Wema Bank Plc said it has received approval from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) for the successful completion of its N150 billion rights issue.
The bank announced this in a statement seen by Pinnacle Daily on Thursday, September 11.
The offer, which opened on April 14 this year and closed on May 21, was undertaken to meet the CBN recapitalisation requirements for all Nigerian banks.
“With the successful completion and regulatory approval, Wema Bank has now met the ₦200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank stated.
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Besides the rights issue, Wema Bank recently concluded a ₦50 billion private placement, awaiting regulatory reviews.
“This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth,” it said.
Pinnacle Daily reports that CBN has mandated all deposit money banks to raise their capital base within a 24-month window that will end in March 2026.
Banks with international exposure are to raise their minimum capital requirement to N500 billion, N200 billion for national banks, and N50 billion for regional banks.
The policy is to strengthen the financial system ahead of Nigeria’s dream of achieving a $1 trillion economy by 2030.
Commenting, the Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, said the bank is committed to delivering the best value as it continues its growth journey.
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“As a growth-driven Bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders.
“We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank,” Oseni said.
The bank stated further that the conclusion of the capital-raising initiatives reinforces its prudential position and provides a solid foundation for long-term stability.
It also reflects the continued confidence of stakeholders in its governance, financial performance, and strategic direction.
“Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the Bank is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders,” the bank added.
Pinnacle Daily earlier reported that the CBN Governor, Olayemi Cardoso, at the apex bank’s July monetary policy committee (MPC) meeting, hinted that only eight banks have fully met the recapitalisation requirements.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
