Agusto & Co has upgraded Wema Bank’s credit rating from BBB+ to A-, citing improved profitability, stronger operational efficiency, a solid liquidity profile, and substantial shareholder support.
The rating upgrade underlines Wema Bank’s strengthened business risk profile, driven by sustainable earnings growth and strategic financial positioning.One of the key factors contributing to the enhanced rating is the bank’s successful rights issue exercise, which has reinforced investor confidence and bolstered capital reserves.
Wema Bank recently unveiled plans to raise N50 billion through a private placement, aligning with its goal of meeting the N200 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for banks with national authorization.
The bank confirmed that its N150 billion Rights Issue window had officially closed on May 21, 2025, marking a significant step toward regulatory compliance and long-term financial stability.
At its Annual General Meeting (AGM) held virtually in May, Wema Bank formally adopted a resolution to raise additional capital, emphasizing its commitment to compliance while ensuring continued sustainable growth in Nigeria’s dynamic banking sector.
The latest Agusto & Co rating marks Wema Bank’s third positive rating upgrade within a week, further solidifying its position in the financial market.
Global credit rating agency Fitch Ratings recently upgraded Wema Bank’s National Long-Term Rating from BBB(nga) to A–(nga), reflecting the institution’s improved financial stability and stronger growth prospects.
The announcement was made via Wema Bank’s official statement on X (formerly Twitter) on Thursday, confirming that the bank’s outlook has shifted from stable to positive.
Additionally, Fitch affirmed Wema Bank’s Long-Term Issuer Default Rating (IDR) at B-, reinforcing the bank’s standing within Nigeria’s banking industry.
Similarly, African rating agency GCR Ratings upgraded Wema Bank’s National Scale Long and Short-Term Issuer Ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), maintaining a stable outlook for the bank.
In response to these positive ratings, Wema Bank expressed optimism about its future market positioning, stating:
“We’re proud to share that Fitch Ratings has upgraded Wema Bank’s National Rating from BBB(nga) to A–(nga) with a Positive Outlook. This milestone reflects our commitment to stability, growth, and excellence.”
The bank also acknowledged its improved GCR Ratings, saying: “GCR Ratings has upgraded Wema Bank’s national rating to BBB+(NG)/A2(NG), a testament to our 80-year legacy of resilience, excellence, and trust. We remain committed to building a future full of possibilities, with you by our side.”
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