Wema Bank Successfully Concludes First Leg Of Capital Raise

Wema Bank Successfully Concludes First Leg Of Capital Raise....KINDLY READ THE FULL STORY HERE▶

Wema Bank has successfully completed the first phase of its recapitalization effort by raising N40 billion through a Rights Issue, following approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). This initiative, launched in December 2023, aligns with the CBN’s recapitalization program requiring banks to bolster their capital base within a 24-month period starting April 1, 2024.

Managing Director and CEO, Moruf Oseni, emphasized Wema Bank’s commitment to maintaining its Commercial Banking license with National Authorization. He highlighted the bank’s early commencement of the Capital Raise Program and its strong focus on digital innovation, anticipating further successes in the months ahead.

Oseni expressed satisfaction with the shareholder response to the Rights Issue, noting full subscription and shareholder approval at the 2023 Annual General Meeting to raise an additional N150 billion, aiming to meet CBN’s capitalization requirements within 12-18 months. Wema Bank’s recent upgrade in corporate ratings by Agusto and Co to BBB+ and retention of BBB by Fitch underscore its improving financial performance and strategic positioning in Nigeria’s digital banking landscape.

Looking forward, Wema Bank aims not only to strengthen its market presence but also to play a pivotal role in advancing the Nigerian financial services sector.

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