Leading financial institution, Fidelity Bank Plc, has announced the successful conclusion of the first tranche of its equity capital raise through its Public Offer and Rights Issue (the Combined Offer) following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN), and approval of the Basis of Allotment by the Securities and Exchange Commission (SEC).

A total of 108,046 applications for 23,791,687,463 Ordinary Shares totaling ₦231,968,952,764.25 were received on the Public Offer. Out of these, 107,588 applications for 23,768,724,000 Ordinary Shares totaling ₦231,745,059,000.00 were found to be valid based on the terms of the Offer and the CBN’s verification.

However, 458 invalid applications for 22,765,143 Ordinary Shares totaling ₦221,960,144.25 were rejected, while 548 applications which included odd lots amounting to 198,320 Ordinary Shares (i.e. ₦1,933,620.00) were also rejected. The Public Offer was 237% subscribed and 150% allotted.

With respect to the Rights Issue, 7,559 applications for 4,430,290,237 Ordinary Shares totaling ₦40,980,184,692.25 were received of which 656 applications for 23,037,442 Ordinary Shares totaling ₦213,096,338.50 were invalid based on the terms of the Rights Issue. The Rights Issue was 137.73% subscribed and 100% allotted.

“We are delighted to announce the successful completion of the first phase of our capital raising initiatives through a Public Offer and Rights Issue. The positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market. It is both gratifying and humbling to note this level of investor confidence in our Bank. We extend sincere gratitude to our investors for their continued confidence in the Bank, as evidenced by the 237.92% and 137.73% oversubscription of our Public Offer and Rights Issue respectively.  As we go into the next phase of our capital raising drive, we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders”, commented Dr Nneka Onyeali-Ikpe, OON, Managing Director and Chief Executive Officer, Fidelity Bank Plc.

The funds realised from this initial phase of capital raising will be deployed to local and international business expansion, enhancement of technology infrastructure and deepening customer service initiatives.

With the successful conclusion of the first phase of capital raising, the Board of Directors recently obtained the approval of shareholders to commence the second phase and is confident of meeting the new regulatory capital for banks with international authorisation before the CBN’s deadline of March 31, 2026.

Following the CBN’s publication of the revised minimum capital requirement for banks in March 2024, Fidelity Bank with its combined offer of June 2024, became the first financial institution undertake a public offer on the Nigerian Exchange Group.

From an offer price of N9.75 per share for the Public Offer and N9.25 per share for the Rights Issue in June 2024, the Bank’s shares traded at a high of N21.15 on February 7, 2025, a growth rate of over 116%, the highest for any financial institution in the banking industry.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

L-R: Olaronke Arigbede, Group Treasurer, SIAT Group, Felix Nwabuko, Group CEO, SIAT Group, Reji George, Managing Director/CEO, Presco Plc and Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank Nigeria Limited, during the deal signing ceremony of Presco PLC’s ₦82.9 billion 7-year 23.75% Series I Bond held recently in Lagos.

Rand Merchant Bank (RMB) is pleased to have acted as Joint Lead Issuing House for Presco Plc in its landmark Series 1 Fixed Rate Senior Unsecured Bond issuance under the ₦150 billion Bond Issuance Programme.

This issuance stands as the largest corporate bond transaction in Nigeria’s debt capital markets since 2022 and the highest-ever raised by an agro-industrial company in the nation. This milestone not only underscores Presco’s sector leadership but also highlights strong investor confidence in its strategic growth trajectory.

The Series 1 Bond, with a tenor of 7 years, was priced at a coupon rate of 23.75% following a rigorous book-building process that attracted substantial interest from institutional investors. The issuance recorded significant participation from 16 Pension Fund Administrators (PFAs), representing 73% of all PFAs.

This overwhelming institutional demand reflects exceptional trust in Presco’s creditworthiness and strategic vision, particularly its planned acquisition of Ghana Oil Palm Development Company Limited. This strategic acquisition is set to accelerate Presco’s regional expansion and further solidify Nigeria’s leadership in the sustainable agro-industry in Africa.

This accomplishment demonstrates RMB’s expertise in guiding companies through the capital markets process and our commitment to driving growth. In addition to the Joint Lead Issuing House and Bookrunner roles, RMB provided debt advisory services to Presco, advising the Company through a dynamic acquisition structure that was key to determining an optimal funding mix for its expansion plans.

We are grateful to the Board and Management of Presco for trusting RMB and the other professional parties to guide the process to a timely and successful completion of this landmark transaction.

Speaking on the transaction registration, Mr Reji George, Managing Director / CEO, Presco Plc commented:

“The successful completion of our Series 1 Bond issuance further fortifies Presco Plc’s position for sustainable growth and strategic expansion. In line with our goals of transforming the business to lead Africa in the edible oil industry in the future, the funds raised will be primarily directed towards acquiring a majority stake in the Ghana Oil Palm Development Company (GOPDC).

This achievement not only enhances our operational efficiencies as an organization, it also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, it positions us to provide even greater value to our customers while ensuring long-term returns for our shareholders.

We extend our sincere gratitude to all the parties to this transaction including RMB as joint lead arranger for their unwavering support and expertise throughout this process, which played a pivotal role in the successful completion of this transaction.”

Chidi Iwuchukwu, Executive Director at Rand Merchant Bank Nigeria Limited, stated: “Advising on Nigeria’s largest corporate bond issuance since 2022 has been a privilege. Despite the elevated interest rate environment, the record-breaking participation from PFAs highlights the depth of Nigeria’s debt capital markets and the credibility of high-quality issuers like Presco. We remain committed to supporting Presco’s ambitious growth agenda.”

Bayo Ajayi, Chief Executive Officer of Rand Merchant Bank Nigeria Limited, added: “This transaction marks a pivotal moment for Nigeria’s agro-industrial sector. By securing ₦82.89 billion at competitive pricing, Presco has demonstrated its ability to mobilize large-scale capital for transformative growth. We are proud to partner with Presco as it leads sustainable expansion across West Africa.”

RMB has over 16 years of transactional experience in Nigeria, ranging from advisory on infrastructure projects and execution of key merger and acquisition mandates to the provision of innovative and bespoke funding solutions to support transactions across a range of sectors.

As part of the Corporate & Investment Banking Division of the FirstRand Group, the largest listed financial services group (by market capitalisation) in Africa, RMB’s business strategy leverages a market-leading origination franchise to deliver an integrated value proposition to corporate and institutional clients across Africa.

Rand Merchant Bank Nigeria Limited (RMBN) is proud to be recognised as a Top Employer in 2025 by the Top Employers Institute, a global organisation that acknowledges excellence in people practices. Achieving this certification on our first attempt reflects our dedication to creating an exceptional workplace and our unwavering commitment to fostering an inclusive, supportive, and growth-oriented environment.

We are committed to cultivating a culture where our people are equipped to thrive, grow, and are inspired to achieve their full potential, contributing meaningfully to the success of our business and society.

This achievement is a testament to the passion, dedication, and collaborative spirit of every employee, who brings their purpose to life each day and makes RMBN such a special place to work.

The Top Employers Institute evaluates organisations based on several key HR dimensions, including talent development, diversity and inclusion, and employee well-being. The certification process involves a rigorous, independent evaluation of RMBN’s organisational values, ethics, employee engagement, and people strategies and practices across the entire employee value chain.

Reflecting on this achievement, Ayotunde Jegede, Head of Human Capital at RMBN, said: “Our success as an organisation begins and ends with our people. At RMBN, we believe that our success is built on the strength of our incredible team. From providing opportunities for professional development to championing diversity, equity, and belonging, we strive to create an environment where everyone can thrive and contribute to meaningful impact. A special thank you to our amazing team for making RMBN not just a great place to work, but a great place to grow. As we celebrate this milestone, we will remain focused on building an even stronger employee experience, because we know that when our people succeed, so do our clients and communities.”

Bayo Ajayi, CEO of RMB Nigeria, added: “We are honored to be recognised as a top employer in Nigeria. This certification reflects our commitment to fostering a supportive and empowering culture for our people. As an organisation, we have actively invested in various initiatives, such as leadership programs and mentorship opportunities, aimed at supporting employees towards their career growth. We believe that investing in our people is key to driving innovation and unlocking growth, and we will continue to prioritize their success.”

This recognition places RMB Nigeria among the leading employers in the financial sector, reinforcing its reputation as an employer of choice for top talent.

About RMB Nigeria Limited:

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank, offering its clients innovative, value-added advisory, funding, trading, corporate banking and principal investing solutions. For more information, visit www.rmb.com.ng.

Presco Plc has achieved a significant milestone with the successful issuance of its ₦82,896,000,000 7-year 23.75% senior unsecured fixed rate Series I Bonds under its ₦150 billion bond issuance programme with the Securities and Exchange Commission (SEC). Stanbic IBTC Capital Limited acted as the Lead Issuing House on the Programme.
The proceeds from the Transaction will enable the Company fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives.

Speaking on the transaction registration, Mr. Reji George, Managing Director / CEO, Presco PLC commented:

“The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and, to lead Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).

This not only enhances our operational efficiencies, It also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”

Also speaking on the transaction registration, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital, said:

“Stanbic IBTC Capital is proud to have advised Presco Plc on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.

Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco Plc’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.

Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realisation has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies.

Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography.

To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said: “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.

It was also recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

By Elvis Eromosele
Nigeria is a cash-driven economy. Yet, today, when cash is needed, the default option isn’t the bank’s ATM but the nearest Point-of-Sale (POS) agent. ATMs, once the backbone of convenience banking, now sit idle, often empty, gathering dust, while POS agents offer the only real alternative for cash withdrawals. In a cash-driven economy, ATMs have become extremely unreliable for Nigerians needing cash.
This shift begs several critical questions. Are ATMs going out of fashion in Nigeria? Is the massive infrastructure investment in ATMs now a waste? And most importantly, why do ATMs rarely have cash since the infamous CBN naira redesign policy?
ATMs were once symbols of banking convenience. Their introduction in Nigeria in the early 1990s revolutionised cash withdrawals, offering 24/7 access to money without the hassle of entering a bank hall. However, the story changed drastically after the CBN’s naira redesign policy in late 2022. The move, which sought to limit cash circulation and encourage a cashless economy, led to a severe cash crunch. Even after the policy was reversed and old notes returned into circulation, ATMs never fully recovered.
While several factors contribute to the near-death of ATM cash availability in Nigeria, the CBN’s cash policy hangover tops the list. The cash scarcity that began with the naira redesign created a shift in how banks handled cash distribution. Even after the policy softened, many banks still operate under the mindset of cash rationing, and ATMs remain dry.
Secondly, running an ATM is expensive. Each machine requires regular cash loading, security, power supply and maintenance. With the high cost of diesel and frequent power outages, keeping ATMs functional has become a burden for banks. Many banks prefer to direct customers to digital transactions or POS agents reducing the need for constant ATM maintenance.
Another reason is that ATMs are prime targets for fraudsters and criminals. Cases of card skimming, machine tampering and outright vandalism have discouraged banks from investing in more ATMs. It appears easier, safer and maybe more convenient to work with POS agents, who assume the risk of handling cash.
In addition, POS businesses have exploded across Nigeria, filling the cash withdrawal gap that ATMs once occupied. With over 1.6 million POS terminals in the country, these agents are more accessible than bank ATMs. Banks themselves appear to encourage this shift by supplying POS agents with cash, while ATMs remain empty.
Furthermore, reports indicate that many banks struggle with logistics, making it difficult to restock ATMs efficiently. Poor cash management strategies, delayed cash deliveries and a lack of urgency in ATM restocking contribute to the ongoing crisis.
Yet, considering the millions of naira invested in ATM deployment, maintenance and security, the decline of ATMS feels like a massive waste of resources. Many banks invested heavily in ATM infrastructure over the years, only to see the machines fall into disuse.
So, while ATMs may not be entirely obsolete, their role has significantly diminished. Digital banking and mobile money are rapidly replacing the need for physical cash withdrawals. It is no surprise therefore to see banks now focusing on mobile transactions, transfers and QR code payments rather than cash-based transactions.
But all hope is not yet lost. To restore ATMs to their former usefulness and balance the cash distribution system, things must be done differently.
The CBN, for one, should enforce a policy that ensures banks prioritize ATM cash supply. So, just as they provide cash to POS agents, banks should be required to maintain a minimum level of cash availability in their ATMs.
Banks can also explore solar-powered ATMs to cut operational costs, especially in areas with poor electricity supply. Additionally, introducing deposit-taking ATMs, which allow customers to withdraw and deposit cash simultaneously, could improve liquidity and reduce the frequency of cash restocking challenges.
Moreover, improved security measures, including surveillance cameras, fraud detection software and real-time tracking can reduce ATM-related crimes and encourage more banks to keep their machines functional. Aside, many Nigerians now see POS agents as the only viable cash source but their withdrawal charges are a real burden. The CBN and banks should regulate these to ensure affordability.
ATMS may not disappear completely, but their role would undeniably continue to shrink. Digital transactions, mobile banking and fintech solutions are taking over. As Nigeria moves towards a more cashless economy, ATMs may transition from being the primary cash dispenser to backup options for emergencies.
For now, though, the frustration remains. The days of walking up to an ATM and effortlessly withdrawing cash seem long gone. And unless major reforms take place, the trend of empty ATMs will continue, leaving Nigerians with no choice but to pay extra at POS stands.
In the end, the real question isn’t whether ATMs are going out of fashion; it is whether banks and regulators are willing to fix the system or let ATMs fade into irrelevance.

Eromosele, a corporate communication professional and public affairs analyst, wrote via: [email protected]

The nascent growth in the Nigerian private sector seen at the end of 2024 was sustained into the first month of 2025, with new orders and business activity each continuing to rise.

Moreover, there was a large improvement in business confidence while firms expanded employment, purchasing and inventories. Although input costs and output prices continued to rise rapidly, respective rates of inflation were much slower than seen in December.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted 52.0 in January, down from 52.7 in December but still above the 50.0 no-change mark and therefore signalling a second successive monthly improvement in the health of the Nigerian private sector. Business activity rose solidly in January, after having returned to growth in December. That said, the rate of expansion eased from the previous month. Activity increased across three of the four monitored sectors, the exception being wholesale & retail.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “Nigeria’s private sector activity sustained its improvement in January 2025, albeit lower than levels seen in December 2024. We note an increase in both output (53.7 vs December 2024: 54.8) and new orders (52.6 vs December 2024: 53.2) although slightly weaker than that seen at the end of 2024, on account of improving customer demand and more willingness to commit to new projects.

Given the rising new orders, companies took on additional workers in January – representing the second month running in which this has been the case. “Elsewhere, input prices increased at a slower pace while the pace of increase in output prices is the slowest since July 2024.

Headline inflation averaged 33.18% y/y in 2024 from an average of 24.52% y/y in 2023 mostly driven by significant FX depreciation; renewed petrol price increases in line with full petrol price liberalisation; structurally low food supplies exacerbated by high extreme weather conditions; and increased food demand, especially during the festive season.

We expect a moderation in the inflation rate in 2025 although the pace of the moderation is only likely to be faster in late Q3:25. Notably, we expect headline inflation to average 30.5% y/y in 2025 and end the year at 27.1% y/y.

“In 2025, we project the non-oil sector to grow by 3.2% y/y from an estimated 3.0% y/y in 2024. Growth is likely to pick up across manufacturing and trade, while ICT and finance & insurance should continue to play a big role in economic performance.

However, agriculture will likely still lag its long-term average amid lingering internal security challenges, high input costs, and extreme weather conditions. Within the manufacturing sector, cement, food and chemicals & pharmaceutical products are key sub-sectors that have been exceeding the manufacturing sector’s growth since Q4:22.”

Signs of improving customer demand and a greater willingness among clients to commit to new projects supported the rise in output and also contributed to growth of new orders. As was the case with activity, new business increased for the second month running, but at a softer pace than in December.

Companies were also much more optimistic regarding the future in January, with business expansion plans and marketing activities set to support output growth over the coming year. Although remaining relatively muted overall, the uplift in sentiment seen at the start of the year was the largest since the survey began just over 11 years ago.

There were signs of inflationary pressures softening in January. Although rates of increase in both input costs and output prices remained elevated, in both cases the rises were much weaker than seen in December.

Overall input price inflation was the slowest since April 2024, while charges increased at the weakest pace in six months. Efforts to satisfy customer requirements in a timely manner led companies to expand their staffing levels, purchasing activity and inventory holdings at the start of the year. In each case, the rises were the second in as many months.

In particular, the accumulation of stocks of purchases was the most pronounced in just over a year-and-a-half. The attempts to get through projects quickly meant that firms were more successful in depleting backlogs of work, which decreased at a solid pace that was the most pronounced since June 2022.

Finally, suppliers’ delivery times continued to shorten amid good arrangements with vendors and prompt payments.