Fidelity Bank In Need Of Money, Reveals Amount Company Needs To Run Operation
Fidelity Bank In Need Of Money, Reveals Amount Company Needs To Run Operation

Fidelity Bank Seeks More Money For Operations, Moves To Recapitalize

1 year ago
1 min read

The shareholders of Fidelity Bank have approved the management’s request to raise new capital through private placement, which will bring in new investors into the company, and enable the firm have liquidity to maintain operation.

Fidelity Bank had requested that 3,037,414,308 unissued Ordinary Shares of 50 kobo each in the share capital of the company be sold to potential investors.

In a document filed with the capital market authority, Nigerian Exchange Limited (NGX Group), and the investing public, Fidelity Bank said the capital raise is subject to all regulatory approvals.

READ ALSO:Stock Roundup: Sterling Bank, Fidelity Top Equities, As Investors Trade N12.92 billion Nigerian Stocks

The acquisition of the 3.03 billion unissued shares by private investors is expected to rank in about N11 billion for Fidelity Bank, based on its last close market stock price of N3.68 per share.

According to Fidelity Bank in the statement, “in furtherance of the provisions of Section 124 of the Companies and Allied Matters Act, 2020 and the Companies Regulations 2021, and pursuant to Paragraphs 9 and 10 of the Articles of Association of the Company,

“the Board of Directors of the Company be and is hereby authorised to issue, by way of Private Placement, the 3,037,414,308 unissued Ordinary Shares of 50 kobo each in the share capital of the Company (being not more than 30% of the Company’s existing issued shares and paid up capital) to potential investors.”

It added, “That the Private Placement shall be carried out in conformity with applicable laws and subject to procurement of all regulatory approvals.

“That the members in recognition of the need to ensure that the Company’s share capital is aligned with the requirements under applicable laws, hereby waive their pre-emptive rights in respect of the 3,037,414,308 unissued Ordinary Shares of 50 kobo each, to be issued by the Company by way of Private Placement.”


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Fidelity Bank supports Temile Development Company to boost Nigeria’s Gas Revenues In what has been termed a significant milestone in the advancement of Nigeria's domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading Nigerian bank -Fidelity Bank Plc- and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea. Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari,OFR; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe,OON; Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Luke Ekpo; the Charge D’Affairs Ad Interim of the Embassy of Nigeria in South Korea, Ambassador Ferdinand Nwonye; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; amongst others. Commending the company on the laudable development, Mallam Mele Kyari said, “I want to congratulate Mr. Alfred for the great feat you have achieved on behalf of our country and we understand that today clean energy is everything because the whole world is transiting to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance that ability to produce cleaner energy in our country.” On her own part, Dr Nneka Onyeali-Ikpe,OON said, “This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilize cleaner energy sources especially as the world transitions to environmental-friendly energy options. Fidelity Bank is delighted to facilitate this transaction and we congratulate our amiable customer -Mr. Alfred Temile- as well as the good people of Nigeria on this feat.” It was noted that this was the second of its kind being part-financed by the Bank and further underscores its support for the industry. An elated Mr. Alfred Temile, the CEO of Temile Development Company, expressed heartfelt appreciation for the collaboration and strong support received from NNPC Ltd and other stakeholders throughout the project's journey. The vessel will bolster the local participation of indigenous maritime players, improve the logistics of LPG supply and increase the availability of LPG for the Nigerian last-mile users. This will contribute to the growth of Nigeria’s domestic gas industry while demonstrating the dedication and increasing capabilities of indigenous Nigerian companies in the oil and gas sector. It will be recalled that Fidelity Bank Plc also part-financed the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos as part of efforts to improve energy security in the country. Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels. The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Fidelity Bank Supports Temile Development Company To Boost Nigeria’s Gas Revenues

Temile Development Company Ltd, a key indigenous player