Fidelity bank
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Fidelity Bank Secures Approval For Private Placement Of N3.08 Billion Unissued Shares

Fidelity Bank has secured the approval for private placement of N3.08 Billion unissued share.
It is believed by the Bank that this development will enable them get more capital for growth.

The decision was approved during the Bank’s General meeting/conference. The Extra Ordinary General conference which was attended by many regulator such as the Central Bank of Nigeria (CBN), Nigeria Exchange group, Security Agencies, Exchange commission, and Corporate Affairs commission.

According to Fidelity Bank during the meeting, the disposal of the Bank’s outstanding of N3.04 billion unissued shares of Fifty Kobo (50 Kobo) will help the company to get more capital for expansion.
Chairman, fidelity bank Mr. Mustafa Chike-Obi, went further to explain that the development is very necessary as it is still in compliance with Section 124 of the Companies and Allied Matters Act, 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which mandated Companies with unissued shares at the commencement of CAMA 2020, to issue such shares by December 31, 2022.

In his speech, he said, “After thinking and considering the options, the board decided that the Bank’s outstanding N3.04 billion unissued ordinary shares of 50 kobo each should be shared by way of private placements to investors.

He continued by pointing out that this exercise will help the company to generate or make additional capital for business growth in line with it’s objective.

The managing Director/Chief Executive officer of the bank, Mrs. Nneka Onyeali – ikpe, also noted that “Fidelity bank is growing rapidly (in leaps and bounds) there is need for us to expand our capital base so as to enable us take advantage of any opportunities such growth will offer”.

She also noted that the additional capital will be used solely for infrastructural and technological enhancement to enable them serve and reach out to more customers. As signed by the company secretary Ezinwa Unuigboje, the transaction is subject to the approval of the Prudential Regulatory Authority of the United Kingdom.

Looking at the back of the company H1 2022 outcome, Fidelity Bank paid an interim dividend of 10 Kobo per 50 Kobo ordinary share, this is regarded as the first interim dividend payment.

 

 

 

 

 

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