Wema Bank Plc, one of Nigeria’s oldest commercial banks, plans to seek shareholders’ approval to raise N200 billion in capital at its upcoming annual general meeting (AGM) scheduled for May 28, 2024. The bank aims to meet regulatory capital requirements and fulfill its business objectives through various means such as public offers, rights issues, and private placements.
Additionally, the bank intends to increase its issued paid-up share capital from N6.429 billion to N25 billion by creating an additional 37.14 billion ordinary shares, each valued at 50 kobo. This move is aimed at strengthening the bank’s financial position and ensuring compliance with regulatory directives.
At the AGM, shareholders will consider and pass special resolutions, including authorizing the directors to offer unsubscribed shares to existing shareholders, allotting ordinary and preference shares, and taking necessary measures to comply with Central Bank of Nigeria recapitalization directives. The directors will also be authorized to appoint professional parties and advisers to facilitate the implementation of these resolutions.