Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first digital bank, ALAT, has announced plans to raise N200 billion through a combination of a Rights Issue and Special Placement. This second tranche, set to commence on April 1, 2025, marks the final step in the Bank’s recapitalisation journey to exceed the Central Bank of Nigeria’s (CBN) minimum capital requirement for national banking authorisation.
In a proactive approach, Wema Bank had launched its recapitalisation efforts well in advance of the CBN’s directive. The first tranche, a N40 billion Rights Issue approved by the CBN and the Securities and Exchange Commission (SEC) in 2024, was successfully completed, covering over 30% of the targeted N200 billion.
“We stand strong today not just as Nigeria’s oldest indigenous bank but also as its leading innovative bank,” remarked Moruf Oseni, Managing Director and CEO of Wema Bank. “Wema Bank turns 80 this year, and I can safely tell you that we have never been more driven to excel. I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations.”
Oseni expressed confidence in the success of the upcoming Rights Issue and emphasised the Bank’s unwavering commitment to transparency. “We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders. This capital raise will be a win-win for us all. You can trust, as always, that your investment in Wema Bank will produce exceeding returns. This is our promise to you,” he assured.
With the CBN recapitalisation deadline set for March 31, 2026, Wema Bank is on track to surpass the regulatory requirements well ahead of schedule. The Bank is also working closely with regulatory authorities to ensure the process adheres to all guidelines, reaffirming its commitment to excellence, compliance, and stakeholder trust.
As Wema Bank forges ahead, this capital raise initiative underscores its ambition to remain a formidable force in the African financial services landscape, securing its position as a leader in innovation and customer-centric banking.
