• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Wema Bank Concludes 1st Recapitalisation Move With N40bn Rights Issue

by Bukola Aro-Lambo
1 year ago
in Business
Wema Bank

Wema Bank MD/CEO, Moruf Oseni

Share on WhatsAppShare on FacebookShare on XTelegram

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first-fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

Advertisement

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licences, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme was to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

Wema Bank in December 2023 launched a N40bn Rights Issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Wema Bank Managing Director and CEO, Moruf Oseni, reiterated the Bank’s resolve in retaining its Commercial Banking licence with National Authorisation, adding that the N40bn Rights Issue was a step in that direction.

“We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.

RELATED

FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration

Ministry Launches Portal For Tracking Real Estate Fraudsters

21 minutes ago
Renewed Confidence In Aviation Sector Raises Local Airlines Participation – NCAA

Lagos, FCT, Rivers Generate 70% Of Aviation’s N215.6bn GDP Contribution

22 minutes ago
ADVERTISEMENT

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction,” he stated.

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Wema Bank
SendShare10197Tweet6373Share
ADVERTISEMENT
Previous Post

Tinubu To Observe Eid-El-Kabir In Lagos

Next Post

FRSC Deploys 743 Vehicles For Eid-El-Kabir Patrol

Bukola Aro-Lambo

Bukola Aro-Lambo

You May Like

FCT Town Planners Reaffirm Commitment To Abuja Master Plan Restoration
Business

Ministry Launches Portal For Tracking Real Estate Fraudsters

2025/08/28
Renewed Confidence In Aviation Sector Raises Local Airlines Participation – NCAA
Business

Lagos, FCT, Rivers Generate 70% Of Aviation’s N215.6bn GDP Contribution

2025/08/28
Air Peace Lauds Minister Over Installation Of Airfield Lighting On Lagos Airport
Business

Tinubu’s Brazil Visit Yielded Air Peace, Embraer MRO Agreement – Onyema

2025/08/28
Large-cap Stock Drives Local Bourse To N180bn Gains
Business

Bulls Lose Steam As Equities Market Dips By N325bn Amid Profit Booking

2025/08/28
Kogi Stakeholders Task Federal Gov’t On Ending Benue Killings
Business

Tinubu Promises Continued Support For Capital Market Reforms, Expansion

2025/08/28
Press Release – Response To Allegations Against Segilola Resources Operating Limited By Osun State Gov’t
Business

Segilola Resources Delivers Free Medical Services To Host Communities

2025/08/28
Leadership Conference advertisement

LATEST

NLC Tackles PenCom Over Failure To Constitute Governing Board

2027: Igbo Leaders Set Agenda for National Repositioning

Federal Gov’t To Boost Agro-Value Chain For Women Farmers

Filmmaker Urged ToHandle Social Issues With Truth, Sensitivity

Ministry Launches Portal For Tracking Real Estate Fraudsters

Lagos, FCT, Rivers Generate 70% Of Aviation’s N215.6bn GDP Contribution

Tinubu’s Brazil Visit Yielded Air Peace, Embraer MRO Agreement – Onyema

Bulls Lose Steam As Equities Market Dips By N325bn Amid Profit Booking

Kwara: Criminals Suffer Mass Casualties, Dozens Of Kidnap Victims Escape

Tinubu Promises Continued Support For Capital Market Reforms, Expansion

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.