Wema Bank Plans N200 Billion Capital Raise to Meet Regulatory Requirement.

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Wema Bank Plc has announced plans to embark on a capital raise exercise, seeking to generate N200 billion in fresh capital through a combination of a rights issue and special placement. The exercise, scheduled to commence on April 1, 2025, marks the second and final tranche of the bank’s capital raise initiative.

This move aims to supplement the N40 billion raised in the first tranche, ensuring the bank surpasses the Central Bank of Nigeria’s (CBN) minimum requirement for a national license. In 2023, Wema Bank launched a N40 billion rights issue, receiving approval from the CBN and the Securities and Exchange Commission (SEC). The bank successfully completed the first tranche of its capital raise exercise, meeting over 30% of the CBN’s target.

With the upcoming rights issue, Wema Bank’s CEO, Moruf Oseni, expressed confidence in the outcome, assuring shareholders and stakeholders of a successful conclusion to the capital raise program.

“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,” Oseni stated.

“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.”

Oseni reiterated the bank’s commitment to transparency throughout the process, promising regular updates to stakeholders and shareholders. “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,” he concluded.

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