Wema Bank Plc has announced plans to complete its capital raise with a combination of a rights issue and a special placement exercise set to begin on April 1, 2025.
This follows the successful conclusion of the first tranche in which the bank raised N40 billion through a rights issue approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in 2023.
The initiative aims to generate N200 billion in fresh capital, the second and final tranche of the bank’s capital-raising program, Investors King reports.
The bank is hopeful that with over 30 percent of the CBN-mandated N200 billion already secured, it will surpass the CBN regulatory minimum capital requirement.
Confident in the program’s success, Wema Bank’s Chief Executive Officer, Moruf Oseni, said “We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel.
“I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations. Indeed, we are building Wema Bank into a formidable force in the African financial services landscape.
“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward. This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you,” Oseni said.