Recapitalisation: Wema Bank gets approval for N40bn rights issue
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.