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FIDELITY BANK
Seplat Energy Plc experienced a significant decline on the Nigerian Exchange (NGX) today, with its share price falling by 8.30% to close at N3,480. This drop also resulted in a market capitalization decrease of N185.16 billion.
Fidelity Bank will issue an additional 8.2 billion shares, worth about N78.35 billion as the bank anticipates an oversubscription of its combined offering.
Fidelity Bank Plc started its N127.1 billion combined rights and public offers to rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank's impressive growth and investor-friendly disposition over the years.
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Staying true to its earlier announced plan to address the shareholders’ funds shortfall necessitated by the CBN's new capital requirement, Fidelity Bank launched a hybrid offer of a rights issue and an initial public offer (IPO) on June 20, 2024.
Fidelity Bank's CEO, Nneka Onyeali-Ikpe, announced a N127.10 billion capital raise to enhance market position and expand internationally.
Mustafa Chike-Obi, Chairman of Fidelity Bank Plc, emphasized the need for Africa to unite and collaborate for economic prosperity.
Fidelity Bank's 2023 Profit Before Tax grew by 131.5%, driven by robust earnings and strategic growth initiatives, ensuring strong shareholder returns
Fidelity Bank was by far the most traded stock in the NGX today, with a turnover volume of about 605.257 million shares, even as the stock gained 6.52% to close at N9.80.
Commercial banks spent a total of N799.8 billion on staff salaries in 2023, representing a 44.3% increase when compared to the N554.2 billion spent in the previous year.
Shareholders have expressed readiness to massively support and mobilise for the ongoing recapitalisation of Fidelity Bank Plc amid commendations for the impressive performance of the bank over the years.
Highly rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with the potential to generate high returns for investors.