Wema Bank Completes ₦150 Billion Rights Issue, Secures CBN and SEC Approval, Exceeds Capital Requirement

Wema Bank has completed ₦150 Billion Rights Issue, secured CBN and SEC approval and also exceeded capital requirement.

NewsOnline Nigeria reports that Wema Bank Plc has announced the successful completion of its ₦150 billion Rights Issue, officially approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The capital-raising exercise, which opened on April 14 and closed on May 21, 2025, was oversubscribed, boosting the bank’s qualifying capital to ₦214.7 billion, surpassing the ₦200 billion minimum threshold for commercial banks with national authorization.

In addition to the Rights Issue, the bank concluded a ₦50 billion private placement, which is currently awaiting regulatory approval. Together, these initiatives significantly strengthen Wema Bank’s capital base, enhancing its resilience, growth potential, and capacity to meet regulatory demands well ahead of the CBN’s 2026 recapitalization deadline.

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Speaking on the milestone, Wema Bank’s Managing Director/CEO, Moruf Oseni, described the achievement as a reflection of the confidence shareholders and stakeholders have in the institution.

“Our success in surpassing the ₦200 billion benchmark ahead of the deadline not only reinforces our strong financial standing but also attests to the mutual trust between Wema Bank and its shareholders. We remain committed to delivering optimum value to all stakeholders,” Oseni said.

The bank emphasized that the capital injection provides a solid foundation for long-term stability, underpins its compliance with regulatory standards, and positions it to expand support for customers while contributing to the resilience of Nigeria’s financial system.