Wema Bank has surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization after successfully concluding its ₦150 billion rights issue.
This strategic financial move positions the bank well ahead of the March 2026 deadline set by the CBN’s latest recapitalization framework.
According to a statement released by Wema Bank, its total qualifying capital now stands at an impressive N214.7 billion, well above the mandated N200 billion threshold.
This achievement not only reflects the bank’s robust financial health but also underscores its proactive approach to regulatory compliance and long-term growth.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
Moruf Oseni, Wema Bank’s Managing Director and Chief Executive Officer, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
Oseni said, “As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders.”
