Wema Bank completes N150bn Rights Issue, gets CBN, SEC approval
Wema Bank Plc has completed its N150 billion Rights Issue, securing approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
The bank made this known in a statement on Thursday in Lagos.
The Rights Issue, which opened on April 14 and closed on May 21, was oversubscribed, underscoring investor confidence in the bank’s strategic direction and governance.
With the successful completion, Wema Bank now exceeds the N200 billion minimum capital requirement for commercial banks with national authorisation.
The fresh capital injection raises the bank’s qualifying capital to N214.7 billion, providing a strong buffer above regulatory thresholds.
In addition, the bank recently concluded a N50 billion private placement, which is currently awaiting regulatory approval.
Commenting on the milestone, Managing Director/Chief Executive Officer, Wema Bank, Mr Moruf Oseni, reaffirmed the bank’s commitment to sustained growth and stakeholder value.
Oseni said, “As a growth-driven Bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence.
“Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders.
“We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”
Meanwhile, Industry analysts say the bank’s strengthened capital base enhances its lending capacity, shock-absorption ability, and long-term stability, positioning it to play a more active role in Nigeria’s financial sector.
They also said that the achievement also reflects the continued confidence of stakeholders in the bank’s governance, innovation, and performance track record. (NAN)
