By Sylvester Enoghase
Copyright independent
Wema Bank Plc has successfully completed its ₦150 billion Rights Issue, receiving approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The Rights Issue, which opened on April 14 and closed on May 21, 2025, was oversubscribed and has lifted the bank’s qualifying capital to ₦214.7 billion, surpassing the ₦200 billion minimum capital requirement set by the CBN for commercial banks with national authorisation.
The recapitalisation move follows the apex bank’s directive for stronger capital bases across Nigeria’s banking sector. With the exercise concluded and approved, Wema Bank has met the regulatory threshold well ahead of the 2026 deadline.
In addition to the Rights Issue, the bank recently concluded a ₦50 billion private placement, which is currently awaiting regulatory approval. Once cleared, the placement will further bolster the bank’s capital position and enhance its capacity to absorb shocks while driving long-term growth.
Commenting on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the successful exercise as a vote of confidence in the bank’s financial health and strategy.
“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 ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing 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 remain committed to delivering optimum value to every shareholder and stakeholder of Wema Bank.”
The bank said the fresh capital provides a strong buffer, strengthens prudential standing, and positions it to support customers while contributing to the stability of Nigeria’s financial system.
Wema Bank assured it will continue to uphold regulatory compliance and prudent risk management as it executes its growth strategy.
