The Securities and Exchange Commission (SEC) has allowed Fidelity Bank to extend its Public Offer and Rights Issue by 14 days. Shareholders have agreed to use extra funds from any oversubscription.

At an online Extraordinary General Meeting (EGM), Fidelity Bank’s Chairman, Mr. Mustafa Chike-Obi, said the bank aims to meet new capital rules set by the Central Bank of Nigeria. Representatives from major regulators attended the meeting.

Fidelity bank plans to increase its share capital from 22.6 billion to 26.7 billion by creating 8.2 billion new shares. This move will help the bank raise more money, take advantage of new opportunities, and improve long-term profitability and shareholder value.

Punch