Wema Bank completes N150 billion rights issue, meets CBN N200 billion capital requirement

Wema Bank said on 11 September 2025 that its N150 billion rights issue had been completed and approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), taking the lender above the CBN’s new minimum capital requirement for commercial banks with national authorisation.

The rights issue, which was open to existing shareholders from 14 April to 21 May 2025, was oversubscribed. Following the approvals, the bank’s total qualifying capital stands at N214.7 billion, N14.7 billion above the N200 billion threshold that applies to commercial banks with a national licence.

RECAPITALISATION PROGRAMME

The CBN announced revised minimum capital requirements for Nigerian banks in March 2024, setting a threshold of N200 billion for commercial banks with national authorisation and N500 billion for those with international authorisation. Banks have until March 2026 to comply.

In addition to the rights issue, Wema has completed a separate N50 billion special placement, which is awaiting regulatory approval. Shareholders adopted the resolution relating to the capital raising at the bank’s annual general meeting, held electronically on 22 May 2025. The N150 billion rights issue and N50 billion special placement together made up a N200 billion second and final tranche of Wema’s capital-raising exercise, following an earlier N40 billion rights issue initiated in December 2023 that received CBN and SEC approval in 2024.

Managing Director and Chief Executive Moruf Oseni said that surpassing the N200 billion benchmark ahead of the 2026 deadline reinforced the bank’s financial standing and reflected the mutual trust and confidence between Wema Bank and its shareholders.

By July 2025, eight Nigerian banks had fully met the CBN’s recapitalisation requirements.