Category: International News

Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank.

Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold strengthen but also fuel its growth trajectory.

With the recent conclusion of its equity capital raise through a Public Offer and Rights Issue, collectively known as the Combined Offer. The response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to ₦231.7 billion. The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling ₦40.7 billion.

Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.” Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.

Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of ₦0.50 each.

This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of ₦500 billion for banks with international authorization by March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.

Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of ₦9.75 per share during the Public Offer, shares soared to a high of ₦21.15 on February 7, 2025, representing an impressive growth rate of over 116%. This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.

Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at ₦23.15 against a reference price of ₦19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.

The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.

As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.

Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.

The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.

Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.

Mu’azu Jaji Sambo, CON, the immediate past Minister of Transportation, represented Muhammadu Buhari, GCFR, at the book launch of the former Nigerian Military President, General Ibrahim Badamasi Babangida (IBB), ‘A Journey in Service’ in Abuja on Thursday, February 20, 2025. The event drew an elite gathering of past and present leaders who reflected on IBB’s legacy and the state of democracy in West Africa.

The event, held at the Transcorp Hilton Hotel, Abuja, attracted President Bola Ahmed Tinubu, GCFR, top members of his cabinet, former presidents of Nigeria, Ghana, and Sierra Leone, former Nigeria Vice Presidents, State Governors, past and present, Ministers and heads of Parastatals, both former and present, military leaders, Captains of Industry, and statesmen from Nigeria and beyond.

Muhammadu Buhari, who was unavoidably absent due to an earlier scheduled commitment, sent his warm wishes and prayed for a successful launching of the memoir, as it marks a watershed in the life of the former military president. He prayed for good health, long life, and satisfaction in all endeavours.

Sambo delivered a congratulatory message, expressing hope that General Babangida would continue offering valuable counsel to Nigeria’s leadership.

In his keynote address, former Ghanaian President Nana Akufo-Addo emphasised the importance of multi-party democracy in Africa’s development. He warned against the growing wave of military takeovers, calling them a setback to democratic progress. “Multiple parties are good for our continent,” Akufo-Addo said, urging leaders to protect democratic institutions.

Former Nigerian Head of State, General Yakubu Gowon (rtd), lauded Babangida’s rise from aide-de-camp (ADC) to head of state, describing him as a “boss of bosses.”
Gowon also expressed gratitude for Babangida’s decision to restore his rank of General after it was stripped following the 1976 coup. “Thank you for restoring my rank,” Gowon said, reflecting on how Babangida’s leadership impacted his life.

General Abdulsalami Abubakar, another former military president, shared anecdotes about his over 80-year-long relationship with Babangida.
He recalled a childhood prophecy foretold Babangida’s rise to power and commended him for documenting his life’s journey.
“Your memoir will enrich the country,” Abdulsalami remarked.

The book launch, set against the backdrop of a presidential library fundraising event, marks a significant moment in Nigeria’s political history.

Babangida, known for his role in the country’s military and political landscape, shares his journey through his memoir, offering insights into his years of service and the complexities of Nigeria’s past.

The IBB Presidential Library Foundation, which oversees the event, expressed that the memoir’s launch is not just about commemorating Babangida’s legacy but also a call for support to preserve and promote Nigeria’s political history through the foundation’s library.

As the event unfolded, a unique blend of nostalgia, reflection, and forward-looking dialogue filled the air, drawing attention to the enduring influence of the country’s past leaders in shaping the present.

Founder of Worship for Change, Wale Adenuga, has reaffirmed his commitment to supporting vulnerable children as his organization disbursed ₦36.75 million to six charities across Nigeria. The funds, raised through the Green Worship concert held on October 1, 2023, mark an 11% increase from the ₦33 million distributed the previous year.

The six beneficiary organizations—Agbedare Jesus Care Foundation, Bethesdial School for the Blind, Gilead Initiatives, Flora Trust Foundation, Jesus Orphanage (Port Harcourt), and Gold Gate Michika (Adamawa State)—each received ₦6.125 million to support their efforts in caring for orphans and children with special needs.

Speaking at the distribution event, Adenuga highlighted the challenges faced by these charities, emphasizing the rising costs of education and healthcare for children with disabilities. “Things have become more difficult, and people barely have enough to care for themselves, let alone others. The support we have raised is making a significant impact, not only financially but also by creating awareness about the amazing work these organizations are doing,” he said.

He noted that Worship for Change, which has been running since 2006, has raised approximately ₦160 million over the years to support such causes. Adenuga expressed gratitude to donors and corporate sponsors, urging them to continue their generosity as the organization plans another fundraising concert in October 2024.

Mrs. Agbedare Beatrice Adenike, founder of Agbedare Jesus Care Foundation in Ibadan, described the donation as an answered prayer. “This money will be used to improve accommodation for children with special needs, ensuring separate spaces for boys and girls while also expanding our classrooms. It is a dream come true, and I pray that God continues to bless Worship for Change,” she said.

Similarly, Mrs. Bisola Olufolajimi Idowu of Gilead Initiatives in Ikorodu shared her heartfelt appreciation, revealing that the funds would be instrumental in providing therapy materials, medical care, and assistive devices for children with cerebral palsy, autism, and Down syndrome. “Our goal is for these children to live independent lives, and this support will help us equip them for a future where they can contribute meaningfully to society,” she said.

Mrs. Chika Ugochukwu of Flora Trust Foundation in Lagos, which caters to children with severe disabilities, highlighted the urgent need for expansion. “We started with four children and now have 20, but many more are on our waiting list. This fund will help us secure additional space and mobility aids, ensuring these children receive the care they deserve,” she stated.

Evangelist James Tumba, founder of Gold Gate Mission in Michika, Adamawa State, expressed profound gratitude to the Board of Trustees, Pastor Wale Adenuga, and the entire Worship for Change team for their generous support. He shared his journey from being born into a Muslim family, converting to Christianity in 1991, and dedicating his life to mission work. After serving in various churches, he felt called to return to his hometown, Michika, to minister to communities in Gworza, Michika, Mubi, and surrounding areas.

The emergence of Boko Haram in 2014 devastated these regions, leaving many children orphaned. During his mission work, Tumba encountered numerous children in dire need, compelling him to provide care and shelter. He recounted a poignant experience of rescuing a week-old baby found abandoned in the bush, covered in ants. Today, that child is thriving and enrolled in primary two.

Facing challenges, Tumba relied on farming to support the orphans and his own two children, adhering to a personal conviction against soliciting funds. The recent donation will be instrumental in renovating their accommodation, ensuring a safe and comfortable environment for the children. It will also alleviate the burden of school fees, a pressing concern for the mission.

Tumba extended heartfelt thanks to all contributors, emphasizing the profound impact of their generosity on the lives of the children under his care. He prayed for abundant blessings upon everyone involved in this benevolent endeavor.

Adenuga advised the beneficiaries to judiciously utilize the funds, ensuring they directly benefit the children under their care. “It is our collective responsibility to support these charities and make life easier for them. I am grateful to everyone who contributed to making this possible,” he added.

With the annual Green Worship initiative gaining more traction, Worship for Change remains steadfast in its mission to uplift vulnerable children and provide a platform for more organizations to receive much-needed support.
Source: HYACINTH NWAFOR