Wema Bank Plc has announced the successful completion of its N150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, securing approvals from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
This achievement comes in direct response to the CBN’s directive on the recapitalisation of Nigerian banks.
With this approval, Wema Bank has met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation well ahead of the 2026 deadline.
In addition to the Rights Issue, Wema Bank recently concluded a N50 billion Private Placement, which is currently undergoing regulatory reviews.
The combined initiatives raise its total capital base above the required threshold, strengthening its financial buffer and improving its capacity to absorb economic shocks.
Moruf Oseni, Wema Bank’s Managing Director and Chief Executive Officer, described the recapitalisation effort as a growth-driven move embraced with confidence. He stated that surpassing the N200 billion benchmark ahead of time reflects both the bank’s financial strength and the trust of its shareholders.
According to Oseni, this success highlights the “mutual trust and confidence that exists between Wema Bank and its shareholders,” while reiterating the bank’s commitment to deliver sustainable value.
He emphasized that the recapitalisation journey aligns with Wema’s long-term growth vision and stakeholder focus.
