Lagos, Nigeria – September 11, 2025
Wema Bank Plc has successfully concluded its ₦150 billion Rights Issue, which commenced on April 14, 2025, and closed on May 21, 2025. The offer comprised 14,286,785,417 ordinary shares at ₦10.45 per share, issued on the basis of two new shares for every three held as of March 5, 2025. This initiative is part of the bank’s strategy to meet the Central Bank of Nigeria’s (CBN) recapitalisation directive for national commercial banks.
The Rights Issue was cleared and registered with the Securities and Exchange Commission (SEC) before the exercise commenced. The proceeds are intended to reinforce the bank’s balance sheet, enhance digital infrastructure, and expand its lending capacity, particularly to the Small and Medium Enterprise (SME) sector.
In addition to the Rights Issue, Wema Bank has announced plans to raise an additional ₦50 billion through a private placement. This move, approved by shareholders at the Annual General Meeting on May 22, 2025, is aimed at further strengthening the bank’s capital base to meet the CBN’s minimum capital requirement for national banks.
As of the latest reports, Wema Bank’s total qualifying capital is expected to exceed ₦210 billion, surpassing the CBN’s ₦200 billion minimum capital requirement for national commercial banks. However, final verification by the CBN is still pending.
