Wema Bank has completed its N150bn rights issue, securing regulatory approval and surpassing the N200bn capital benchmark set by the CBN ahead of schedule

Wema Bank Plc has announced the successful completion of its N150 billion rights issue, bringing it in line with the Central Bank of Nigeria’s (CBN) recapitalisation mandate for commercial banks with national authorisation.

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According to a statement released by the bank, the rights issue opened on 14 April 2025 and closed on 21 May 2025, receiving the formal approvals of both the CBN and the Securities and Exchange Commission (SEC).

The rights issue forms part of Wema Bank’s strategic response to the CBN’s directive for banks to increase their capital base in line with revised requirements.

With its completion and subsequent regulatory approvals, Wema Bank has now surpassed the N200 billion minimum capital threshold well ahead of the 2026 deadline.

“Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” said Moruf Oseni, MD/CEO of Wema Bank.

In addition to the rights issue, Wema Bank recently concluded a N50 billion private placement, which is currently awaiting regulatory review.

Combined, these capital-raising initiatives have significantly strengthened the bank’s capital base, improved its shock-absorption capacity, and positioned it for long-term growth.

“As a growth-driven Bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence,” Oseni added.

The statement noted that the combined capital injection provides Wema Bank with:

A robust prudential position

Greater resilience to economic shocks

A solid foundation for sustainable growth and innovation

It also highlighted the continued confidence of investors and stakeholders in the bank’s governance structure, financial performance, and strategic direction.

The CBN’s recapitalisation policy, announced earlier in 2024, aims to bolster the financial strength and stability of Nigerian banks.

Banks with national licences are required to achieve a N200 billion minimum capital base by 2026.

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Wema Bank’s early compliance not only places it among the industry’s front-runners but also reflects its proactive financial strategy and ability to mobilise shareholder support in a competitive market.