Fidelity Bank Plc has completed a comprehensive recapitalisation exercise, raising qualifying capital above the Central Bank of Nigeria’s N500 billion minimum for first-tier international banking licences. The successful capital injection positions the financial institution to comply with updated regulatory thresholds and supports its broader market strategy.
The recapitalisation process, initiated in March 2024, proceeded during a period of macroeconomic adjustment in Nigeria. Fidelity Bank was the first lender to approach the capital market, launching a combined public offer and rights issue in June 2024. Both tranches recorded high subscription levels. The public offer was oversubscribed by 138 per cent, while the rights issue attracted more than a third above its initial target from existing shareholders. The bank maintains a highly diversified ownership base of over 400,000 shareholders, contributing to consistent trading volume and liquidity on the Nigerian Exchange.
A private placement round was subsequently executed on December 31, 2025, drawing participation from domestic and international institutional investors, including subsidiaries of the Africa Export-Import Bank. The combined capital raises were reviewed by a verification committee comprising the Central Bank of Nigeria and the Securities and Exchange Commission. Regulators confirmed that Fidelity Bank’s qualifying capital, measured as the sum of share capital and share premium under the new framework, exceeds the stipulated requirement.
Following the successful raise, Fitch Ratings adjusted the bank’s credit profile. The firm affirmed Fidelity Bank’s Long-Term Issuer Default Rating at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, with a stable outlook. Fitch cited strengthened capital buffers, improved operational profitability, and a rising share of low-current and savings accounts as key factors. By the end of 2024, low-cost deposits represented 93 per cent of the bank’s funding base, supporting foreign currency liquidity and overall funding stability.
With regulatory compliance achieved and investor participation sustained, Fidelity Bank can proceed to deploy the new capital within its lending and expansion framework. The completion also contributes to sector-wide consolidation efforts ahead of the March 2026 industry deadline, with analyst coverage suggesting continued monitoring of the bank’s regional footprint and asset growth trajectory.
