• 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 Secures Regulatory Approvals On N40bn Rights Issues

by Bukola Idowu
1 year ago
in Business
wema bank
Share on WhatsAppShare on FacebookShare on XTelegram

After concluding the  1st tranche of its Capital Raise Programme, Wema Bank Plc has  successfully secured regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

Advertisement

With this, the banks have successfully   concluded   the   first   tranche   of   its   recapitalisation exercise having secured all relevant regulatory approvals.

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 is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

Hence, Wema  Bank  in  December   2023  launched  a N40billion Rights issue which has now been approved by CBN and the Securities   and   Exchange   Commission   (SEC).

RELATED

Flight Cancellation: NCAA Launches Complaints Automation Portal

NCAA Launches First SERVICOM Integrated Service Charter

18 hours ago
Equities Market Extends Rebound With N204bn Gain

Equities Market Extends Rebound With N204bn Gain

18 hours ago
ADVERTISEMENT

In   a  statement  made  to   the  public  by  the   Bank,  Wema  Bank’s   managing director and CEO, Moruf  Oseni,  said, the bank’s resolve in retaining its  Commercial Banking licence with National Authorisation, adding that the N40 billion Rights Issue is 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.

“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 N150 billion to meet the capitalisation threshold set by the CBN.

ADVERTISEMENT

“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 pointed out.

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.

 

 


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 Plc
SendShare10188Tweet6367Share
ADVERTISEMENT
Previous Post

Geoscience Data: Expert Trains SMDF Staff, Others On Remote Sensing Imagery

Next Post

DoGAS Platform To Expand Nigeria’s Gas Policy Experience

Bukola Idowu

Bukola Idowu

You May Like

Flight Cancellation: NCAA Launches Complaints Automation Portal
Business

NCAA Launches First SERVICOM Integrated Service Charter

2025/08/27
Equities Market Extends Rebound With N204bn Gain
Business

Equities Market Extends Rebound With N204bn Gain

2025/08/27
State Of Emergency In Rivers: Way Forward
Business

Tinubu Bans Raw Shea Export For Six Months, Eyes $300m Revenue Boost

2025/08/27
Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu
Business

Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu

2025/08/27
Renaissance Energy Africa Reaffirms Commitment To Safety Operations
Business

Renaissance Energy Africa Reaffirms Commitment To Safety Operations

2025/08/27
Dangote Cement Records Impressive Topline Growth, Sustains Profitability
Business

Dangote Cement Urges Multi-sector Collaboration To Combat Youth Unemployment

2025/08/27
Leadership Conference advertisement

LATEST

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

Bayern Defeat Wiesbaden 3-2 In Dramatic German Cup Clash

African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

BBN S10: ‘That’s Me 100%,’ Gigi Jasmine Defends Frequent Teary Eyes

Tinubu Departs Brazil En Route Abuja

Tennis Scoring System

JUST-IN: Davido, Rema, Others Top As AFRIMA Releases 2025 Nominations List

Federal Gov’t Orders Shutdown Of Illegal Gold Mining Site In Gwagwalada

Niger Delta People Live On $2 Daily Despite $1trn Oil Revenue — INC

BBNaija10: Dede, Kola Spark Intimacy Rumours After Late-night Moment

© 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.