Wema Bank has intensified efforts to scale up its capital base as pressure mounts on tier-2 lenders to meet the Central Bank of Nigeria’s (CBN) March 2026 recapitalisation deadline.
A new report by SBM Intelligence titled “Capital, Competition, and Consolidation: How Nigeria’s Tier-2 Banks are Responding to the CBN’s 2026 Recapitalisation Order” spotlighted Wema Bank alongside Fidelity, FCMB, Stanbic IBTC and Sterling as institutions navigating the historic shake-up in Nigeria’s banking sector.
The CBN had in March 2024 directed international banks to shore up capital to ₦500 billion, national banks to ₦200 billion, and regional banks to ₦50 billion before the 2026 deadline.
The move, regulators said, is to strengthen financial stability and position lenders to support the government’s $1 trillion economy target.
According to the report, Wema Bank has rolled out a multi-pronged strategy combining a ₦150 billion rights issue with a ₦50 billion private placement, building on a successful ₦40 billion issue completed in 2023.
The bank’s share price has reflected investor confidence, rising from ₦1.50 in 2020 to nearly ₦15.00 in 2025, making it one of the fastest-growing equities on the Nigerian Exchange (NGX). SBM credited this performance to Wema’s digital-led transformation and expansion drive.
While Fidelity Bank leads the recapitalisation race with over ₦270 billion already raised, SBM noted that Wema’s aggressive capital plan and market gains underscore its determination to remain competitive in a sector where mergers and acquisitions loom large.
The report also warned that tier-2 banks are at a “critical juncture,” with their ability to leverage technology, execute bold capital strategies, and withstand macroeconomic shocks determining whether they survive independently or face forced consolidation.
SBM added: “Wema’s digital-led growth and robust recapitalisation efforts exemplify the resilience of mid-tier lenders, even as Tier-1 banks consolidate their dominance.”
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