Lagos, Nigeria — Fidelity Bank Plc (“the Bank”) refers to the recent circular issued by the Central Bank of Nigeria (CBN), Reference No. BSD/DIR/CON/LAB/018/008, on regulatory forbearance concerning the Single Obligor Limit (SOL) and other credit facilities.
This was disclosed in a press statement signed by Ezinwa Unuigboje, Company Secretary, on Wednesday.
The Bank wishes to provide the following clarifications to its esteemed shareholders, NGX Regulation Limited (NGX RegCo), and other stakeholders:
a) Fidelity Bank, as a responsible and compliant financial institution, remains fully aligned with all regulatory directives, including the latest CBN circular on forbearance. This policy aims to strengthen capital adequacy and promote sound credit practices across the banking sector.
b) In terms of capital adequacy, the Bank recently raised ₦273 billion through a highly successful Public Offer and Rights Issue, which were oversubscribed by 237.92% and 137.73%, respectively. Looking ahead, Fidelity Bank plans to raise an additional ₦200 billion through a Private Placement during the 2025 financial year, in line with the new ₦500 billion minimum capital requirement for banks with international authorization. The Bank has already secured approvals from the CBN and its shareholders, while other regulatory approvals are currently being processed to enable timely completion.
c) With respect to the Single Obligor Limit (SOL) forbearance, the Bank’s exposure is limited to two obligors. We are confident that these exposures will be brought within the regulatory limit during the first half of 2025.
d) Regarding forbearance granted on other credit facilities, the Bank confirms this applies to four customers. We have proactively made substantial provisions for these facilities and implemented targeted recovery strategies. We are on track to fully provision or return these accounts to performing status by June 30, 2025.
READ ALSO: Fidelity Bank Plc Clarifies Position on CBN Circular on Regulatory Forbearance
Fidelity Bank expects to exit all CBN forbearance arrangements—both SOL and other credit-related—forbearance—within the set timeframe. The Bank remains in a strong financial position and fully expects to meet all regulatory requirements, positioning it to declare dividends for the current financial year and beyond.
We thank our investors, customers, and stakeholders for their continued trust and support.
For further enquiries, please contact:
📧 info.investor@fidelitybank.ng
📞 +234 1 2700 530; 2700 531; 2700 532
