• Thu. Feb 13th, 2025

Wema Bank To Raise Additional ₦200 Billion In Final Capitalization Tranche

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, has announced plans to complete its capital raise exercise through a combination of a Rights issue and Special Placement, targeting ₦200 billion in fresh capital. The exercise, set to commence on April 1, 2025, aims to surpass the Central Bank of Nigeria’s (CBN) recapitalization requirements for national banking authorization.

This marks the second and final phase of Wema Bank’s recapitalization efforts. The first tranche, launched in December 2023 and approved by the CBN and Securities and Exchange Commission (SEC) in 2024, successfully raised ₦40 billion. With over 30% of the ₦200 billion requirement already achieved, the upcoming tranche will complete the bank’s recapitalization ahead of the March 31, 2026, deadline set by the CBN.

Speaking on the development, Wema Bank’s Managing Director and CEO, Moruf Oseni, expressed confidence in the success of the exercise. “We stand strong today, not just as Nigeria’s oldest indigenous bank but as its leading innovative bank. Wema Bank turns 80 this year, and we are more determined than ever to excel,” Oseni stated.

He assured shareholders and stakeholders of transparency and success, emphasizing the bank’s commitment to achieving its strategic goals. “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,” Oseni added.

The bank has reaffirmed its commitment to regulatory compliance and is working to secure approvals from relevant authorities to ensure the process adheres to applicable guidelines.

With this move, Wema Bank continues to solidify its position as a key player in Nigeria’s financial sector while laying the groundwork for further expansion across the African financial services landscape.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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