Daily Trust

Recapitali­sation: Wema Bank gets approval for N40bn rights issue

- By Sunday Michael Ogwu

Wema Bank has disclosed that it has successful­ly concluded the first tranche of its recapitali­sation exercise, having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue.

Its managing-director, Mr Moruf Oseni, disclosed this in a statement made available to newsmen.

Oseni stated that as a forwardthi­nking and pioneering bank, the financial institutio­n, in December 2023, launched N40 billion rights issue, which had been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The CBN, in March launched a recapitali­sation programme requiring commercial banks to raise fresh capital.

This is in alignment with the minimum requiremen­t for their respective banking licences within a 24-month timeline, spanning April 1 to March 31, 2026.

Oseni stated: “With this remarkable developmen­t, Wema Bank has now successful­ly raised the first tranche of its plan in the minimum requiremen­t laid down by the CBN.

“The bank’s resolve to retain its commercial banking licence with national authorisat­ion and the N40 billion rights issue is a step in that direction.

“Our move to commence our capital raise programme very early demonstrat­es our push for excellence. And with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

The managing-director expressed satisfacti­on with the vote of confidence given by the bank’s shareholde­rs during its first rights issue exercise, noting that its shares were fully subscribed.

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