Wema Bank unveils final tranche of capital raise exercise

To raise additional N200bn to meet CBN recapitalisation requirement

Wema Bank has announced plans to complete its capital raise exercise through a combination of a Rights issue and Special placement exercise, aimed at raising N200 billion in fresh capital.

The exercise, set to commence on April 1, 2025, marks the second and final tranche of the Bank’s capital raise initiative.

The move is designed to ensure Wema Bank surpasses the Central Bank of Nigeria’s (CBN) minimum requirement for national banking authorisation.

The Bank had previously raised N40 billion in the first tranche of its capital raise exercise, launched in December 2023.

Wema Bank’s Managing Director/CEO, Moruf Oseni, expressed confidence in the outcome of the upcoming rights issue, assuring shareholders and stakeholders of a successful conclusion to the capital raise program.

“We stand strong today, not just as Nigeria’s oldest indigenous bank, but also as Nigeria’s leading innovative bank. We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward.”

The capital raise exercise is expected to be completed ahead of the CBN’s recapitalisation deadline of March 31, 2026, ensuring Wema Bank retains its national banking license.

The Bank also indicates it’s resolve to secure all necessary approvals from relevant regulatory authorities to ensure the process is conducted in full compliance with applicable guidelines.