Daily Independent Online.
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Monday,July 19, 2004.
Fidelity Bank moves to boost capital base
Mojeed Jamiu,
Finance Editor, Lagos
Fidelity Bank Plc will, this week, hold its seventh
Extra -Ordinary General Meeting (EGM) to begin its phased programme for meeting the just announced increase in
banks’ paid-up capital to N25 billion.
Speaking to newsmen at a pre-EGM press briefing in
Lagos, the bank’s Managing Director and Chief Executive, Mr. Reginald
Ohejiahi, expressed optimism that the newly released Central Bank of Nigeria
(CBN) guidelines, increasing shareholders’ funds to N25 billion, will go
a long way to change the Nigerian banking landscape for the better. He lauded
the new CBN’s initiative accelerating its plans in the area of
recapitalisation of the bank among others.
He said that the bank will also step up its quest for
strategic acquisitions and investments in companies that will significantly
enhance the value of Fidelity’s universal banking franchise and ensure
that it remains a leading contender in the industry by any criterion.
The bank, he further noted, had recently closed its
16th financial year in June 30, this
year, and expected to improve on its achievements of the past year (2002/3).
For the year ended June 30, 2003, the bank’s balance sheet footing
(including contingent) was N26.3 billion. Unaudited figures for the year ended
June 30, this year, indicate a 32 per cent increase in balance sheet size to
N34.7 billion.
Fidelity recently opened three branches in Gbagada,
Lagos, Kano City and the permanent site of the Pan African University (Lagos Business
School). Besides, new branches are to open in Enugu and Ibadan.
These will bring to 26 the bank’s branches
nationwide with plans underway for 10 more branches by June 30, 2005.
