CBN and SEC Approve Wema Bank’s ₦150bn Rights Issue, Pushing Capital Above Regulatory Threshold

Wema Bank Plc has received the green light from both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its ₦150 billion rights issue, marking a significant milestone in the bank’s recapitalisation drive. The offer, which opened on April 14 and closed on May 21, 2025, was part of a broader effort to comply with the CBN’s directive on strengthening the capital base of Nigerian banks.

With the successful completion and regulatory approval of the rights issue, Wema Bank has now surpassed the ₦200 billion minimum capital requirement set for commercial banks with national authorisation. The move underscores the bank’s proactive approach to meeting the recapitalisation mandate well ahead of the 24-month deadline imposed by regulators.

In addition to the rights issue, Wema Bank has also wrapped up a ₦50 billion private placement, which is currently awaiting regulatory clearance. This additional funding raises the bank’s total capital base even further, enhancing its ability to absorb shocks, maintain stability, and pursue sustainable growth in Nigeria’s competitive banking landscape.

Speaking on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the recapitalisation was embraced as a “welcome mission” by the growth-driven bank. “Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” he stated.

Industry analysts say the conclusion of these capital-raising initiatives reinforces Wema Bank’s prudential position and highlights stakeholder confidence in its governance, financial performance, and strategic direction. For customers and shareholders alike, the bank’s strengthened capital base signals improved stability, more competitive offerings, and a firmer foundation for long-term growth.

source: leadership