Fidelity Bank Plc has outlined its strategic response to the Central Bank of Nigeria’s (CBN) recent circular on regulatory forbearance, reaffirming its commitment to compliance, capital strength, and shareholder value.
In a statement issued by the Company Secretary, Ezinwa Unuigboje, the bank responded to the CBN directive (Ref: BSD/DIR/CON/LAB/018/008), which granted temporary regulatory forbearance on Single Obligor Limits (SOL) and certain credit facilities. The move, according to the apex bank, is intended to enhance capital buffers and promote prudent credit risk management across the banking sector.
Fidelity Bank said it is taking decisive steps to ensure full compliance with the directive while positioning itself for long-term financial resilience. The bank disclosed that it recently raised ₦273 billion through a Public Offer and Rights Issue, both of which were significantly oversubscribed—237.92% and 137.73%, respectively. In addition, Fidelity Bank plans to raise another ₦200 billion via a Private Placement in the 2025 financial year to meet the CBN’s new ₦500 billion minimum capital requirement for banks with international licenses.
“The CBN and shareholders have approved the Private Placement. Other regulatory approvals are currently being processed and expected to be completed within the year,” the statement noted.
On the issue of forbearance, the bank explained that its exposure under the Single Obligor Limit involves only two obligors, with plans in place to bring those exposures within regulatory thresholds by mid-2025. Regarding the forbearance granted on other credit facilities, the bank said it applies to four customers, adding that it has already made substantial provisions and implemented targeted recovery actions to return these facilities to performing status or fully provision them by the June 30, 2025 deadline.
“These efforts place the Bank in a strong position to fully exit all forbearance arrangements and meet the requirements to pay dividends for the 2025 financial year and beyond,” the bank stated.
Fidelity Bank concluded by expressing gratitude to its investors, customers, and stakeholders for their continued confidence and support, assuring them of the bank’s long-term stability and growth focus.
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