Wema Bank has announced that it will be completing its capital raise through a combination of a rights issue and special placement exercise set to go live on April 1, 2025, to raise N200 billion in fresh capital.
The bank said this would mark the second and final tranche of its capital raise exercise, supplementing the N40 billion raised in the first tranche, and ensuring it surpasses the Central Bank of Nigeria (CBN) minimum requirement for national banking authorisation.
Wema Bank, before the CBN announcement, launched a N40 billion rights issue in December 2023, receiving the approval of the CBN and the Securities and Exchange Commission (SEC) in 2024. That resulted in the bank successfully completing the first tranche of its capital raise exercise.
With over 30% of the CBN target of N200 billion already met, Wema Bank is proceeding to initiate the second tranche of capital raise to raise N200 billion in fresh capital to complete its capital requirement.
Confident in the outcome of the upcoming rights issue, Wema Bank’s MD/CEO, Moruf Oseni, assured shareholders and other stakeholders of a successful conclusion of the capital raise program.
According to Mr Oseni, “We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel. I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations. Indeed, we are building Wema Bank into a formidable force in the African financial services landscape.
“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward. This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you.”
With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, Wema Bank said the capital raise will ensure it retains its national banking license way ahead of the deadline.
