Wema Bank has announced plans to raise an additional N200 billion in its final tranche of recapitalisation, as part of efforts to meet the Central Bank of Nigeria’s (CBN) new capital thresholds.
The bank will raise the funds through a combination of rights issues and private placement, set to commence on April 1, 2025. This exercise marks the second and final leg of Wema Bank’s capital raising efforts, following the N40 billion raised in the first tranche.
The CBN had issued fresh capital thresholds for banks in March 2024, requiring commercial banks with national licences to increase their capital base to N200 billion. Wema Bank’s Managing Director/CEO, Moruf Oseni, assured shareholders of a successful conclusion to the capital raise program, stating that the bank remains committed to transparency and will provide regular updates to stakeholders.
Oseni expressed confidence in the bank’s ability to excel, citing its 80-year history and innovative approach to banking. The capital raise is expected to ensure Wema Bank surpasses the CBN’s minimum requirement for national banking authorisation.