Fidelity Bank explains delay in publishing H1 results

Fidelity Bank Plc has explained the delay in publication of its Audited Financial Statements (AFS) for the half year (H1) ended June 30, 2024.

In a notice on Nigerian Exchange Limited (NGX), the sixth largest bank in Nigeria said: “The AFS is currently being reviewed and upon completion of the audit shall be presented to the Central Bank of Nigeria for approval and thereafter, published in compliance with the provisions of the Nigerian Exchange Limited’s Rulebook and other relevant statutes/regulations.”

The Nigerian Data Protection Commission (NDPC) recently fined the bank N555.8million for “data breach”.

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Thereafter, the bank said it is engaging with the regulator, and assured the public that “we have conducted ourselves to the highest ethical standards by ensuring full compliance with extant laws on data protection”.

Further on its delayed H1 result, Fidelity Bank noted in the August 30 notice that the Company’s insiders and their connected persons “should be reminded that the trading window for dealing in its shares is currently closed and shall remain closed until 24 hours after publication of the AFS for H1 2024.”

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Fidelity Bank recently concluded its public offer and Rights Issue. Fidelity was in the market for capital raising of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer).

The Combined Offer was a part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN) on March 28, 2024.

Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each were offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share. For the Public Offer, 10 billion ordinary shares of 50 kobo each were offered to the general investing public at N9.75 per share.