Wema Bank has exceeded the Central Bank of Nigeria’s (CBN) capital requirement for industrial banks with nationwide authorization, following the profitable completion of its N150 billion rights problem.
This strategic monetary transfer positions the bank effectively forward of the March 2026 deadline set by the CBN’s newest recapitalization framework.
In an announcement launched on Thursday, Wema Bank confirmed that its whole qualifying capital now stands at a powerful N214.7 billion, effectively above the mandated N200 billion threshold.
Reflection of Strong Monetary Well being
This achievement not solely displays the bank’s sturdy monetary well being but additionally underscores its proactive strategy to regulatory compliance and long-term progress.
The rights problem, which opened on April 14, 2025, and closed on Could 21, 2025, was initiated in direct response to the CBN’s directive geared toward strengthening the Nigerian banking sector.
“This rights problem was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the profitable completion and regulatory approval, Wema Bank has now met the N200 billion minimal capital requirement relevant to industrial banks with nationwide authorisation,” the bank’s assertion said.
Along with the rights problem, Wema Bank has concluded a N50 billion particular placement, which is at the moment awaiting regulatory approval. This extra capital injection additional reinforces the bank’s dedication to sustaining a robust capital base and supporting its strategic growth initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Government Officer, Moruf Oseni, expressed confidence within the bank’s trajectory and the belief it enjoys from stakeholders.
“As a growth-driven bank, the business recapitalisation requirement got here as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark forward of the 2026 deadline not solely reinforces our robust monetary standing as a bank, but additionally attests to the mutual belief and confidence that exists between Wema Bank and its shareholders,” Oseni mentioned.
What You Ought to Know
- Earlier in Could, Wema Bank had introduced its intention to boost a further N50 billion via a personal placement as a part of its broader technique to satisfy and exceed the CBN’s capital necessities.
- At its Annual Basic Assembly (AGM), held electronically on Could 22, 2025, shareholders formally adopted a decision to safe this extra capital, signaling robust help for the bank’s progress agenda.
- Underneath the CBN’s recapitalization framework, industrial banks with worldwide authorization are required to take care of a minimal capital base of N500 billion, whereas these with nationwide authorization, corresponding to Wema Bank, should meet a N200 billion threshold. Wema Bank’s swift and strategic response to those necessities highlights its resilience and forward-thinking management in Nigeria’s evolving monetary panorama.
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