In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licences, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme was to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.
Wema Bank in December 2023 launched a N40bn Rights Issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.
In a statement made to the public by the Bank, Wema Bank Managing Director and CEO, Moruf Oseni, reiterated the Bank’s resolve in retaining its Commercial Banking licence with National Authorisation, adding that the N40bn Rights Issue was a step in that direction.
