Nigerian Foremost Bank, Fidelity Bank Plc on Wednesday, released a statement on the claims of forbearance loans made by the National bank, the Central Bank of Nigeria (CBN).
In the statement signed by the Company’s Secretary, Ezinwa Unuigboje and made available to newsmen, made it known that, as a responsible financial organization, Fidelity Bank Plc remains committed to ensuring compliance with regulatory policies and directives, including the CBN circular on forbearance which is aimed at strengthening capital buffers and enhancing financial prudence within the banking industry.
Below is the full details of the statement released by Fidelity Bank, and made available to the public;
RE: FIDELITY BANK PLC – STATEMENT ON CBN CIRCULAR ON FORBEARANCE LOANS
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) concerning regulatory forbearance on Single
Obligor Limit (SOL) and other credit facilities and wishes to provide the clarifications below to its esteemed shareholders, NGX Regulation Limited (NGX RegCo), and other stakeholders
(a) As a responsible financial organization, Fidelity Bank Plc remains committed to ensuring compliance with regulatory policies and directives, including the CBN circular on forbearance which is aimed at strengthening capital buffers and enhancing financial prudence within the banking industry.
(b) In terms of Capital, the Bank successfully raised ₦273 billion through a recent Public Offer and Rights Issue which were oversubscribed by 237.92% and 137.73% respectively and intends to raise the additional sum of ₦200 billion through a Private Placement in 2025FY, to achieve the
new minimum regulatory capital requirement of ₦500 billion for banks with international
authorisation. The CBN and Shareholders’ approval have been obtained for the Private
Placement, while other regulatory approvals are being processed to ensure completion in
2025.
(c) The Bank’s exposure under the SOL forbearance relates to two obligors. We are confident that this exposure will be brought within the applicable regulatory limit in H1 2025.
(d) With respect to the forbearance granted on other credit facilities, the Bank confirms that this applies to four customers. We have proactively made substantial provisions on these facilities and have taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025.
Thus, the Bank expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet the prevailing requirements to enable it to pay dividends for the current financial year and subsequently.
We seize this opportunity to express sincere appreciation to our investors, customers and
stakeholders for their continued confidence.
For further enquiries, please contact:
- Email: info.investor@fidelitybank.ng
- +234 1 2700 530; 2700 531; 2700 532 Thank you.
Ezinwa Unuigboje
Company Secretary
