Wema Bank has exceeded the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, following the successful completion of its N150 billion rights issue.
This strategic financial move positions the bank well ahead of the March 2026 deadline set by the CBN’s latest recapitalization framework.
In a statement released on Thursday, Wema Bank confirmed that its total qualifying capital now stands at an impressive N214.7 billion, well above the mandated N200 billion threshold.
This achievement not only reflects the bank’s robust financial health but also underscores its proactive approach to regulatory compliance and long-term growth.
The rights issue, which opened on April 14, 2025, and closed on May 21, 2025, was initiated in direct response to the CBN’s directive aimed at strengthening the Nigerian banking sector.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.