Fidelity Bank Plc (“the {Bank}”) refers back to the current round issued by the Central Bank of Nigeria “CBN” (Reference No. BSD/DIR/CON/LAB/018/008) regarding regulatory forbearance on Single
Obligor Restrict (SOL) and different credit score services and desires to supply the clarifications beneath to its esteemed shareholders, NGX Regulation Restricted (NGX RegCo), and different stakeholders:
(a) As a accountable {financial} group, Fidelity Bank Plc stays dedicated to making sure compliance with regulatory insurance policies and directives, together with the CBN round on forbearance which is aimed toward strengthening capital buffers and enhancing {financial} prudence throughout the banking trade.
(b) When it comes to Capital, the {Bank} efficiently raised ₦273 billion by way of a current Public Provide and Rights Challenge which have been oversubscribed by 237.92% and 137.73% respectively and intends to boost the extra sum of ₦200 billion by way of a Personal Placement in 2025FY, to realize the
new minimal regulatory capital requirement of ₦500 billion for banks with worldwide
authorisation. The CBN and Shareholders’ approval have been obtained for the Personal
Placement, whereas different regulatory approvals are being processed to make sure completion in
2025.
(c) The {Bank}’s publicity below the SOL forbearance pertains to two obligors. We’re assured that this publicity will likely be introduced throughout the relevant regulatory restrict in H1 2025.
(d) With respect to the forbearance granted on different credit score services, the {Bank} confirms that this is applicable to 4 prospects. We have now proactively made substantial provisions on these services and have taken focused and complete steps to make sure full provisioning or return of the accounts to performing standing by June 30, 2025.
Thus, the {Bank} expects to exit all CBN forbearance preparations (SOL/Credit score) and stays in a robust place to satisfy the prevailing necessities to allow it to pay dividends for the present {financial} yr and subsequently.
We seize this chance to precise honest appreciation to our traders, prospects and
stakeholders for his or her continued confidence.
For additional enquiries, please contact:
• E mail: [email protected]
• +234 1 2700 530; 2700 531; 2700 532
Thanks.
Ezinwa Unuigboje
Firm Secretary
