Wema Bank Surpasses N200 Billion Capital Threshold After N150 Billion Rights Issue
Wema Bank PLC has announced the successful completion of its N150 billion Rights Issue, which was launched on April 14th, 2025, and closed on May 21st, 2025. The issuance has received official approval from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
This capital raise was part of the Bank’s strategic response to the CBN’s directive for recapitalization of Nigerian banks. With the successful completion and regulatory endorsements, Wema Bank’s total qualifying capital now stands at N214.7 billion, comfortably exceeding the N200 billion minimum required for commercial banks with national authorization.
In addition to the Rights Issue, Wema Bank recently concluded a N50 billion private placement, which is currently pending regulatory approval. Together, these capital-raising efforts have significantly strengthened the Bank’s financial position, boosting its capacity for sustainable growth and resilience.
Moruf Oseni, MD/CEO of Wema Bank, expressed confidence in the achievement, saying, “As a growth-oriented bank, the industry recapitalization was a necessary step that we approached with full confidence. Surpassing the N200 billion threshold ahead of the 2026 deadline not only underscores our financial strength but also reflects the trust and support of our shareholders. We remain committed to delivering value and supporting Nigeria’s economic development.”
The successful completion of these capital initiatives underscores Wema Bank’s robust prudential standards and positions it for long-term stability. It also signals the ongoing confidence of stakeholders in the Bank’s governance, strategic vision, and financial performance.
Wema Bank remains dedicated to maintaining full regulatory compliance, prudent risk management, and supporting its customers and the Nigerian financial system. With its enhanced capital base, the Bank is well-positioned to sustain growth and create value for its stakeholders.