Fidelity Bank to Raise N75bn through Bond Sale

By Goddy Egene

Fidelity Bank Plc has started to raise N75 billion to support small and medium enterprises (SMEs), retail business as well as investments in technology and infrastructure. The financial institution is issuing N75 billion Series 1, 10 year Fixed Unsecured subordinated bonds under its N100 billion bond issuance programme. The offer opened on Monday December 7 and is expected to close on Monday December 14, 2020.

According to market analysts at Afrinvest West Africa, Fidelity Bank Plc is a top Tier-II Bank that has carved a niche in financing the all-important small and medium scale enterprises (SMEs) and select corporate banking businesses with the attendant positive impact on entrepreneurship and employment growth in Nigeria amongst others.

“The bank has a digital-led retail strategy that provides its customers with several e-channel service options and a virtual assistant currently ranked the Best in the KPMG 2020 Digital Channels Assessment. Fidelity Bank has a strong corporate governance structure and a solid and stable executive management team with robust history of superior financial performance and returns,” Afrinvest West Africa said. The strong corporate governance and succession plan reflected recently when Mrs. Nneka Onyeali-Ikpe, was appointed to take over as managing director/chief executive officer of Fidelity Bank Plc from Mr. Nnamdi Okonkwo, who will retire effective December 31, 2020.

Onyeali-Ikpe last week assured capital market operators and other stakeholders of sustained impressive financial performance by the bank going forward. The incoming MD/CEO who thanked Okonkwo for laying a solid foundation for her and the new team, to take the bank to greater heights, said: “We will continue to deliver superior returns and to do this, we will rely on the active support of the market and all stakeholders.”

The doyen of the stockbrokers, Mr. Rasheed Yusuf commended the bank for the sustained financial performance and successful transition.

“It’s cheering news to us in the stockbroking community and the market that the new MD was appointed from within. Fidelity is a well-known brand with high expectations from us. You have been meeting our expectations, but we want more. We are eagerly looking forward to when you will become a Tier 1 bank. Please be assured that the market will give you all the required support,” Yusuf said.

Meanwhile, trading at the stock market remained bearish for the second day as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) 0.01 per cent to close at 35,033.74.

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