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Fidelity Bank Shareholders Approve Excess Funds Absorption from Public Offer

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Shareholders of Fidelity Bank Plc have unanimously approved the absorption of surplus funds arising from the potential oversubscription of its ongoing public offer.

A statement from the bank on Monday in Lagos, said this was one of the six resolutions its Board of Directors secured at an Extraordinary General Meeting (EGM) held virtually on Friday.

Mr Mustafa Chike-Obi, Chairman,  Fidelity Bank Plc, said the bank was committed to meeting the new capital requirement stipulated by the CBN within the regulatory timelines.

Chike-Obi stated that the resolution proposed for shareholders’ approval at the EGM was to enable an increase in the share capital from 22.

6 billion to 26.7 billion by creating 8.2 billion additional shares.

He explained that this was to accommodate potential oversubscription from the public offer and rights issue, subject to regulatory approvals.

“The resolution for the proposed additional capital would also allow the bank to take advantage of emerging opportunities and secure long-term profitability and competitive advantage while ensuring increased shareholders value.

“We have seen a lot of demand for our shares. We think this is the chance to take on additional capital while making it easier for us to execute stage two of our capital-raising strategy.

“So, we think this is a good thing for us to do at this time,” he said.

Responding, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, congratulated the board of directors of the bank on the massive support it had enjoyed from the populace.

Nwosu said: “I trust that we will not disappoint them as we welcome new shareholders into our fold.

“Fidelity Bank is a choice bank for everybody and as we go out, we are still converting more people to shareholders.”

On his part, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, commended the board and management of the bank for taking a bold initiative.

Okezie said: “This means that not only would the public offer be oversubscribed, but we would also have cause to retain the excess funds.

“I encourage all shareholders to key into the offer as it would ultimately lead to increased returns for us.”

Similarly, the President, Pragmatic Shareholders Association, Mrs Bisi Bakare, appreciated the entire board, management and staff of the bank for the proactive step taken for its capital raising drive.

The Fidelity Bank combined offer exercise was opened on June 20.

Adding that it would be offering for subscription 10 billion ordinary shares of 50k each at N9.75 per share through a public offer.

Also 3.2 billion ordinary shares of 50k each at N9.25 per share to existing shareholders of the Bank through a Rights Issue.

Fidelity Bank is a full-fledged commercial bank with over 8.3 million customer service across its 251 business offices in Nigeria and the United Kingdom. (NAN)

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2027: I ‘ll Resign As Minister If Tinubu Loses FCT, Rivers – Wike

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By Laide Akinboade, Abuja

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that he will step down from his cabinet position if President Bola Tinubu fails to secure victory in both the FCT and Rivers State in the upcoming 2027 presidential election.

Speaking during an engagement with leadership and members of the Apo Mechanics and Traders Association in Abuja, Wike stated that his continued tenure as a cabinet minister is directly tied to his ability to deliver political results for the president in his primary areas of influence.

Setting a specific timeline, the Minister announced that should the ruling party lose in the FCT and Rivers State at the presidential poll scheduled for January 16, 2027, he will formally tender his resignation the very next day.

“If I cannot deliver where I work, then I’m not worthy to be here,” Wike said, emphasizing that his political mandate requires concrete electoral success.

“If I lose FCT, I’m not supposed to be FCT Minister. By January 17, 2027, I will announce my resignation as FCT Minister should the President lose in Rivers State and the FCT,” he stressed.

Outlining his political strategy for the territory, Wike revealed that the administration is building a multi-party coalition to secure victory across various elective offices in the FCT.

He explicitly endorsed candidates across legislative tiers while reiterating total support for the president’s re-election bid.

“Let us be clear on direction: for the Presidency, it is Bola Ahmed Tinubu! For the Senate, Philip Aduda is a man of the people, unlike those who only appear on television. The two House of Representatives candidates we are supporting are also here. They are former Area Council chairmen.

“In the FCT, we are running a unified coalition across parties to deliver results.

“If I cannot deliver FCT as Minister, then I am not qualified to hold this office. We have a firm agreement, and today is the final affirmation.”

The announcement comes amid ongoing efforts by the FCT Administration to resolve the long-standing relocation and land allocation exercise for thousands of traders and mechanics operating within the Apo Mechanic Village corridor.

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‎JAMB Extends Deadline for 2021–2025 Outstanding Admissions to Nov 30

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The Joint Admissions and Matriculation Board (JAMB) has extended the deadline for candidates with outstanding admission offers from the 2021 to 2025 admission exercises to Nov. 30, 2026.

‎‎JAMB spokesman, Dr.

Fabian Benjamin, made this known in a statement on Wednesday in Abuja.

‎Benjamin said the extension followed the temporary unavailability of the Central Admissions Processing System (CAPS) for about 96 hours.

‎He said the extension would give affected candidates a final opportunity to either accept or reject their outstanding admission offers.

‎“The Board has approved Nov. 30, 2026 as the final deadline for candidates in this category to indicate whether they wish to accept or reject their outstanding admission offers,” he said.

‎‎He recalled that the Board extended the deadline to Sept. 30, 2026, adding that the recent disruption to CAPS necessitated the further extension.

‎Benjamin warned that candidates who failed to act by Nov. 30 would no longer be allowed to accept or reject the outstanding offers within the current window.

‎‎“Any subsequent request to update an admission record relating to these previous years will attract the applicable penalty fee,” he said.

‎‎He said candidates whose admissions were not on the matriculation list could face difficulties accessing benefits, including participation in the National Youth Service Corps (NYSC) scheme.

‎‎The spokesman advised all affected candidates to take action before the deadline rather than wait until the last day.

‎‎He said candidates who accepted their offers would be able to print their admission letters, while those who rejected them would have their dashboards reverted to “Not Admitted”.

According to him, the process would enable JAMB to update its records and ensure that the national admission database accurately reflected candidates’ current status.

‎Benjamin said candidates no longer studying at the institutions where they were offered admission could accept the offer and later apply for correction or deletion, where applicable.

‎He added that candidates currently pursuing a second degree programme, but still having an unaccepted admission offer from a previous year could reject the old offer and continue with their current programme.

‎‎“Candidates who have been offered admission in the 2026 admission exercise but still have an outstanding admission offer from an earlier year have no cause for apprehension.

‎“Such candidates may reject the previous admission offer, and doing so will not affect their 2026 admission,” he said.

‎Benjamin said the extension was also aimed at helping JAMB maintain accurate and reliable national admission records.

‎He reiterated that Nov. 30, 2026 was the final deadline for accepting or rejecting outstanding admissions from the 2021 to 2025 admission exercises.

‎“At the expiration of the deadline, all outstanding admission offers from these years that have neither been accepted nor rejected will automatically revert to ‘Not Admitted’ status on the Board’s records,” he said.

‎He urged all affected candidates to take immediate action, stressing that failure to accept an admission offer within the stipulated period could render the offer invalid.‎(NAN)

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BIPC Board Inspects Taraku Mills Preparatory to Test Running

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From Attah Ede, Makurdi

The Board of Directors of the Benue Investment and Property Company Limited (BIPC) has inspected the ongoing maintenance and rehabilitation works at Taraku Mills Limited, ahead of the planned test run of the factory.

The inspection, led by the Group Managing Director of BIPC, Dr.

Raymond Asemakaha, CFA, provided members of the Board with an opportunity to assess the level of work carried out at the facility and preparations for the commencement of operations.

Conducting the Board around the factory, Dr. Asemakaha explained the progress made so far and assured that the facility would be test-run during the weekend as part of efforts to prepare the mill for full-scale production.

The Board Chairman, Lady Elizabeth M.N. Shuluwa, commended the GMD, the technical team and staff of Taraku Mills for their commitment and dedication towards restoring the facility to productive use.

Lady Shuluwa also expressed appreciation to the Benue State Governor, Rev. Fr. Dr. Hyacinth Iormem Alia, for his support and commitment to the revival of the state’s industrial assets.

She called on the people of Benue State to support the efforts to revive Taraku Mills and other state-owned industries, stressing the importance of collective ownership and support for initiatives aimed at creating jobs, boosting economic activities and improving the state’s industrial base.

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