Wema Bank Surpasses Central Bank of Nigeria Recapitalisation Threshold, Retains National Banking Licence

Wema Bank Surpasses Central Bank of Nigeria Recapitalisation Threshold, Retains National Banking Licence

Wema Bank has successfully met and exceeded the recapitalisation requirements set by the Central Bank of Nigeria, securing its status as a national bank and reinforcing its financial strength within Nigeria’s banking sector.

The bank disclosed that it achieved a total qualifying capital of ₦264.7 billion, surpassing the ₦200 billion minimum threshold mandated for national banks under the recapitalisation framework introduced by the apex bank in 2024. The milestone was reached six months ahead of the regulatory deadline.

This followed the successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, both of which recorded strong participation from existing shareholders.

In April 2026, the Central Bank of Nigeria confirmed that Wema Bank was among 32 financial institutions that had fulfilled the recapitalisation requirements. Notably, the bank is one of only ten national banks that exceeded the stipulated capital base, thereby retaining its national banking licence.

Commenting on the development, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, described the achievement as a defining moment for the institution.

He said the successful capital raise validates the bank’s long-term strategy, operational performance, and the confidence reposed in it by shareholders and stakeholders.

According to him, the strengthened capital base positions the bank to expand its market presence, enhance access to credit, and deliver improved digital banking services, particularly through its flagship platform, ALAT.

The recapitalisation policy introduced by the Central Bank of Nigeria requires national banks to maintain a minimum capital base of ₦200 billion, as part of broader efforts to improve the resilience of financial institutions and support sustainable economic growth.

Wema Bank noted that its ability to meet the requirement largely through existing shareholders reflects strong investor confidence and a history of financial discipline since regaining its national banking licence in 2015.

With its enhanced capital position, the bank said it is now better equipped to support retail, small and medium-scale enterprises (SMEs), and corporate clients, while driving innovation and contributing more significantly to Nigeria’s economic development.

The bank added that the milestone marks the beginning of a new growth phase focused on scale, innovation, and long-term value creation for stakeholders.