In a significant milestone, Wema Bank Plc has successfully completed its N150 billion Rights Issue, gaining full approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The bank announced this achievement in a statement released on Thursday in Lagos.
The Rights Issue, which ran from April 14 to May 21, was oversubscribed, reflecting strong investor confidence in Wema Bank’s strategic vision and governance framework.
With this capital raise, the bank’s qualifying capital now stands at N214.7 billion, surpassing the CBN’s N200 billion minimum capital requirement for commercial banks with national authorization.
Additionally, the bank recently finalized a N50 billion private placement, which is pending regulatory approval.
Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, hailed the success as a testament to the bank’s robust financial position and stakeholder trust.
“As a growth-driven Bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence,” Oseni said.
“Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”
Industry experts noted that the bolstered capital base significantly enhances Wema Bank’s lending capacity, resilience to economic shocks, and long-term stability.
They further emphasized that this milestone underscores the bank’s strong governance, innovative approach, and consistent performance, positioning it to play a pivotal role in Nigeria’s financial sector.
