Fidelity Bank has announced its commitment to exit Central Bank of Nigeria (CBN) forbearance arrangements by the end of the first half of 2025, ensuring compliance with regulatory requirements and positioning itself for a dividend payout to shareholders for the 2025 financial year.

In a statement issued on Wednesday, the bank disclosed that its exposure under the Single Obligor Limit (SOL) forbearance is tied to two obligors, but expressed confidence that this exposure will be brought within regulatory limits by the first half of 2025.

According to the statement signed by Company Secretary, Ezinwa Unuigboje, Fidelity Bank remains committed to maintaining strict compliance with all regulatory policies, including the recent CBN directive on forbearance, which aims to strengthen capital buffers, improve financial resilience, and promote prudent lending practices across the banking sector.

The bank says forbearance granted on other credit facilities applies to four customers; however, steps have been taken for the return of the accounts to performing status by June 30.

“With respect to the forbearance granted on other credit facilities, the Bank confirms that this applies to four customers. We have proactively made substantial provisions on these facilities and have taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025,” the statement reads.

The bank added that it has successfully raised N273 billion through a Public Offer and Rights Issue, which were oversubscribed by 237.92% and 137.73%, respectively.

In a bid to meet the N500 billion minimum capital requirement mandated by the CBN for banks with international authorization, the bank plans to raise an additional N200 billion through a Private Placement in the 2025 financial year.

The statement confirmed that CBN and shareholder approvals for the Private Placement have been obtained, while other regulatory approvals are still being processed to ensure timely completion in 2025.

Reaffirming its commitment to financial stability and shareholder value, Fidelity Bank assured investors that “it expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet the prevailing requirements to enable it to pay dividends for the current financial year and subsequently.”

Access Bank Plc has responded to the letter of the Central Bank of Nigeria, directing temporary suspension of dividend payment among other bonuses, saying that the bank was the first to meet and exceed the Central Bank of Nigeria’s authorisation on meeting N500 billion minimum capital requirement.

In the statement signed by the bank’s secretary, Sunday Ekwochi, and made available to the National Association of Online Security News Publishers (NAOSNP), the bank stated it was prepared to comply with the apex bank’s directive on exiting forbearance by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.

The statement in full:

RE: CENTRAL BANK OF NIGERIA’S LETTER ON TEMPORARY SUSPENSION OF DIVIDEND PAYMENT, BONUSES, AND INVESTMENT IN FOREIGN SUBSIDIAIRES

With reference to the Central Bank of Nigeria’s letter, BSD/DIR/COM/LAB/018/008, dated June 13, 2025, concerning regulatory forbearance on Single Obligor Limit and other credit facilities, as well as Chapter 17 of the Nigerian Exchange Rulebook 2015 regarding disclosure of material circumstances, Access Holdings Plc (‘the Company’) wishes to make the following disclosures to the investing public.

As of December 31, 2024, the Company’s banking subsidiary, Access Bank Plc N500 billion minimum capital requirement for commercial banks with international (‘the Bank’) was the first bank to meet and exceed the Central Bank of Nigeria’s authorisation.

In accordance with the Central Bank of Nigeria’s directive mentioned in the requirement as of the date herein and will continue to ensure adherence to this referenced letter, the Bank is currently compliant with the single obligor limit regulation.

Regarding the regulatory forbearance on credit facilities, the Bank will comply with the apex bank’s directive by June 30, 2025, while maintaining strong capital buffers and paying dividend to its shareholders.

We assure our esteemed shareholders and stakeholders of our commitment to delivering sustainable value in the immediate and long term and thank them for their trust and support over the years.

The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, on Monday clarified its discontinuation of a fraud (criminal) charge against the Managing Director and Chief Executive Officer (MD/CEO) of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe.

The clarification was disclosed in a statement issued by the Special Adviser to the President on Communication and Publicity, Office of the AGF & Minister of Justice, Kamarudeen Ogundele, on June 9, 2025.

The statement was issued in response to the reaction trailing a media report which accused the AGF and the Nigerian government of dropping Dr. Nneka C. Onyeali-Ikpe’s name as a co-defendant in an ongoing criminal case involving an alleged multi-billion-naira fraud.

The case was said to be initially initiated by the Attorney General of the Federation before the Federal High Court, Lagos, against lawyer Victor Ukutt, Whoba Ugwunna Ogo (reportedly at large), Fidelity Bank Plc, and Onyeali-Ikpe, over the alleged unlawful conversion of funds belonging to Woobs Resources Limited to the tune of N19 billion.

The report claimed that in an amended 10-count charge filed on May 5, 2025, the AGF subsequently dropped the name of Dr. Onyeali-Ikpe and replaced it with Safiya Whoba.

AGF Clarifies 

Providing clarification on the development, the AGF’s spokesperson stated, “The Attorney General’s decision to discontinue the criminal charge against Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, is a testament to the office’s commitment to upholding justice and fairness.” 

He explained that, as the chief law officer of the federation, the AGF has the constitutional power to discontinue prosecution against a defendant where it is deemed necessary to prevent a miscarriage of justice.

According to him, “This decision followed a careful review of the case, which did not connect Dr. Onyeali-Ikpe to the charge, as she was neither the account officer nor the Managing Director of Fidelity Bank when the account used in the alleged scheme of fraud was opened.” 

The official stressed that the Attorney General’s decision is guided by the principles of justice, fairness, and the rule of law, and expressed confidence that this decision is in the best interest of justice and the public

The statement added, however, that the decision to remove the CEO from the case does not exculpate Fidelity Bank from the allegations contained in the charge, which is still pending before the court, but rather demonstrates the Attorney General’s duty to ensure that justice is served.

“We urge the public to allow the legal process to run its course and to refrain from speculation or jumping to conclusions,” the statement partly reads.

Source: Nairametrics