• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, October 21, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Wema Bank’s N40bn Rights Issue Opens August

by Olushola Bello
3 years ago
in Business
wema bank
Share on WhatsAppShare on FacebookShare on XTelegram

Wema Bank Plc has said it has concluded plans to begin its N40 billion rights issue to the existing shareholders of the bank in August.

Advertisement

Wema Bank got shareholders nod at an Extraordinary General Meeting (EGM) to raise capital of up to N40 billion by way of a rights issue to the existing shareholders of the bank by issuing two new shares for every three shares held in the reconstructed capital of the bank.

The chief finance officer of the bank, Mr. Tunde Mabawonku told who made this known said that the plan was to start engagement in June and open the process formally in August.

Advertisement

Mabawonku noted that the bank will utilise the raised capital to drive growth phase for the bank and accelerate improvements in the share price, deepen value creation, increase credit creation, increase digital play with technology acquisition and increase geographic expansion.

“Others include deploy one stop digital platform to strengthen digital play for the bank, increased customer acquisition and retention in the youth, SME and financial excluded segments and include valuation of financial services business because of improved size,” he said.

Mabawonku noted that ALAT, the bank’s flagship digital banking solution, continues to deliver results and recently won the Best Digital Bank of the Year Award’ 2021 adding that the transaction value grew by 106 per cent to N1.46 billion in 2021 from N709.804 million recorded in 2020.

RELATED NEWS

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

Regulator Warns Public Of Fake Social Media Accounts with Komolafe’s Name

“Wema Bank expects to close the year strongly with improved returns to shareholders,” he said.

Join Our WhatsApp Channel

Breaking News: Nigerians at home and abroad can now earn in USD by acquiring ultra-premium domains from $3,000 and profiting up to $36,000. Perfect for professionals. Click here.

SendShare10186Tweet6366Share

OTHER NEWS UPDATES

New Tax Policy To Exempt 95% of Informal Sector — Oyedele
Business

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

46 seconds ago
Stakeholders Seek Full Power Sector Value Chain Alignment, Not DisCos Unbundling
Business

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

3 minutes ago
Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson
Business

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

6 minutes ago
Advertisement
Leadership join WhatsApp

LATEST UPDATE

New Tax Regime: Multinationals, Local Firms Get 5% Annual Tax Credit

46 seconds ago

Regulator Says Band A Customers Must Get 20-Hour Power Supply Daily

3 minutes ago

Stock Market Opens Week On High Note, Gains N611bn

6 minutes ago

Manufacturers’ Export Group Re-elects Erewa-Meggison As Chairperson

6 minutes ago

$1trn Economy Goal Takes Centre Stage At Shareholders’ Triennial Conference

9 minutes ago
Load More

© 2025 Leadership Media Group - All Rights Reserved.

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

© 2025 Leadership Media Group - All Rights Reserved.