Wema Bank Completes N150 Billion Rights Issue, Gets CBN, SEC Approval
Wema Bank Plc has completed its ₦150 billion rights issue, securing approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.
This Rights Issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria.
With the successful completion and regulatory approval, Wema Bank has now met the ₦200 billion minimum capital requirement applicable to commercial banks with national authorization.
In addition to the Rights Issue, Wema Bank also recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory reviews.
This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth.
Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Moruf Oseni, Wema Bank’s MD/CEO, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey.
According to Oseni, “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.
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.”
The conclusion of these capital-raising initiatives reinforces the Bank’s prudential position and provides a solid foundation for long-term stability.
It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.
Wema Bank remains committed to full regulatory compliance and prudent risk management.
With its strengthened capital base, the Bank is well-positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders.
