Wema Bank Plc has announced that it has successfully exceeded its recapitalisation target after raising N157bn through the first phase of its capital-raising exercise. The funds were secured from a rights issue, which drew strong interest from investors.
The move was part of the bank’s effort to comply with the Central Bank of Nigeria’s (CBN) recapitalisation directive, aimed at strengthening the financial sector. Before the capital raise, Wema Bank had N200bn in shareholders’ funds, but only N67bn qualified as regulatory capital. The recapitalisation became necessary to close the gap.
The bank adopted a two-step approach that involved a rights issue and a special placement. The rights issue, which closed with subscriptions of N157bn, is now under final verification by the CBN. Approval is expected in the coming weeks. Once cleared, the bank’s qualifying capital will rise above N210bn, surpassing the minimum regulatory requirement.
Building on this momentum, Wema Bank recently launched a special placement targeted at raising an additional N50bn. The bank confirmed that investor commitments had already been secured, and the offer will remain open for 10 days.
The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the recapitalisation would allow the bank to boost lending capacity, strengthen digital innovation, and improve customer services. “Upon meeting the recapitalisation target, our focus is on leveraging the strengthened capital base to drive sustainable growth, expand lending capacity, accelerate digital innovation, and enhance customer experience,” he said.
Supporting this, the Group Managing Director of The Lancelot Group, Adebayo Adeleke, described Wema Bank as a resilient player in Nigeria’s financial sector. He noted that Wema Bank, which has survived for over 80 years, has adapted to changing times through digital innovation. “Wema Bank was the only indigenous bank to have weathered the economic storm for over eight decades. It’s a testament to both its resilience and adaptability. It has reconnected with the younger generation by deploying ICT solutions in its services. Shareholders are always ready to support the bank by buying more of its shares,” Adeleke said.
Independent analysts have also expressed confidence in the bank’s outlook. A report by Global Asset Management described Wema Bank’s stock as undervalued compared to its real worth and recommended it as a strong buy for long-term investors seeking growth and dividends.
On the Nigerian Exchange, Wema Bank’s stock has already risen by nearly 160 per cent in 2025, making it one of the top-performing bank stocks on the market. Analysts believe that with its strengthened capital base and consistent innovation, Wema Bank is now well-positioned for sustainable growth and may achieve its ambition of becoming an international bank in the near future.
