Wema Bank has officially secured its future in the top tier of the nation’s financial sector, announcing on Monday that it has not only met but significantly surpassed the Central Bank of Nigeria’s new recapitalisation requirements, comfortably retaining its National Banking Licence.
The bank disclosed a Total Qualifying Capital of N264.7bn, a figure that towers over the N200bn minimum threshold mandated by the regulator for national banks. Perhaps most impressive is the speed of execution; Wema Bank finalised the process in April 2026, a full six months ahead of the CBN’s stipulated deadline.
The capital boost was driven by a two-pronged strategic fundraise. The bank successfully executed an N150bn Rights Issue between April and May 2025, which saw massive participation from existing shareholders. This was followed by an additional N50bn special placement later in 2025, solidifying a balance sheet capable of weathering global economic shocks.
Commenting on the development, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank.
It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision.”
The journey to this milestone began in March 2024, when the Central Bank of Nigeria, under Governor Olayemi Cardoso, announced a sweeping recapitalisation programme. The policy was designed to fortify the Nigerian banking industry against currency volatility and inflation while positioning banks to support the federal government’s goal of achieving a $1tn economy.
For national banks like Wema, the bar was raised from N25bn to N200bn. Wema Bank’s success is particularly noteworthy given its history; after operating as a regional player for years, it only regained its national banking licence in 2015. This latest achievement cements its status as a permanent heavyweight in the national landscape.
“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a national bank with the scale, strength, and stability to compete and lead,” Oseni added.
With the capital exercise concluded, Wema Bank is pivoting toward a new phase of aggressive market expansion. The beefed-up balance sheet is expected to translate into increased lending capacity for Small and Medium Enterprises, enhanced digital infrastructure, and a more robust corporate banking suite.
By utilising its digital-first approach through ALAT, the bank intends to bridge the gap between traditional banking stability and fintech-driven agility.
“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions,” Oseni added.
Looking ahead, the bank aims to leverage its strengthened position to act as a primary catalyst for Nigeria’s broader economic growth.
“This is not just about retaining our licence; it is about building a bigger, stronger, and more impactful Wema Bank,” the MD/CEO noted.
Established in 1945, Wema Bank is Nigeria’s longest-standing indigenous commercial bank. It has evolved from a traditional retail bank into a technology leader, launching ALAT in 2017. Following its successful recapitalisation, the bank continues to operate with a National Licence, serving millions of Nigerians across the country.
