Wema Bank has announced plans to conclude its capital-raising initiative through a combination of a Rights Issue and Special Placement, set to launch on April 1, 2025. The bank aims to secure an additional N200 billion in fresh capital as part of its efforts to meet and exceed the Central Bank of Nigeria’s (CBN) minimum capital requirement for national banking operations.
This upcoming round marks the final phase of Wema Bank’s recapitalization journey, following an earlier successful tranche where N40 billion was raised. The initial phase, which commenced in December 2023, received the necessary approvals from both the CBN and the Securities and Exchange Commission (SEC), paving the way for the bank to achieve over 30% of the required N200 billion capital target.
With the second and final tranche on the horizon, Wema Bank is optimistic about achieving its capital-raising goals well ahead of the CBN’s recapitalization deadline of March 31, 2026.
A Commitment to Growth and Stability
Moruf Oseni, the Managing Director and CEO of Wema Bank, expressed confidence in the bank’s ability to complete the process successfully. He emphasized Wema Bank’s legacy as Nigeria’s oldest indigenous bank and its continued innovation-driven approach.
“At 80 years, Wema Bank has never been more focused on excellence. With a passionate and committed team, we are determined to achieve our strategic vision and strengthen our position within the African financial sector,” Oseni stated.
He assured shareholders and stakeholders of the bank’s commitment to transparency throughout the recapitalization process, promising timely updates and substantial returns on their investments.
Regulatory Compliance and Future Outlook
To ensure smooth execution, Wema Bank is actively engaging with regulatory authorities to secure all required approvals and maintain full compliance with financial regulations.
This capital boost is expected to reinforce the bank’s financial strength, allowing it to expand its operations, support economic growth, and solidify its standing as a key player in Nigeria’s banking industry.
With this strategic move, Wema Bank is positioning itself to retain its national banking license and pursue further growth opportunities in the evolving financial landscape.
