Wema Bank has successfully concluded the first tranche of its recapitalisation exercise, securing all necessary regulatory approvals for a N40 billion rights issue.
PLATFORM TIMES reports that this marks a crucial step in the bank’s strategic growth plan aimed at enhancing its financial stability and market position.
Wema Bank’s Managing Director, Mr. Moruf Oseni, announced the completion of the rights issue in a statement released on Friday.
Oseni highlighted that the rights issue, launched in December 2023, received approvals from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
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This move aligns with the CBN’s broader recapitalisation programme, which mandates commercial banks to raise fresh capital within a 24-month period from April 1, 2024, to March 31, 2026.
The recapitalisation effort is part of the CBN’s initiative to bolster the Nigerian economy and fortify the financial services sector.
Oseni expressed that the successful raising of N40 billion is a testament to Wema Bank’s commitment to maintaining its commercial banking license with national authorisation.
He underscored the bank’s proactive stance in commencing its capital raise programme early, reflecting its pursuit of excellence and strategic foresight.
“Our move to commence our capital raise programme very early demonstrates our push for excellence, and with a strong emphasis on our digital play, we are set to amass more successes in the coming months,” Oseni stad.
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