Fidelity Bank Raises ₦227.05 Billion as Private Placement Hits 87.7% Subscription After CBN Verification

Fidelity Bank Plc has announced the outcome of its private placement of 14.8 billion ordinary shares of 50 kobo each at ₦17.50 per share.

The financial institution raised a total of ₦227.05 billion following the conclusion of the Central Bank of Nigeria (CBN) capital verification process.

The offer, which opened and closed on December 31, 2025, attracted strong investor interest with total applications exceeding the initial offer size.

A total of 20 applications were received for 16.78 billion shares, representing a valid application rate of 113.4 percent.

However, following regulatory verification by the CBN, only 12.97 billion shares were approved and allotted, translating to a final subscription level of 87.7 percent.

Breakdown of the allotment shows that 14 applications covering 12.24 billion shares were fully verified and allotted.

One application for 1.61 billion shares was partially verified with 735.94 million shares approved and allotted, while five applications totaling 2.93 billion shares failed to meet verification requirements.

The largest single allotment came from an application within the 2 billion to 14.8 billion share range, which was fully allotted at 4.83 billion shares valued at ₦84.58 billion.

Other major allocations included 4.65 billion shares valued at ₦81.45 billion within the 500 million to 1 billion range, and 2.87 billion shares worth ₦50.25 billion in the 1 billion to 2 billion range.

The bank said shares allotted will be credited to investors’ Central Securities Clearing System (CSCS) accounts on April 30, 2026, while refunds for unsuccessful or partially successful applications will be processed on April 27, 2026.

The private placement was cleared by the Securities and Exchange Commission (SEC), with multiple issuing houses involved in the transaction, including Pac Capital Limited, CardinalStone Partners Limited, Cordros Advisory Services Limited, and other financial institutions.

The capital raise is part of Fidelity Bank’s broader strategy to strengthen its capital base and position itself for regulatory compliance and future growth opportunities within Nigeria’s banking sector.

The outcome highlights continued investor appetite for banking sector instruments, even as regulatory scrutiny and capital verification processes remain key determinants of final allotment levels.