Wema Bank PLC has announced the successful completion of its issuance of rights of N150 billion, which opened on April 14, 2025 and closed on May 21, 2025.
The exercise has received the formal approval of the Central Bank of Nigeria (CBN) and the Bag and Securities Commission (SEC).
This rights problem was carried out in response to the CBN directive on the recapitalization of banks in Nigeria.
With the successful complex and the regulatory application, Wema Bank has now complied with the minimum capital requirement of N200 billion applicable to commercial banks with national authorization.
In addition to the rights, Wema Bank also recently concluded a private placement of N50 billion, which now expects regulatory reviews.
This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its shock absorber, improving its ability to absorb shock and positioning the bank for sustained growth.
When commenting on the success of the bank when complying with the regional threshold before the 24 -month timeline, Moruf Oseni, MD/CEO of Wema Bank, reaffirmed the bank’s promise to offer the best value as its growth trip continues.
According to OSENI: “As a bank promoted by growth, the recapitalization requirement of the industry was a welcome mission, and we undertook it with full confidence. Our success in overcoming the reference point of N200 billion before the deadline of 2026 not only reinforces our solid financial position as a bank, but also attests to mutual confidence and confidence that exists between Weme Bank and its actions. Optimal value to each shareholder and part of Wema Bank “.
The conclusion of these capital collection initiatives reinforces the bank’s prudential position and provides a solid base for long -term stability. It also reflects the continuous confidence of stakeholders in government, financial performance and strategic direction of Wema Bank.
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