Wema Bank Plc has successfully completed the second tranche of its N50 billion capital raise through a fully subscribed private placement, marking a major step in its capital management programme.
The latest exercise follows the earlier conclusion of a N150 billion Rights Issue in September, which brought the bank’s total qualifying capital to N264.87 billion. This figure now surpasses the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for commercial banks with national authorisation.
In a statement issued on Thursday, Wema Bank confirmed that it had secured all requisite regulatory approvals for the new capital injection. The bank described the achievement as a significant milestone in its ongoing efforts to strengthen its financial position, enhance liquidity, and ensure compliance with the CBN’s revised capital requirements.
According to the statement, the capital raise forms part of a broader plan aimed at supporting Wema Bank’s future growth and expansion strategies, while ensuring a solid balance sheet and sustainable performance.
Wema Bank’s Managing Director and Chief Executive Officer, Mr Moruf Oseni, said the approval reflected another major step in the institution’s growth journey.
“We are delighted to have received all necessary regulatory approvals for our N50 billion special placement,” Oseni said. “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.”
He expressed appreciation to shareholders, regulators, and customers for their continued confidence and support. “We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda,” he added.
Oseni further stated that the proceeds from the capital raise would 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 said.
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 goals.