Wema Bank to Conclude N200 Billion Capital Raise Ahead of CBN Recapitalization Deadline

Wema Bank to Conclude N200 Billion Capital Raise Ahead of CBN Recapitalization Deadline

Wema Bank, Nigeria’s foremost innovative financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has announced plans to complete its capital raise exercise with a N200 billion Rights Issue and Special Placement initiative. The exercise, which begins on April 1, 2025, is aimed at meeting and surpassing the Central Bank of Nigeria’s (CBN) recapitalization requirement for national banking authorization.

This marks the second and final tranche of Wema Bank’s capital raise efforts, following the successful conclusion of a N40 billion Rights Issue in December 2023. That initiative, approved by the CBN and the Securities and Exchange Commission (SEC) in 2024, covered over 30% of the CBN’s target.

With the additional N200 billion to be raised, Wema Bank is well-positioned to exceed the minimum capital requirement well ahead of the March 31, 2026, deadline set by the CBN.

Moruf Oseni, Wema Bank’s Managing Director/CEO, expressed confidence in the success of the upcoming exercise, stating, “We stand strong today not only as Nigeria’s oldest indigenous bank but also as the country’s leading innovative bank. As Wema Bank turns 80 this year, we are more driven than ever to excel and build a formidable force in the African financial services landscape. This capital raise represents a pivotal moment in our history, and we are fully committed to delivering value to our stakeholders.”

Oseni assured shareholders of the bank’s dedication to transparency throughout the process, adding, “We will provide regular updates and ensure all stakeholders are kept informed. This capital raise is a win-win for everyone involved, and we remain steadfast in our commitment to exceeding your expectations.”

Wema Bank’s commitment to regulatory compliance and transparency has been central to its operations, with all necessary approvals being sought to ensure the capital raise adheres to relevant guidelines.

As the bank finalizes its recapitalization efforts, it continues to solidify its reputation as a forward-thinking financial institution, prepared to scale new heights in Nigeria and across Africa.