 2.49 and a price-to-book (P/B) ratio of 1.15, according to Bloomberg data. Only two other Nigerian banks trade above book value, highlighting Fidelity’s unique investor appeal.
Chapel Hill Denham data further shows Fidelity delivered a 47 per cent total shareholders’ return in 2024, outperforming the NGX Banking Index (-0.50 per cent) and peer banks such as UBA (22.6 per cent) and GTCO (20.8 per cent).
Fidelity’s cash dividend yield stood at 13.4 per cent in 2024, marking the third consecutive year of double-digit yields.
“Fidelity’s consistent dividend policy and superior total returns position it as one of the most attractive stocks for investors seeking stability and growth in Nigeria’s financial services sector,” Chapel Hill Denham analysts noted.
Fidelity reported a 210 per cent year-on-year surge in profit before tax (PBT) to N385.2 billion in 2024, with gross earnings surpassing N1 trillion for the first time. The bank has set a PBT target of N500 billion for FY 2025.