Fidelity Bank Urges Customers To Participate In Public Offering

Fidelity Bank has urged customers and investors to invest in its ongoing N127.10 billion capital raising.

The bank made this call at a town hall meeting themed ‘Own a Slice of Our Bank!’ held in Abuja yesterday.

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.

In her opening remarks, the managing director/chief executive officer of the bank, Dr. Nneka Onyeali-Ikpe, OON, said, “Fidelity Bank has achieved a cumulative average growth rate of 64% in the last three years. This is what you might be missing if you don’t participate, or what you gain if you do.”

Also speaking on the essence of the gathering, the executive director of Corporate Banking, Fidelity Bank, Abolore Solebo, said, “We are here today to allow you to invest in your business. I say your business because all the assets that we have are courtesy of you, the people. The profits we make are courtesy of you. So why wouldn’t you invest? We are offering a combined offer for those who have shares in the bank and for those who don’t. We think you need to participate in this.”

In his welcome remarks, executive director of Risk Management, Kelvin Ugwuoke, said, “Today’s town hall meeting offers an opportunity to speak to the public about Fidelity Bank’s public offers and rights issues, giving you a chance to own a slice of a beautiful investment. The fact that you’re all here despite the weather shows your appreciation of this opportunity.

“In an institution that has done remarkably well over the last few years and is poised to do even better, one that is managed at the highest level of governance, which is crucial for a bank. Good governance assures that things will generally go well. This institution has a demonstrated track record, which is a reliable indicator of what the future will look like.”

Ugwuoke, in a presentation said, ‘‘Fidelity Bank has a strong and experienced board driving the Bank towards achieving sustainable growth. The executive team is comprised of individuals with a combined experience of 165 years. A stable team led by only four CEOs since its inception in 1987. Fidelity Bank has a track record of consistent and improved dividend payout to its shareholders. The bank has consistently paid dividends in the last 18 years while dividends per share increased by 286% in the last 3 years.”