Wema Bank capital raise hits ₦264bn, exceeding CBN’s ₦200bn minimum and backing digital expansion, SME lending, and tech investments

Wema Bank capital raise efforts have successfully pushed the lender’s qualifying capital to ₦264.87 billion — a full ₦64 billion or 32 per cent above the Central Bank of Nigeria’s (CBN) minimum requirement of ₦200 billion for national commercial banks.

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The bank confirmed on Thursday that it had received full regulatory approvals for its recently concluded ₦50 billion private placement, which was fully subscribed. This follows a successful ₦150 billion rights issue completed just last month.

With both transactions, Wema Bank’s capital position now exceeds the regulatory benchmark, marking what Managing Director Moruf Oseni described as a “significant milestone” in the bank’s growth trajectory.

“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.

“We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda.”

He stated that proceeds from the capital raise would go toward deepening Wema’s footprint across retail, SME, and corporate banking segments — with special focus on accelerating its digital transformation drive.

In addition to expanding lending capacity to key productive sectors of the Nigerian economy, the new equity injection will also support major investments in technology infrastructure and human capital.

“Wema Bank remains steadfast in its mission to deliver superior value to shareholders, empower customers through innovative financial solutions, and contribute meaningfully to Nigeria’s economic growth and financial inclusion objectives,” Oseni added.

The move comes as Nigerian banks respond to new capital thresholds introduced by the CBN aimed at shoring up the sector’s resilience amid domestic and global financial pressures.

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With its capital raise programme now exceeding expectations, Wema Bank is positioning itself for future competitiveness while ensuring compliance and unlocking fresh opportunities in the evolving banking landscape.