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By Chinwendu Obienyi
Nigeria’s banking industry’s recapitalisation drive, yesterday, received a significant boost as Wema Bank announced it has surpassed the Central Bank of Nigeria’s (CBN) minimum capital requirement, trimming the overall sector shortfall to N583.4 billion.
Wema Bank, which operates under a national licence, confirmed that it successfully raised N150 billion through a rights issue and an additional N50 billion via a private placement.
The fresh injection of funds raised its qualifying capital to N214.7 billion, comfortably exceeding the N200 billion threshold mandated by the CBN for national banks.
This achievement positions Wema among the growing list of lenders that have met the apex bank’s recapitalisation directive, which requires all deposit money banks to shore up their minimum share capital by March 31, 2026. For commercial banks with international authorisation, the CBN set a minimum benchmark of N500 billion, while those with national and regional licences are required to meet N200 billion and N50 billion respectively.
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“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,” Oseni said.
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The development narrows the sector-wide capital shortfall, which earlier stood at over N783.4 billion, to N583.4 billion.
This reduction follows recent progress by other lenders, including Access Holdings, Zenith Bank and Guaranty Trust Holding Company (GTCO), all of which have already crossed the N500 billion international benchmark. Stanbic IBTC and Ecobank Nigeria have also been confirmed to have met their obligations.
However, some tier-1 and mid-tier lenders remain in the market for additional capital. United Bank for Africa (UBA), First Bank Holding Company, FCMB Group, Fidelity Bank and Sterling Bank are still executing rights issues, public offers, or private placements to bridge their gaps. Collectively, these institutions account for the remaining N583.4 billion shortfall.
According to industry analysts, the pace of fundraising activity will intensify in the coming months as the March 2026 deadline draws nearer.
“The banks that have met the target are setting the benchmark for others. We expect more issuances and strategic partnerships as lenders race to comply, especially given the need to maintain investor confidence and regulatory goodwill”, they said.
The recapitalisation exercise is the largest in Nigeria’s banking history since the 2005 consolidation. The CBN has consistently argued that stronger capital buffers are necessary to strengthen financial stability, enhance the capacity of lenders to finance large-ticket transactions, and safeguard the banking system against external shocks.
With Wema Bank’s milestone and the reduction in the overall shortfall, the recapitalisation race is entering a decisive phase. For industry watchers, the next six months will be critical in determining which banks emerge stronger in Nigeria’s evolving financial landscape.
