Wema Bank Plc has announced the successful completion of its ₦150 billion Rights Issue. This milestone strengthens its capital base and secures its position as one of Nigeria’s most resilient financial institutions.
Meeting CBN’s Recapitalization Requirement
The Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, received full approval from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
This capital raise was Wema Bank’s strategic response to the CBN’s recapitalization directive. With this achievement, the bank has now surpassed the ₦200 billion minimum capital requirement for commercial banks with national authorization.
Boost from Additional Private Placement
In addition to the Rights Issue, Wema Bank completed a ₦50 billion private placement. The process is awaiting final regulatory approval. Once cleared, the bank’s total qualifying capital will rise to ₦214.7 billion.
This extra capital strengthens Wema Bank’s risk buffer, enhances its ability to absorb shocks, and creates room for sustainable expansion.
CEO Reaffirms Growth Commitment
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, shared his excitement about this achievement.
“We welcomed the recapitalization directive with confidence. Surpassing the ₦200 billion benchmark ahead of schedule reinforces our strong financial position. It reflects the trust of our shareholders, and we remain committed to delivering long-term value to all stakeholders,” Oseni said.
Strong Vote of Confidence
The Rights Issue was oversubscribed, showing strong investor confidence in Wema Bank’s strategy and governance. This outcome signals that stakeholders believe in the bank’s financial strength and future direction.
With a larger capital base, Wema Bank is now better positioned to expand lending, support businesses, and deepen its digital transformation agenda.
Future Outlook
Looking ahead, Wema Bank plans to leverage its strengthened capital to accelerate growth. The bank will continue investing in innovation, customer-focused solutions, and sustainable finance initiatives.
Its leadership has also reaffirmed a commitment to full regulatory compliance, prudent risk management, and supporting the stability of Nigeria’s financial system.
For further details, visit www.wemabank.com or contact investor.relations@wemabank.com.
