Lagos: Wema Bank Plc has successfully completed the second tranche of its N50 billion capital raise through a fully subscribed private placement. This recent development follows the earlier conclusion of a N150 billion Rights Issue in September, bringing the bank’s total qualifying capital to N264.87 billion.
According to News Agency of Nigeria, this figure surpasses the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for commercial banks with national authorization. In a statement, Wema Bank noted that it had obtained all necessary regulatory approvals for the new capital injection, marking a significant achievement in its ongoing capital management program.
The capital raise is designed to strengthen the bank’s balance sheet, enhance liquidity, and ensure compliance with the revised capital requirements set by the CBN, while also supporting future growth and expansion initiatives. Wema Bank’s Managing Director and Chief Executive Officer, Mr. Moruf Oseni, highlighted the importance of this development in the bank’s growth strategy.
Mr. Oseni expressed satisfaction with the receipt of all required regulatory approvals for the N50 billion special placement. He emphasized that this milestone is crucial in reinforcing Wema Bank’s capital base, improving liquidity, and positioning the institution to seize emerging opportunities for sustained growth. He also acknowledged the ongoing support and confidence of shareholders, regulators, and customers in the bank’s growth agenda.
The funds generated from this capital raise are intended to accelerate Wema Bank’s digital transformation efforts, broaden its retail, SME, and corporate banking segments, and increase lending to key productive sectors of the Nigerian economy. Additionally, the bank aims to use the capital to support continued investments in technology and human capital development, thereby enhancing operational efficiency and service quality.
Wema Bank reiterated its commitment to delivering superior value to shareholders, empowering customers through innovative financial solutions, and contributing to Nigeria’s economic growth and financial inclusion goals.