Wema Bank announces plans to raise N200 billion via Rights Issue and Special Placement to meet CBN’s recapitalisation requirement

[dropcap]W[/dropcap]ema Bank, Nigeria’s innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced plans to raise N200 billion through a combination of Rights Issue and Special Placement.

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This marks the second and final tranche of its capital-raising efforts, following the successful completion of a N40 billion Rights Issue in 2024.

The initiative ensures the bank will surpass the Central Bank of Nigeria’s (CBN) minimum recapitalisation requirement ahead of the March 31, 2026 deadline.

The final phase, set to commence on April 1, 2025, reaffirms Wema Bank’s proactive and strategic approach to maintaining its national banking license.

The first tranche, launched in December 2023, received approvals from the CBN and the Securities and Exchange Commission (SEC), allowing the bank to meet over 30% of the N200 billion target.

Wema Bank’s MD/CEO, Moruf Oseni, expressed confidence in the success of this upcoming phase. He stated, “We stand strong today not just as Nigeria’s oldest indigenous bank but also as its leading innovative bank.

At 80 years, Wema Bank has never been more driven to excel. Our team of determined professionals is committed to achieving our strategic aspirations and transforming Wema Bank into a formidable force in Africa’s financial services landscape.”

Oseni reassured shareholders of the bank’s dedication to transparency and exceeding their expectations. “This capital raise will be a win-win for us all. Your investment in Wema Bank will yield significant returns—this is our promise,” he added.

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Wema Bank has also reiterated its commitment to regulatory compliance, working closely with relevant authorities to ensure the Rights Issue and Special Placement exercise aligns with all applicable guidelines.