Wema Bank, Nigeria's oldest indigenous bank and the pioneer of Africa’s first fully digital bank, ALAT, has announced plans to conclude its capital raise exercise with a N200 billion target through a Rights Issue and Special Placement. The exercise, set to commence on April 1, 2025, will ensure the bank surpasses the Central Bank of Nigeria's (CBN) recapitalization requirements for national banking authorization.
This marks the second and final tranche of the bank’s capital raise, following the successful N40 billion raised during the first tranche in 2024. With over 30% of the required funds already secured, Wema Bank is confident of achieving its goal ahead of the March 31, 2026, deadline set by the CBN.
Managing Director/CEO, Moruf Oseni, emphasized the bank's commitment to innovation, transparency, and stakeholder value creation, assuring shareholders of promising returns on their investments. "We are building Wema Bank into a formidable force in Africa’s financial services landscape,” Oseni stated.
As Wema Bank celebrates its 80th anniversary, this proactive move reinforces its dedication to maintaining regulatory compliance and positioning itself as a leader in the Nigerian banking sector.
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