Wema Bank Plc has successfully concluded its ₦50 billion special placement, completing the second tranche of its capital-raising program and achieving full subscription.
The move represents a major milestone in the bank’s long-term capital management strategy, aimed at fortifying its balance sheet, expanding growth potential, and ensuring compliance with the Central Bank of Nigeria’s (CBN) revised minimum capital requirements.
The October 17 announcement follows Wema Bank’s earlier ₦150 billion rights issue completed in September 2025, which brought the bank’s qualifying capital to ₦264.87 billion, well above the CBN’s ₦200 billion threshold for commercial banks with national authorization.
“A major step in our growth strategy”
Wema Bank’s Managing Director and CEO, Moruf Oseni, described the successful placement as another crucial step in the institution’s transformation journey. “We are delighted to have received all necessary regulatory approvals for our ₦50 billion special placement. This marks another major step in our strategy to strengthen Wema Bank’s capital base, enhance liquidity, and position the institution to pursue emerging opportunities for sustained growth,” Oseni said.
He added, “We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda.”
The bank’s proactive approach sets it apart in Nigeria’s banking landscape, where many peers are still racing to meet the March 2026 re-capitalization deadline.
Fueling digital transformation and lending expansion
According to the bank, proceeds from the special placement will be deployed to accelerate its ongoing digital transformation agenda, deepen penetration across retail, SME, and corporate segments, and expand lending capacity to key productive sectors of the Nigerian economy.
The funds will also be invested in technology infrastructure and human capital development to improve operational efficiency and customer service delivery. This aligns with Wema’s vision of becoming one of Nigeria’s most digitally advanced and customer-focused financial institutions.
De-risking early and leading the market
By completing its capital raise ahead of schedule, Wema Bank has de-risked its position and boosted investor confidence at a time when capital adequacy is drawing regulatory attention.
The bank’s total qualifying capital now places it comfortably above the CBN’s threshold and signals strong financial discipline in navigating evolving macroeconomic conditions.
In September, Wema confirmed that its earlier ₦150 billion rights issue had pushed its qualifying capital to ₦214.7 billion, ensuring compliance months before the 2026 deadline.
The successful conclusion of the ₦50 billion special placement reinforces that buffer, giving the bank room to focus on strategic expansion rather than regulatory pressure.
Solid performance and investor sentiment
Wema Bank’s strong capital position complements its robust financial performance in 2025. For the first half of the year, the bank posted a pre-tax profit of ₦100.5 billion, a remarkable 229.12% increase from ₦30.5 billion in the same period of 2024.
Total assets rose to ₦3.9 trillion, up 10.53% from December 2024, while retained earnings climbed to ₦169.3 billion from ₦103.2 billion at the end of last year. The bank’s stock has also reflected this momentum, posting a year-to-date gain of 106.69%, the highest among Nigerian banks.
With this combination of solid profitability, digital expansion, and strong capitalization, Wema Bank has positioned itself as a leading example of proactive capital management in Nigeria’s evolving financial sector.
