Fidelity Bank Plc has issued a clarification regarding the recent circular from the Central Bank of Nigeria (CBN) on regulatory forbearance concerning Single Obligor Limit (SOL) and other credit facilities. The bank reaffirmed its full commitment to regulatory compliance and financial stability.
In a statement addressed to shareholders, NGX Regulation Limited, and stakeholders, the bank outlined key points:
1. Full Compliance with CBN Policy:
Fidelity Bank emphasized its dedication to complying with the new CBN directive, which aims to boost capital strength and promote financial prudence across the banking sector.
2. Strong Capital Raise Strategy:
The bank revealed it had successfully raised ₦273 billion via a public offer and rights issue, both of which were oversubscribed. Additionally, plans are in place to raise ₦200 billion through a private placement in the 2025 fiscal year, aiming to meet the ₦500 billion capital threshold required for banks with international authorization.
3. SOL Exposure Under Control:
The bank disclosed that its SOL forbearance exposure involves just two obligors and is expected to be resolved within regulatory limits by the first half of 2025.
4. Proactive Steps on Other Credit Facilities:
Fidelity also confirmed the forbearance on credit facilities pertains to four customers, with significant provisions already made. The bank assured that all affected accounts would either be fully provisioned or returned to performing status by June 30, 2025.
The bank concluded by stating it anticipates exiting all CBN forbearance arrangements by mid-year and is well-positioned to meet dividend requirements for the current financial year.
Fidelity Bank expressed gratitude to its investors and customers for their continued trust and support.
For inquiries, contact:
📧 info.investor@fidelitybank.ng
📞 +234 1 2700 530, 531, 532
Signed:
Ezinwa Unuigboje
Company Secretary
