Lagos, Nigeria – Wema Bank Plc (Bloomberg: WEMA NL) has successfully completed its N150 billion Rights Issue, surpassing the Central Bank of Nigeria’s minimum capital requirements for commercial banks with national authorisation ahead of the 2026 deadline.
The Rights Issue, which ran from April 14 to May 21, 2025, was oversubscribed and has received formal approval from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission. This achievement brings Wema Bank’s total qualifying capital to N214.7 billion, comfortably above the N200 billion regulatory threshold.
In addition to the Rights Issue, the bank has concluded a N50 billion Private Placement, currently awaiting regulatory approval. This supplementary funding further strengthens the bank’s capital buffer and enhances its shock-absorption capacity.
The capital-raising initiative directly responds to the CBN’s directive on bank recapitalisation in Nigeria. By meeting these requirements well ahead of the mandated 24-month timeline, Wema Bank demonstrates its robust financial position and operational efficiency.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence,” said Moruf Oseni, Wema Bank’s MD/CEO. “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.”
The oversubscription of the Rights Issue reflects strong investor confidence in Wema Bank’s governance, financial performance, and strategic direction. The bank’s ability to raise capital efficiently positions it favorably within Nigeria’s evolving banking landscape.
Oseni emphasised the bank’s commitment to 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.”
Future Outlook
With its strengthened capital base, Wema Bank is well-positioned to support customers, contribute to Nigerian financial system stability, and deliver sustainable stakeholder value. The bank maintains its focus on regulatory compliance, prudent risk management, and long-term growth strategies.
The successful completion of these capital-raising initiatives provides a solid foundation for the bank’s continued expansion and reinforces its commitment to maintaining a strong prudential position in the Nigerian banking sector.
For more information:
Email: investor.relations@wemabank.com
Website: www.wemabank.com
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.
