Fidelity Bank Plc, one of Nigeria’s leading tier-two banks, will on 11 August 2023 at an Extra-Ordinary General Meeting to be held virtually, seek shareholders’ approval to increase the company’s current issued share capital which presently stands at N16 billion made up of 32 billion ordinary shares of 50 kobo each, to N22.6 billion through the creation of additional 13.2 ordinary shares of N0.50 each.
The bank plans to realise the capital raising exercise through a combination of Right Issues and public offering.
Some of the demands the management of the bank wants the EOGM to consider include “That the Company undertakes a capital raising exercise via a Public Offer for up to 10,000,000,000 Ordinary Shares and Rights Issue of up to 3,200,000,000 Ordinary Shares representing 1 (one) new share for every ten (10) shares held, to new and existing shareholders respectively.
“That the Memorandum and Articles of Association (Memart) of the Company be amended to reflect the Company’s new share capital after the capital raising exercise in Resolution 2 above and that the Board of Directors be and is hereby authorized to file the amended Memart at the Corporate Affairs Commission capital for increased profitability, expansion (domestic and international) and enhancement of its digital capabilities.
“Advances in technology, the rapid evolution of the business of banking and changes in the operating landscape make it imperative that the Bank remains agile, adaptable and properly positioned to respond appropriately to developments, whilst remaining a competitive and forward-looking institution.”
The bank is leaving no stone unturned to join the league of first tier banks in the country in order to have the licence to offer financial services outside the country.
