Fidelity Bank PLC Launches ₦127 Billion Combined Public Offer and Rights Issue

Date:

We are pleased to announce that Fidelity Bank PLC (“Fidelity Bank” or the “Bank” or the “Issuer”) has opened a ₦127 billion Combined Public Offer and Rights Issue. This offer is scheduled to close on Monday, 29th July 2024.

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Fidelity Bank Plc, a full-fledged commercial bank in Nigeria, serves over 8.5 million customers across 251 business offices and various digital banking channels in Nigeria and the United Kingdom. With a focus on select niche corporate banking sectors and Micro, Small and Medium Enterprises (MSMEs), Fidelity Bank has rapidly implemented a digital-based retail banking strategy. This strategy has resulted in exponential growth in savings deposits over the last 12 years, with over 57% of customers enrolled in the Bank’s flagship mobile/internet banking products.

Quoted on the Nigerian Exchange (NGX) as a publicly traded company in 2005, Fidelity Bank Plc began operations in 1988 as a Merchant Bank. It converted to Commercial Banking in 1999 and became a Universal Bank in February 2001.

The Bank has maintained a consistent dividend payout over the past 15 years, even during challenging periods for the Nigerian banking industry.

In the last 5 years, dividends have fluctuated around N0.30 per share, with an average dividend yield of 8.20%.

Below is a summary of the indicative terms of the offer:

Public Offer and Rights Issue
• Issuer: Fidelity Bank PLC
• Issuing House: Cowry Asset Management Limited
• Number of Shares on Offer: 13,200,000,000
• Public Offer: 10,000,000,000 share units
• Rights Issue: 3,200,000,000 share units
• Subscription Price:
• Public Offer: N9.75 per share
• Rights Issue: N9.25 per share
• Minimum Subscription for Public Offer: 1,000 share units (additional units in multiples of 1,000) or N9,750
• Rights Ratio: 1 Ordinary Share for every 10 Ordinary Shares held
• Qualification Date: Friday, 05 January 2024
• Gross Profit: N127,100,000,000.00
• Offer Open Date: Thursday, 20 June 2024
• Offer Close Date: Monday, 29 July 2024
• Use of Proceeds: IT infrastructure, business and regional expansion, and product distribution channels
• Status: The ordinary shares being offered will rank pari passu in all respects with the other issued ordinary shares of the Bank
• Governing Law: The Laws of the Federal Republic of Nigeria

Please click the links below for the application form and other offer documents, as they provide valuable information on the investment opportunity in the Bank.

David Okafor
David Okaforhttp://naija247news.com
David Okafor Foreign Affairs Editor, Naija247news Media Group David Okafor is the Foreign Affairs Editor at Naija247news Media Group, with over five years of experience in international journalism. He excels in delivering insightful and impactful coverage of global politics and economic trends. Holding a degree in International Relations, David is known for his investigative skills and editorial leadership. His work ensures Naija247news provides accurate and comprehensive analysis of world events, earning him respect in the media industry.

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