Banking
Fidelity Bank Will Beat CBN Recaptalization Deadline—Analyst
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With a successful first phase of its capital-raising initiative that recorded over 238% over subscription and share price growth of over 100% evidencing a huge surge in investor confidence for the bank.
Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold but also fuel its growth trajectory.
With the recent conclusion of its equity capital raise through a public offer and rights issue, collectively known as the combined offer.
The response has been nothing short of extraordinary, with the public offer oversubscribed by an astounding 237.92 per cent. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to N231.7 billion.
The rights issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totalling N40.7 billion.
The Managing Director of Fidelity Bank, Dr Nneka Onyeali-Ikpe, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our combined offer are a testament to the strength of the Fidelity Bank franchise in the capital market.”
Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.
Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from N26.7 billion to N36.7 billion.
Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of 50 Kobo each.
This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of N500 billion for banks with international authorization by March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.
Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of N9.75 per share during the public offer, shares soared to a high of N21.15 on February 7, 2025, representing an impressive growth rate of over 116 per cent.
This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80 per cent return on investment for shareholders who have held shares since 2023.
Market analysts project a considerable upside potential of 28.88 per cent, establishing a fair value of Fidelity Bank at N23.15 against a reference price of N19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.
The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.
As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.
Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.
The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.
Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
By Aduragbemi Omiyale
The deputy managing director of First Bank of Nigeria (FBN) Limited, Mr Ini Ebong, has offloaded some shares of FBN Holdings Plc, the parent firm of the banking institution.
A regulatory notice from the Nigerian Exchange (NGX) Limited confirmed the development on Thursday.
It was disclosed that the transaction occurred on Friday, December 12, 2025, on the floor of the stock exchange.
The sale involved about 11.8 million shares, precisely 11,783,333 units traded at N31.14 per share, amounting to about N366.9 million.
Mr Ebong, who studied Architecture from University of Ife and obtained Bachelor and Master of Science degrees, became the DMD of First Bank in June 2024. Prior to this appointment, he was Executive Director, Treasury and International Banking since January 2022.
He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the bank’s Treasurer from 2011 to 2016.
Before joining First Bank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital. He also worked with Citigroup for 14 years as Country Treasurer and Sales and Trading Business Head.
He has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities.
He has worked closely with regulatory bodies such as the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO) in assisting with the development of fresh monetary and foreign exchange policies, to broaden and deepen markets and open them up to international practices.
At various times he has facilitated and delivered courses and seminars on a wide variety of subjects covering Money Markets, Securities and Foreign exchange trading and market risk management subjects to regulators, corporate customers, banks and market participants.
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