Wema Bank has surpassed the Central Bank of Nigeria’s (CBN) minimum capital requirement for lenders with national licences after successfully raising 150 billion naira ($97 million) through a rights issue, the lender said on Thursday.

The fundraising lifts Wema’s qualifying capital to 214.7 billion naira, above the 200 billion naira threshold set by the CBN under its latest recapitalisation framework, which gives banks until March 2026 to comply.

“The rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria,” the bank said. “With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation.”

The offer opened on April 14 and closed on May 21. In addition, Wema has concluded a 50 billion naira special placement, pending regulatory approval, which would further strengthen its balance sheet.

Managing director and chief executive Moruf Oseni said the achievement underscored investor confidence and the bank’s long-term strategy.

“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence,” Oseni said. “Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing, but also attests to the mutual trust between Wema Bank and its shareholders.”

Under the recapitalisation plan announced in March, banks with international licences are required to maintain a minimum capital base of 500 billion naira, while those with national authorisation must hold at least 200 billion naira.