By Ayomide Otitoju
Wema Bank Plc has announced the successful completion of its ₦150 billion Rights Issue, approved by both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The exercise, which ran from April 14 to May 21, 2025, was oversubscribed, lifting the bank’s qualifying capital to ₦214.7 billion — above the ₦200 billion minimum required for commercial banks with national authorization.
In addition, the lender concluded a ₦50 billion private placement, which is awaiting regulatory approval. Combined, the two initiatives strengthen Wema Bank’s capital base, ensuring resilience, growth potential, and compliance well ahead of the CBN’s 2026 recapitalisation deadline.
Managing Director/CEO, Moruf Oseni, said the milestone reflected shareholders’ and stakeholders’ confidence in the institution. The bank noted that the fresh capital provides a foundation for long-term stability, supports regulatory compliance, and enhances its ability to expand customer service while contributing to the strength of Nigeria’s financial system.
