Wema Bank Secures CBN, SEC Approvals for ₦150 Billion Rights Issue, Exceeds Regulatory Capital Target

Wema Bank Plc has successfully concluded its ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025. The exercise has now received official approval from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

This capital-raising move was initiated in response to the CBN’s directive mandating the recapitalization of Nigerian banks. With the Rights Issue now completed and fully approved by regulators, Wema Bank has met—and exceeded—the ₦200 billion minimum capital requirement for commercial banks with national licenses.

In a further boost to its capital base, the Bank also recently concluded a ₦50 billion Private Placement, which is currently undergoing regulatory review. Together, these efforts have elevated Wema Bank’s total capital beyond the required threshold, significantly enhancing its financial buffer, resilience, and capacity for long-term growth.

Commenting on the Bank’s proactive approach in meeting the capital requirement well before the 24-month deadline, Wema Bank’s Managing Director/CEO, Moruf Oseni, stated: “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 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. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

The conclusion of these capital-raising efforts strengthens Wema Bank’s prudential standing and provides a solid foundation for continued stability. It also signals sustained confidence from stakeholders in the Bank’s governance, financial health, and strategic direction.

Wema Bank remains committed to maintaining full regulatory compliance and sound risk management practices. With its now strengthened capital base, the Bank is well positioned to support its customers, contribute to the resilience of the Nigerian financial system, and deliver lasting value to its stakeholders.