Wema Bank Surpasses CBN Recapitalisation Requirements, Retains National Bank Status
Wema Bank, Nigeria’s oldest indigenous bank and the pioneer of Africa’s first fully digital bank, ALAT, has successfully met and exceeded the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank. This accomplishment marks a significant milestone in the Bank’s growth journey, demonstrating its ability to meet regulatory standards while pursuing a strategic plan to scale sustainably, strengthen its balance sheet, and enhance its position in Nigeria’s banking sector.
The milestone follows Wema Bank’s completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, elevating its Total Qualifying Capital to ₦264.7 billion—well above the regulatory minimum. Notably, this was achieved six months ahead of the CBN’s deadline, further underscoring the Bank’s robust financial health, shareholder confidence, and long-term growth prospects.
In April 2026, the CBN officially confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully finalized its recapitalisation process. Among these, Wema is one of only ten national banks that met and surpassed the minimum capital requirement, thereby retaining its national banking license.
This achievement not only affirms regulatory compliance but also heralds a new phase of accelerated growth for Wema Bank—one characterized by a stronger capital base, greater capacity to serve customers, and an enhanced competitive edge within Nigeria’s dynamic banking landscape.
Commenting on the milestone, Moruf Oseni, Managing Director/CEO of Wema Bank, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision. We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”
In March 2024, the CBN announced a recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative aimed to bolster the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them for sustainable growth.
In response, Wema Bank launched a strategic capital raise via the stock market, successfully expanding its shareholder base and securing the necessary capital through strong participation from existing investors. The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, was a pivotal step. It was complemented later that year by a ₦50 billion special placement, ensuring the Bank exceeded the regulatory threshold well ahead of schedule.
For Wema Bank, this achievement reflects its transformation since regaining its national license in 2015. The Bank has consistently demonstrated financial discipline and strategic foresight. By primarily raising capital from existing shareholders, it has reinforced mutual trust and confidence within its investor community.
Regarding the implications for its future, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.”
Looking ahead, Wema Bank remains committed to expanding its market footprint, driving customer-centric innovation, and acting as a catalyst for growth across retail, SME, and corporate segments. This is about more than just retaining our license; it’s about building a bigger, stronger, and more impactful Wema Bank.
The successful recapitalisation underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to compliance. With a significantly strengthened capital base, the Bank is poised to support more customers, empower more businesses, and unlock opportunities across every segment it serves.
As it enters this new chapter, Wema Bank reaffirms its status as a National Bank, equipped with greater scale, sharper ambition, and a clear vision to lead. The Bank remains dedicated to powering progress, innovating through ALAT, and creating sustained value for all stakeholders.