Wema Bank Exceeds Regulatory Capital Requirement After Successful ₦150 Billion Rights Issue
Wema Bank, a pioneering Nigerian financial institution renowned for launching ALAT, Africa’s first fully digital bank, has announced the successful completion of its ₦150 billion Rights Issue. This achievement, following approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission, ensures the bank meets the revised regulatory capital requirements.
A Strategic Move for Growth and Compliance
The Rights Issue, which commenced on April 14th, 2025, and concluded on May 21st, 2025, was strategically undertaken to align with the CBN’s directive regarding the recapitalization of Nigerian banks. With the completion of the exercise and subsequent regulatory approvals, Wema Bank’s total qualifying capital has risen to ₦217 billion, surpassing the ₦200 billion threshold mandated for commercial banks with national authorization. The Rights Issue was oversubscribed, signifying strong investor confidence in the bank’s future. Furthermore, Wema Bank also has a pending N50 billion special placement awaiting regulatory review. The bank is now well-positioned to support further financial intermediation and is committed to addressing any regulatory matters.
In conclusion, the successful completion of the Rights Issue marks a significant milestone for Wema Bank. This move not only ensures compliance with regulatory requirements but also strengthens the bank’s capacity to provide financial services and contribute to the growth of the Nigerian economy.
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