Mid-level Nigerian lender, Wema Bank Plc, has set its eyes on expanding its market presence and supporting the government in achieving its $1 trillion economy by 2030.
In a statement, the financial institution said it hopes to achieve these and others through its recently recapitalisation exercise, which saw its capital base rise to about N265 billion, well above the N200 billion-threshold set by the Central Bank of Nigeria (CBN) for its category of licence.
Wema Bank operates with a national licence, and based on the regulator’s requirement, the capital base must be at least N200 billion.
Before the March 31, 2026-deadline set be the CBN, banks were required to have at least N25 billion, but to meet up with the 2030 target of the federal government, this threshold was raised, with banks operating branches out the country asked to have at least N500 billion, while regional banks were told to have a minimum of N50 billion.
To comply with the new directive, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors.
Its N150 billion rights issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey. This was subsequently complemented by a N50 billion special placement later in the year, ensuring the bank not only met but exceeded the regulatory threshold well ahead of schedule.
“The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision.
“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.
“Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments.
“This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank,” the bank executive further stated.