Fidelity Bank Surpasses N500bn in Successful Recapitalization

Fidelity Bank PLC has completed its recapitalization program, exceeding N500 billion, which meets the new minimum capital requirement set by the Central Bank of Nigeria (CBN) ahead of the March 31, 2026 deadline. The recapitalization process began in March 2024, making Fidelity Bank the first lender to approach the capital market during a challenging macroeconomic period in Nigeria.

The bank's combined public offer and rights issue in June 2024 were heavily oversubscribed, reflecting strong support from existing shareholders and a diversified shareholder structure. Analysts noted that the bank's successful capital raising journey was minimally disruptive compared to historical bank recapitalizations in Nigeria.

Fitch Ratings upgraded the bank's long-term issuer default rating to 'B' and affirmed a stable outlook, citing improved profitability and a stronger capital buffer. By the end of 2024, Fidelity Bank is projected to become the sixth largest bank in Nigeria, holding 5% of total bank system assets.