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Wema Bank Eyes Further Share Sale After Raising N40bn, Plans Loans Boost

by Leadership News
2 years ago
in Business
Wema Bank
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Wema Bank, the first Nigerian bank to raise capital this year, plans a share sale or public offer to further strengthen its position ahead of an upcoming industry recapitalisation order.

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This move comes after Wema successfully raised N40 billion ($50.7 million) this month, boosting its shareholder funds to N160 billion ($202.79 million). The share sale is expected to close on December 29th.

Wema’s plans align with the Central Bank of Nigeria’s recent directive requiring banks to raise capital to support economic expansion, Reuters reported.

“Depending on the capital order, we can decide to do a special placement or a public offer,” said Wema’s chief finance officer, Tunde Mabawonku.

With the additional capital, Wema’s capital adequacy ratio is expected to reach 20% by the end of the year, up from 16% in September. Its pre-tax profit is projected to more than double to 75 billion naira ($95.1 million) next year, compared to 30 billion naira this year.

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The bank also anticipates loan growth of 60% next year, fueled by the increased capital and despite a challenging currency devaluation environment.

“With more capital, our limit on lending is enhanced so we would be able to (boost loans),” Mabawonku said.

Wema’s proactive approach to capital raising and its ambitious growth plans signal confidence in the Nigerian economy despite current headwinds. This move could position the bank for a stronger future as the industry prepares for a capital injection.


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