Wema Bank has announced that it has successfully exceeded the Central Bank of Nigeria’s (CBN) recapitalization threshold for commercial banks with national authorization, following the conclusion of its N150 billion rights issue.
The lender confirmed that its qualifying capital now stands at N214.7 billion, comfortably above the CBN-mandated minimum of N200 billion, and nearly a year ahead of the March 2026 compliance deadline.
Strengthened Capital and Regulatory Compliance
In a statement, Wema Bank said the milestone highlights both its financial resilience and its commitment to regulatory compliance under the apex bank’s banking sector reforms.
The rights issue, which opened on April 14 and closed on May 21, 2025, was specifically undertaken to consolidate its capital base and ensure operational stability. Beyond the rights issue, the bank disclosed that it has completed a N50 billion special placement, currently awaiting regulatory approval. Once finalized, this will further strengthen its balance sheet.
CEO Hails Stakeholder Confidence
Speaking on the achievement, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the development as a testament to shareholder trust and confidence in the bank’s long-term strategy.
“As a bank focused on sustainable growth, we embraced the recapitalisation exercise as an opportunity to strengthen our foundation. Exceeding the CBN’s capital requirement ahead of schedule not only highlights our resilience but also reflects the confidence shareholders and stakeholders continue to place in Wema Bank,” Oseni said.
Shareholders Back Expansion Drive
At its 2025 Annual General Meeting (AGM) held virtually on May 22, shareholders unanimously approved the management’s plan to raise additional capital through private placement. This approval, according to the bank, is a clear endorsement of its growth agenda beyond the statutory minimum requirement.
The move also aligns with the CBN’s recapitalization framework, which mandates a minimum capital base of N500 billion for banks with international authorization and N200 billion for those with national authorization.
Analysts See Stronger Market Position
Analysts and industry observers have noted that by meeting the recapitalization requirement ahead of schedule, Wema Bank has strategically positioned itself for greater competitiveness in Nigeria’s financial sector.
The strengthened capital base, they say, will enable the lender to expand its footprint across the country, deepen its digital banking services, and improve customer experience.
With the recapitalization race underway, Wema Bank’s early compliance is being viewed as a strong signal of stability and forward-thinking leadership within the Nigerian banking industry.
