Wema Bank Plc has successfully completed its ₦150 billion Rights Issue, securing approvals from both the Central Bank of Nigeria, CBN and the Securities and Exchange Commission, SEC.
With this milestone, the bank has surpassed the ₦200 billion minimum capital requirement set by the CBN for commercial banks with national authorization.
The Rights Issue, which opened on April 14 and closed on May 21, 2025, was undertaken as part of the bank’s compliance with the apex bank’s recapitalization directive.
In addition to the Rights Issue, Wema Bank also concluded a ₦50 billion Private Placement, currently awaiting regulatory review. This additional capital further raises the bank’s financial buffer, enhancing its shock-absorption capacity and positioning it for long-term growth.
Commenting on the achievement, Moruf Oseni, Managing Director/Chief Executive Officer of Wema Bank, expressed confidence in the institution’s strengthened position.
“As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 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,” Oseni said.
He added that the bank does not take the confidence of shareholders for granted and reaffirmed its commitment to delivering optimum value to every stakeholder.
The conclusion of these capital-raising initiatives, according to the bank, strengthens its prudential position and provides a solid foundation for stability and resilience. It also signals strong investor confidence in Wema Bank’s governance, financial performance, and strategic outlook.
With its expanded capital base, Wema Bank has pledged to continue supporting customers, driving innovation in the Nigerian banking sector, and contributing to the stability of the nation’s financial system. The bank also reiterated its commitment to regulatory compliance and prudent risk management practices.
