Fidelity Bank Plc said the initial phase of its capital-raising initiative was received with remarkable investor enthusiasm, with the public offer oversubscribed by 237.9 per cent and the rights issue by 137.7 per cent.
Speaking at the bank’s virtual annual general meeting, Chairman of the Board, Mustafa Chike-Obi, described the strong participation as a clear vote of confidence in the Fidelity brand and its long-term strategic direction.
Chike-Obi, also emphasised the bank’s resilience in the face of global economic challenges.
He pointed to Fidelity Bank’s robust growth across all key performance indicators, particularly its record profit before tax (PBT).
He assured shareholders that the bank is now well-positioned to swiftly proceed with the second tier of its capital-raising plans.
Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, outlined the bank’s strategic focus for 2025, building on the momentum of its 2024 performance.
She announced plans to complete the next phase of the capital raise, strengthen the bank’s asset base, improve operational efficiency through digital innovation, and pursue regional expansion into select African markets.
Earlier, shareholders commended the bank for its stellar performance in the 2024 financial year, with many lauding the bank’s leadership for delivering record-breaking results and reinforcing its position among Nigeria’s top financial institutions.
National Chairman of the Progressive Shareholders Association, Boniface Okezie, expressed deep appreciation for the bank’s performance, describing it as ‘superlative’.
He applauded the management and staff for creating a financial institution shareholders can take pride in. He also noted that Fidelity Bank has now firmly secured its place among the top three dividend-paying banks in the country.
Similarly, Chairman of the Zonal Shareholders Committee, Tunji Okelana highlighted the remarkable leadership that has propelled the bank to new heights. He stated that the current Managing Director has outperformed all her predecessors, adding that the staff have proven themselves to be valuable assets.
“They truly live up to the Fidelity name—they keep their word,” he said.
The bank recorded a 210 per cent surge in Profit Before Tax to N385.2 billion in its 2024 operations while gross earnings rose by 87.7 per cent to N1.043 trillion, driven by a 106.9 per cent increase in interest and similar income to N950.6 billion.
Customer deposits grew by 47.9 per cent, rising from N4.0 trillion in 2023 to N5.9 trillion in 2024, while advances expanded from N3.1 trillion to N4.4 trillion over the same period.
In addition to the financial highlights, several resolutions were approved at the AGM. These included the declaration of a final dividend of N1.25 kobo per share, the election of Alhaji Abdullahi Sarki Mohammed and Obiaku Augusta Okam as non-executive directors, the appointment of Sufiyanu Ibrahim Garba as executive director, and the re-election of Mustapha Chike-Obi and Engr. Henry Obih as non-executive directors.
