By Oyinkansayo Wole-Bodunde.
Wema Bank is set to embark on a fresh capital raise of N200 billion through a combination of a Rights issue and Special placement exercise, starting on April 1, 2025.
This move is aimed at supplementing the N40 billion raised in the first tranche and ensuring the Bank meets the Central Bank of Nigeria’s (CBN) minimum requirement for national banking authorization.
As a proactive measure, Wema Bank had initiated a N40 billion rights issue in December 2023, which received approval from the CBN and the Securities and Exchange Commission (SEC) in 2024. With over 30% of the CBN target already met, the Bank is now proceeding with the second tranche of its capital raise.
Wema Bank’s Managing Director/CEO, Moruf Oseni, expressed confidence in the success of the upcoming rights issue, assuring shareholders and stakeholders of a positive outcome. He said, “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 emphasized the Bank’s commitment to transparency throughout the process, promising regular updates to stakeholders. “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 recapitalization deadline set for March 31, 2026, Wema Bank’s move is expected to ensure the Bank retains its national banking license well ahead of the deadline. The Bank is working to secure necessary approvals from regulatory authorities to ensure compliance with applicable guidelines.