By Ayomide Otitoju
Wema Bank Plc has announced plans to raise N149.3 billion through a rights issue, offering 14.29 billion ordinary shares at N10.45 per share.
The bank, through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, has submitted an application to the Nigerian Exchange Limited (NGX) for the approval and listing of the offer.
In a statement issued on Wednesday by NGX’s Head of Issuer Regulation, Godstime Iwenekhai, the exchange informed trading license holders of the proposed capital raise.
“Wema Bank Plc has, through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, submitted an application to the Nigerian Exchange Limited for the approval and listing of a rights issue of 14,286,785,417 ordinary shares of 50 kobo each at N10.45 per share on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on Wednesday, March 5, 2025,” the statement read.
The capital raise aligns with Wema Bank’s strategic vision as it marks its 80th anniversary, celebrating a legacy of resilience, innovation, and adaptability from 1945 to 2025.
