Bank Recapitalisation: Wema Bank Seeks Shareholders’ Approval For Possible Merger, Acquisition, Takeover

Nigeria’s fifth oldest bank, Wema Bank Plc, is seeking shareholders’ approval for measures like merger and acquisition, takeover, or business combination to meet the Central Bank of Nigeria recapitalization directives for a National Licenced Bank.

But the lender will only take the route if it fails to raise N200bn through the issue of ordinary shares, preference shares, convertible and non-convertible notes, bonds, or any other instruments approved by its directors.

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