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Fidelity Bank’s Impressive Growth Selling Its N127.1bn Rights, Public Offers

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Strong indications have emerged showing how Fidelity Bank Plc’s impressive growth and investor-friendly disposition over the years are driving jumping acquisition of its N127.1 billion combined rights and public offers.

From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market.

They said Fidelity Bank’s N127.1 billion combined rights and public offer was the right way for the nation’s banking recapitalisation exercise to start as the bank, which has the highest corporate governance rating and an average annual capital gain of more than 100 percent at the stock market, has strong appeal to the investing public.

Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share. The bank is also simultaneously offering 10 billion ordinary shares of 50 kobo each to the general investing public at N9.75 per share.

The acceptance and application lists for the rights issue and public offer, which opened on Thursday, June 20, 2024, are scheduled to close on Monday, July 29, 2024. The rights issue has been pre-allotted on the basis of one new ordinary share for every 10 existing ordinary shares held as at the close of business on Friday, January 05, 2024.

The Doyen of Stockbrokers, the oldest practicing stockbroker, Alhaji Rasheed Yussuff, said Fidelity Bank has good records going for it with its history of impressive growth and profitability and dividend payments.

According to him, the bank is known to the market as a good investment, with evident records of impressive returns and corporate responsibility.

Yussuff, who was already a leading stockbroker and managing director of Trust Yields Securities Limited in 2004-2005 when Fidelity Bank launched its Initial Public Offering (IPO) and listed its shares at the stock market, said the bank has been hitting all positive records that should encourage investors to buy more into it.

Referencing the banks impressive returns, Yussuff, who has more than five decades in the capital market and was principal dealing clerk for ICON Limited/ICON Stockbrokers in 1976, particularly noted that Fidelity Bank has been paying good dividends.

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