Fidelity Bank Plc has issued an official statement in response to a recent circular from the Central Bank of Nigeria (CBN) regarding regulatory forbearance on Single Obligor Limit (SOL) and other credit facilities, reassuring stakeholders of its commitment to full compliance and financial prudence.
The circular, issued under Reference No. BSD/DIR/CON/LAB/018/008, aims to reinforce capital buffers and enhance stability within Nigeria’s banking sector. In its statement, Fidelity Bank affirmed its alignment with the CBN’s objectives, noting that it has taken proactive steps to meet the new regulatory standards.
According to the Bank, it has already raised ₦273 billion through a successful Public Offer and Rights Issue, both of which were significantly oversubscribed—by 237.92% and 137.73%, respectively. To meet the new minimum capital requirement of ₦500 billion for banks with international authorization, the bank plans to raise an additional ₦200 billion through a Private Placement in the 2025 financial year. Approvals from both the CBN and shareholders have been secured, with other regulatory consents in progress.
Regarding its SOL exposure, Fidelity Bank disclosed that it currently involves two obligors, with expectations to bring the exposure within the required regulatory limits by the first half of 2025. On the broader forbearance on credit facilities, the bank confirmed that it applies to four customers, and it has already made substantial provisions. The bank aims to return all related accounts to performing status or fully provisioned by June 30, 2025.
The bank expressed confidence in exiting all CBN forbearance arrangements—both SOL and other credit-related facilities—by mid-2025. It also emphasized its readiness to meet the criteria necessary to pay dividends for the current and subsequent financial years.
Fidelity Bank concluded the statement by thanking its investors, customers, and stakeholders for their continued confidence and support.
For more information, stakeholders are encouraged to contact the Investor Relations team via email at info.investor@fidelitybank.ng or call +234 1 2700 530, 531, or 532.
