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Wema Bank Plc, says it has successfully concluded its N50 billion special placement which was fully subscribed by investors, marking the completion of the second tranche of its capital-raising programme.
It added that the special placement has lifted the bank’s qualifying capital to N264.87 billion, well above the Central Bank of Nigeria’s (CBN) N200 billion requirement for commercial banks with national authorisation.
A statement by the bank confirmed that it has received all requisite regulatory approvals for the N50 billion private placement, following the earlier N150 billion rights issue concluded in September.
The latest capital injection, according to the bank, reinforces its balance sheet strength, supports expansion plans, and ensures full compliance with the apex bank’s revised capital framework.
Speaking on the milestone, Mr. Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, described the development as a vote of confidence from investors and a testament to the bank’s strategic direction.
“We are delighted to have received all necessary regulatory approvals for our N50 billion special placement,” Oseni said. “This marks another major step in our strategy to strengthen Wema Bank’s capital base, enhance liquidity, and position the institution to pursue emerging opportunities for sustained growth. We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda.”
The proceeds from the capital raise, Oseni added, will be deployed to accelerate Wema Bank’s digital transformation, deepen penetration across retail, SME, and corporate segments, and boost lending to key productive sectors of the economy. The funding will also support ongoing investments in technology, innovation, and human capital, ensuring greater operational efficiency and improved customer experience.
With this achievement, Wema Bank has further exceeded the CBN’s regulatory threshold, positioning itself as one of the best-capitalized banks in the country’s tier-two segment.
Industry analysts say the success of the capital raise reflects renewed investor confidence in the bank’s long-term strategy and its leading role in digital banking through ALAT, Africa’s first fully digital bank.
Oseni reaffirmed Wema Bank’s commitment to delivering value across all stakeholder groups.
“Our focus remains on sustainable growth, customer empowerment, and contributing meaningfully to Nigeria’s economic development and financial inclusion objectives,” he said.
Founded over seven decades ago, Wema Bank has evolved into one of Nigeria’s most innovative financial institutions, leveraging technology to deliver efficient retail, SME and corporate banking solutions across a network of more than 160 branches nationwide.
