Wema Bank has announced plans to conclude its recapitalisation exercise with a second tranche targeted at raising N200 billion through a combination of a Rights Issue and Special Placement.
The exercise is set to commence on April 1, 2025, positioning the bank to exceed the Central Bank of Nigeria’s (CBN) minimum capital requirement for national banking authorization.
This marks the final phase of the bank’s recapitalisation efforts, following the successful completion of the first tranche, which raised N40 billion in 2024.
The initial rights issue, launched in December 2023, had received approvals from both the CBN and the Securities and Exchange Commission (SEC).
Speaking on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the success of the forthcoming rights issue.
He reassured stakeholders of the bank’s commitment to delivering exceptional value, stating, “We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank.
“Wema Bank turns 80 this year, and I can safely tell you that we have never been more driven to excel.”
Oseni added that the bank’s team of dedicated professionals would leave no stone unturned in achieving its strategic goals, reiterating the institution’s resolve to become a formidable force in Africa’s financial services landscape.
“This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you,” he said.
With the CBN’s deadline for recapitalisation set for March 31, 2026, Wema Bank’s proactive move positions it ahead of schedule, securing its national banking license.
The lender is also committed to maintaining transparency throughout the process and has assured stakeholders of regular updates.
Wema Bank reaffirmed its dedication to regulatory compliance, noting that it is working closely with relevant authorities to obtain necessary approvals and ensure adherence to applicable guidelines.
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