Wema Bank Plc has announced plans to raise N150 billion through a Rights Issue of 14.29 billion ordinary shares at N10.45 per share as part of its capital expansion programme in line with the Central Bank of Nigeria’s recapitalization directive.
The Rights Issue will open on April 14, 2025 while eligible shareholders will be offered two new ordinary shares for every three ordinary shares already held at a nominal value of 50 kobo per share.
The Board of Wema Bank stated that the capital raise will strengthen the Bank’s balance sheet and reinforce its ambition of becoming a Systematically Important Bank within the Nigerian financial sector.
The proceeds are expected to support the Bank’s strategic growth plans with a particular focus on SME lending, retail expansion, corporate banking and commercial lending.
In addition to capital growth, part of the funds will be used to enhance Wema Bank’s digital infrastructure, including the further development of ALAT, the Bank’s digital banking platform.
Management has said that ALAT will continue to play an important role in expanding access to financial services for Nigeria’s young and technology-driven population.
The Board noted that the Rights Issue marks a critical milestone in Wema Bank’s growth trajectory and urged shareholders to exercise their rights in full.
The Bank emphasised that participation in the offer presents an opportunity for shareholders to consolidate their equity positions and support the long-term objectives of the institution.
Shareholders may accept, trade, or renounce their rights in accordance with the instructions provided in the provisional allotment letter.
The transaction is also available through the NGX Invest platform at www.invest.ngxgroup.com to encourage seamless participation.
Greenwich Merchant Bank Limited, GTI Capital Limited, Qualinvest Capital Limited and Raddix Capital have been appointed as the Issuing Houses to the transaction.
Wema Bank joins other commercial banks responding to the CBN’s recapitalization requirement aimed at strengthening the Nigerian banking sector and improving its capacity to support economic growth.
