The Managing Director, Wema Bank, Mr Moruf Oseni, has disclosed plans by the bank to raise N200 billion in fresh capital to complete its capital raise exercise.

Oseni, who made this known in a statement in Lagos, said that the fresh capital would be raised through a combination of a rights issue and special placement. He said that the two would start on April 1, and would mark the second and final tranche of the bank’s capital raise exercise.

According to him, this will be supplementing the N40 billion raised in the first tranche and will ensure that the bank surpasses the CBN minimum requirement for national banking authorisation. Oseni said that Wema Bank, had prior to the CBN’s announcement, already launched a N40 billion rights issue in December 2023.

“This received the approval of the CBN and the Securities and Exchange Commission (SEC) in 2024,” he added. The managing director said this also resulted in the bank’s successful completion of the first tranche of its capital raise.

“With over 30 per cent of the CBN target of N200 billion already met, Wema Bank is proceeding to initiate the second tranche of capital raise come April 2025. This time, with the goal of raising N200 billion in fresh capital to complete its capital requirement,” he added.

He assured shareholders and other stakeholders of a successful conclusion of the capital raise programme. Oseni said: “We stand strong today not just as Nigeria’s oldest indigenous bank, but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel.

See also Access Bank partners AfriGOpay to boost Nigeria’s payment ecosystem “I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations.”