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Investors Scramble for Fidelity Bank’s Offers
Investors are literally scrambling for shares of Fidelity Bank Plc as the leading commercial bank’s capital raising continues to gather momentum among all categories of investors.
Investors’ appetite for Fidelity Bank is shown in massive subscriptions to its ongoing rights and public offers and voluminous trading at the stock market.
Current weekly report shows that Fidelity Bank was the most active stock at the stock market, outperforming the banking sector and the overall market.
Fidelity Bank recorded a turnover of 1.73 billion shares worth N18.27 billion in 1,579 deals to emerge atop the activities chart for the week.
This implies that Fidelity Bank accounted for 51 per cent and 35 per cent of total volume and value traded during the week. Total turnover for the week at the Nigerian Exchange (NGX) stood at 3.39 billion shares worth N52.30 billion in 44,814 deals.
In what underlined the fact that transactions in Fidelity Bank was driven by positive investors’ sentiment, the bank’s share price combined the huge turnover with appreciation.
Contrary to the overall negative performance of the market and the banking sector, Fidelity Bank’s share price rose by 0.05 per cent to N10.75 per share. The benchmark index that measures pricing trend for the equities market, the All Share Index (ASI) of the NGX, closed the week down by 0.46 per cent. The NGX Banking Index, the sectoral index that measures the performance of the banking sector, had closed lower by 0.48 per cent.
The secondary market trading on Fidelity Bank’s shares underscored investment experts’ general view on the attraction of the bank’s ongoing rights and public offers. Experts have categorized Fidelity Bank as a most attractive offer, with the bank carrying the “buy” recommendation in most investment research reports.
For instance, at the ongoing offer prices, Fidelity Bank is locking in immediate double-digit gain of between 11 to 18 per cent for investors in the ongoing rights and public offers, a substantial immediate return that’s unique to the bank among other competitors.
Fidelity Bank had started with a N127.1 billion hybrid offer including a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share and a public offer of 10 billion ordinary shares of 50 kobo each at N9.75 per share.
With massive subscriptions and the offers clearly heading to huge oversubscription, the bank has received approvals to issue additional 8.2 billion ordinary shares to absorb potential oversubscription. Thus, the rights issue size was doubled with additional 3.2 billion shares while 5.0 billion shares were added to the public offer.
Application list for the offers closes on August 12, 2024. A minimum subscription of 1,000 shares or N9, 250 for rights issue and N9, 750 shares for public offer ensures that the generality of the people can benefit from the bank’s ongoing offers.
Experts at Afrinvest West Africa said subscribing to the rights and public offers is a cheaper way as the issuing company bears the cost of transaction compared to the secondary market where the buyer pays transaction charges and levies.
Afrinvest categorised Fidelity Bank as an “opportunity” for the investing public, citing the bank’s impressive historical capital gain and performance records.
Investment experts at Arthur Steven Asset Management said investors in Fidelity Bank’s ongoing rights and public offers stand to reap about 57 per cent in capital gain over a short term period, putting the bank’s shares as valuable inflation-hedging assets.
Analysts at Arthur Steven Asset Management outlined that with a return on equity of 23 per cent, Fidelity Bank has consistently increased dividend payouts for the past three years, rising from 35 kobo per share in 2021 to 40 kobo and 60 kobo in 2022 and 2023 respectively.
Analysts noted that the bank has a long-to-deposit ratio of 75 per cent, which underlines Fidelity Bank’s strong commitment to supporting businesses and national economic development. Debt-to-equity ratio stands at 1.34 times, showing that the bank has no significant debt burden and thus easily, aggressive growths translate to higher returns to shareholders.
Fidelity Bank has delivered an average annual capital gain of more than 100 per cent over the past five years and ranked among the elite stocks with the highest corporate governance rating at the Nigerian stock market.
The secondary or stock market performance has been driven by massive expansion in business operations and strong growth in profitability. Fidelity Bank has recorded an average annual profit growth of 64 per cent over the past three years.
The bank has also seen rapid expansion in customer base and assets as total balance sheet size leapt from N2.1 trillion to N6.2 trillion, the sixth largest in the Nigerian banking industry. The balance sheet was driven by a hefty total deposit of more than N4 trillion, equally the sixth biggest in the industry.
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference
This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.
Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.
Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”
Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.
Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
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