Wema Bank Plc (“Wema” or “the Bank”) today announced the successful completion of its ₦150 billion Rights Issue, which opened on 14 April 2025 and closed on 21 May 2025. The exercise has received formal approval from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The Rights Issue was launched in direct response to the CBN’s directive on the recapitalization of banks in Nigeria. With this milestone, Wema Bank has met and exceeded the ₦200 billion minimum capital requirement for commercial banks with national authorization.
In addition to the Rights Issue, the Bank recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory approval. This additional capital further strengthens Wema Bank’s financial buffer, enhances its shock-absorption capacity, and positions the Bank for sustained growth.
Speaking on the development, Moruf Oseni, MD/CEO of Wema Bank, expressed delight at the Bank’s ability to meet the new capital requirement well ahead of the 24-month regulatory timeline.
“As a growth-driven Bank, we welcomed the recapitalization directive as a mission to reaffirm our strength and deepen shareholder value. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing but also attests to the trust and confidence of our shareholders. We remain fully committed to delivering optimum value to every shareholder and stakeholder of Wema Bank,” Oseni said.
Following the approvals, Wema Bank’s total qualifying capital now stands at ₦214.7 billion, comfortably above the ₦200 billion regulatory threshold.
This development reflects: Strong investor confidence in the Bank’s governance and strategic direction. A solid foundation for long-term stability and resilience. Enhanced capacity to support customers and contribute to Nigeria’s financial system stability.
Wema Bank remains committed to full regulatory compliance, prudent risk management, and sustainable value creation for its customers, shareholders, and communities.