Planet Capital Leads

Planet Capital Limited, a major player in Nigeria’s capital market is leading the issue for Subscription a N30,000,000,000 Fixed Rate Unsecured Subordinated Bond due 2022 by Fidelity Bank Plc. The bond was duly authorised by the Central Bank of Nigeria, the Securities & Exchange Commission and the Nigerian Stock Exchange following receipt of the approval of its shareholders and Directors qualifies as securities in which Pension Fund Assets can be invested under the Pensions Reforms Act 2014. The Bonds are also exempt from taxation in Nigeria which makes them even more attractive and will be listed on the Nigerian Stock Exchange and freely tradable. The Chairman of the Bank, Chief (Dr.) Christopher Ezeh explained that the issuance would enable the Bank increase the Bank’s Tier II Capital which would improve the Bank’s capital adequacy, in line with the guidelines of Basel II and fund the Bank’s long-term investments and financing activities particularly the Bank’s SME lending, Retail lending and retail infrastructure.