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Investors Scramble For Fidelity Bank’s Offers

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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.

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I Have Delivered On Yahaya Bello Prosecution Promise — EFCC Chairman Olukoyede

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EFCC Chairman, Ola Olukoyede has declared that he has fulfilled his 2024 promise to oversee the prosecution of former Kogi State Governor Yahaya Bello.

Addressing public questions regarding his previous vow to resign if Bello was not prosecuted, Olukoyede stated during an interview on Sunday Politics aired by Channels Television that his mandate to investigate and bring the matter to court has been achieved.

“A sitting governor, because he knew he was about to leave office, moved money directly from government to a bureau de change and used it to pay his child’s school fees in advance $720,000,” Olukoyede said.

He described the alleged action as disturbing, particularly in view of the economic condition of Kogi State.

“In a poor state like Kogi, you want me to close my eyes to that under the excuse that I am being used? Being used by who at this stage of my life?” he asked.

Olukoyede also recalled a public statement he made in April 2024, when he vowed to resign if Bello was not prosecuted.

“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the chairman of the EFCC,” he had said.

Addressing public concerns over the pace of the case, the EFCC chairman said the commission had fulfilled its responsibility and that the matter is now before the courts.

“Have I not fulfilled that promise? Is Yahaya Bello not being prosecuted? The case is in court,” he said.

He stressed that the EFCC’s role is to investigate and prosecute, not to determine guilt or secure convictions.

“I have three cases against Yahaya Bello. Am I the judge who will decide conviction? I have done my work and fulfilled my mandate,” Olukoyede added.

Bello is currently facing multiple charges before different courts. He is standing trial on a 16-count charge involving alleged property fraud amounting to N110 billion, alongside Umar Oricha and Abdulsalami Hudu.

In a separate case before the Federal High Court, the former governor is also facing a 19-count charge bordering on alleged fraud and money laundering involving N80.2 billion.

The EFCC had earlier declared Bello wanted in April 2024 over alleged financial crimes estimated at about N80 billion, a development that sparked widespread political debate.

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Atiku Issues Stern Warning To Tinubu Govt Over Detention Of Critic Abubakar Musa

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Former Vice President Atiku Abubakar demanded the immediate and unconditional release of Abubakar Salim Musa (known as @AM_Saleeeem on X), a prominent critic of President Bola Tinubu’s administration.

 

Atiku’s statement characterized the arrest as part of a “growing crackdown on dissent” and warned that such repression threatens Nigeria’s democratic future as the nation approaches a critical general election period.

 

Atiku made the call in a statement issued on Monday, following a report by Amnesty International Nigeria on the arrest of the young Nigerian on Sunday, January 11, 2026.

 

“This case is yet another stark example of the repressive nature of the President Bola Tinubu administration, which continues to bare its fangs against dissent, whether expressed through public protests or online criticism,” Atiku said.

 

According to him, Musa’s only offence was his persistent criticism of the worsening security situation in Northern Nigeria and across the country.

 

“Abubakar’s only ‘offense’ was his consistent and legitimate criticism of the deteriorating security situation in Northern Nigeria and across the country,” he stated.

 

Rather than engage with the concerns raised, Atiku said the government resorted to intimidation and prosecution.

 

“Instead of addressing these serious concerns, the government’s response has been to arrest him and subject him to what Amnesty International rightly describes as ‘bogus charges and a sham trial,” he added.

 

The former vice president stressed that Musa’s arrest was not an isolated incident, noting that several Nigerians had suffered similar treatment for expressing dissent.

 

“Numerous Nigerians, including journalists, schoolchildren, entertainers and even NYSC members, have faced arrest, assault and intimidation simply for criticising the President or members of his family,” Atiku said.

 

He warned that such actions pose a grave threat to Nigeria’s democratic foundations.

 

“This dangerous trend undermines the very foundations of democracy, which rest on the protection of fundamental human rights and freedom of expression,” he said.

 

Atiku further argued that Nigeria’s democratic credentials were being eroded by the continued repression of critics.

 

“Nigeria cannot claim to be part of the free world while its citizens are routinely arrested, assaulted and intimidated for voicing criticism of their government,” he stated.

 

With general elections approaching, Atiku cautioned against an atmosphere of fear and repression.

 

“As the nation approaches a critical general election, neither the people nor the opposition can operate effectively in an atmosphere of fear and repression,” he warned.

 

He demanded the immediate and unconditional release of Musa and others detained for exercising their constitutional rights.

 

“I call on the Tinubu administration to immediately and unconditionally release Abubakar Salim Musa and all others detained for exercising their constitutional rights,” Atiku said.

 

He also urged the government to halt arbitrary arrests and intimidation, while calling on the international community to intervene.

 

“I urge the international community, particularly countries and organisations that champion democracy and human rights, to hold the Tinubu regime accountable and demand an end to these violations,” he said.

 

Atiku concluded by calling on Nigerians and civil society groups to resist any further erosion of civil liberties.

 

“I encourage fellow patriots, civil society groups and all Nigerians of conscience to join this demand and stand firmly against any further erosion of our freedoms,” he added.

 

 

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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