Wema Bank completes N50bn capital raise, exceeds regulatory requirement
Wema Bank completes N50bn capital raise, exceeds regulatory requirement
Wema Bank Plc has completed its second tranche of its N50 billion capital raise through a fully subscribed private placement.
The latest round follows the earlier conclusion of a N150 billion Rights Issue in September, bringing the bank’s total qualifying capital to N264.87 billion.
The Voice Media Trust (VMT NEWS) reports that the figure is above the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for commercial banks with national authorisation.
In a statement on Thursday, the bank said it had secured all requisite regulatory approvals for the fresh capital injection, describing the development as a major milestone in its ongoing capital management programme.
The exercise aims at strengthening the bank’s balance sheet, enhancing liquidity, and ensuring compliance with the CBN’s revised capital requirements while supporting future growth and expansion plans.
Wema Bank’s Managing Director and Chief Executive Officer, Mr Moruf Oseni, said the approval signified another important step in the bank’s growth trajectory.
“We are delighted to have received all necessary regulatory approvals for our N50 billion special placement.
“This marks another major step in our strategy to strengthen Wema Bank’s capital base, enhance liquidity, and position the institution to pursue emerging opportunities for sustained growth.
“We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda,” Oseni said.
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He further said that the proceeds from the capital raise would be used to accelerate Wema Bank’s digital transformation drive, expand its retail, SME and corporate banking segments, and boost lending to key productive sectors of the Nigerian economy.
“It will also support ongoing investments in technology and human capital development, further strengthening operational efficiency and service excellence,” he added.
The bank reaffirmed its commitment to delivering superior value to shareholders, empowering customers through innovative financial solutions, and contributing to Nigeria’s economic growth and financial inclusion objectives.
