- Exceeds regulatory capital requirement
Nigeria’s tier 2 lender, Wema Bank Plc has announced the successful completion of its N150 billion Rights Issue.
The bank’s rights issue opened on April 14th, 2025, and closed on May 21st, 2025. According to the bank, the exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), Nigeria capital market regulator.
The Rights Issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorization.
In addition to the Rights Issue, Wema Bank also recently concluded a N50 billion Private Placement, which is now awaiting regulatory reviews. This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock absorption capacity, and positioning the Bank for sustained growth.
Moruf Oseni, Wema Bank’s MD/CEO, commenting on the success in meeting the regulatory threshold ahead of the 24-month timeline, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey.
According to Mr Oseni, “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”
Leave a Reply
Leave a Reply
