Wema Bank, Nigeria's pioneer of digital banking and creator of ALAT, has announced the final phase of its capital raise exercise to meet the Central Bank of Nigeria's (CBN) recapitalization requirements. The bank aims to generate N200 billion through a combination of a Rights Issue and Special Placement, scheduled to commence on April 1, 2025.
This marks the second and concluding tranche of Wema Bank's capital raising initiative, building on the N40 billion raised in its first tranche launched in December 2023. The effort reflects the bank's proactive approach, having already achieved over 30% of the CBN's N200 billion target.
Managing Director and CEO Moruf Oseni expressed confidence in the success of the exercise, emphasizing the bank's commitment to innovation, transparency, and stakeholder value creation. “As we celebrate our 80th anniversary, Wema Bank stands stronger than ever, driven by our team’s dedication to delivering exceptional results. This capital raise will solidify our position as a leading financial institution in Africa," Oseni stated.
Wema Bank is working to secure approvals from regulatory authorities, ensuring full compliance with guidelines and reaffirming its commitment to transparency. With a March 31, 2026 deadline for the CBN recapitalization exercise, the bank is set to exceed expectations well ahead of schedule, securing its national banking license and further strengthening its market position.
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