Wema Bank Secures CBN, SEC Approval for N150bn Rights Issue, Surpasses N200bn Capital Requirement
Wema Bank Plc has received regulatory approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for its N150 billion rights issue, marking a significant milestone in the bank’s recapitalisation efforts. The rights issue, which opened on April 14, 2025, was successfully concluded on May 21, 2025, positioning the bank to meet Nigeria’s minimum capital requirement for commercial banks with national authorization.
The recapitalisation initiative comes in response to the CBN’s directive for banks to strengthen their capital base, ensuring financial stability and resilience. With the successful rights issue, Wema Bank has surpassed the N200 billion threshold ahead of the 2026 deadline, reinforcing its status as a financially robust institution ready to support economic growth.
In addition to the rights issue, Wema Bank recently completed a N50 billion private placement, which is currently under regulatory review. Together, these capital-raising measures push the bank’s total capital above the regulatory benchmark, enhancing its ability to absorb shocks, safeguard deposits, and support long-term growth strategies.
Commenting on the achievement, Wema Bank’s MD/CEO, Moruf Oseni, highlighted the significance of meeting the capital requirement ahead of schedule. He emphasized that the accomplishment reflects strong shareholder trust and confidence, stating, “Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline reinforces our financial strength and demonstrates our commitment to delivering optimum value to every shareholder and stakeholder.”
Oseni further noted that the completion of these initiatives strengthens the bank’s prudential position and provides a solid foundation for sustained stability. The milestone also signals continued investor confidence in Wema Bank’s governance, strategic direction, and long-term financial performance, setting the stage for further growth in Nigeria’s competitive banking sector.
source: leadership