An application has been submitted by a foremost mid-level financial institution, Wema Bank Plc, for a rights issue worth about N149.3 billion.
The bank submitted the request to the Nigerian Exchange (NGX) Limited through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited.
The lender wants approval and listing of the rights issue, with the qualification date today, Wednesday, March 5, 2025, a part of a notice from the bourse said.
The company intends to issue about 14,286,785,417 units of its stocks to qualified shareholders at a unit price of N10.45, the disclosure stated.
The shares would be sold on the basis of two new equities for every three held by existing investors of the organisation, which hopes to raise funds to meet its new minimum capital requirements.
Recall that the Central Bank of Nigeria (CBN) gave banks operating in the country till March 31, 2026, to shore up their capital base.
Deposit Money Banks (DMBs) with international presence were asked to increase their capital base from the previous N25 billion to N500 billion, while those with national banking licence are to have at least N200 billion, with regional banks mandated to raise their minimum capital to N50 billion.
“Trading license holders are hereby notified that Wema Bank Plc has through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 14,286,785,417 ordinary shares of 50 Kobo each at N10.45 per share on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on Wednesday, March 5, 2025.
“The qualification date for the rights issue is today, March 5, 2025,” the statement signed by the Head of Issuer Regulation Department at NGX, Mr Godstime Iwenekhai, said.
Business Post reports at the stock market today, Wema Bank lost 8.33 per cent or N1 to settle at N11.00 per share compared with Tuesday’s closing value of N12.00 per share.