Fidelity seeks N15.7bn to boost lending to energy, telecoms companies

BY MICHAEL EBOH, with Agency Report

Fidelity Bank Plc has announced plans to raise N15.7 billion ($100 million) from the international debt market to boost its foreign currency lending capacity, especially to companies in the oil and gas and telecommunication sector.

Mr. Francis Ikenga, Head Strategy, Fidelity Bank, said the bank has mandated Citi to raise the fund via a two-year loan deal through a book building process.

He stated that the yield on the debt instrument will be determined at the end of the transaction.

According to him, the need to raise the funds is borne out of the fact that the bank has seen an increase in demand for foreign currency loans from all sectors of Nigeria’s economy especially within the oil and gas and telecom sectors.