Wema Bank Plc has announced plans to raise N149.3bn through a rights issue, offering 14.29bn ordinary shares at N10.45 per share.

The bank, through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, has submitted an application to the Nigerian Exchange Limited for the approval and listing of the offer.

In a statement signed by the Head of Issuer Regulation at NGX, Godstime Iwenekhai, on Wednesday, the exchange notified trading license holders of the proposed capital raise.

“Wema Bank Plc has, through its stockbrokers, Global Asset Management Nigeria Limited and Qualinvest Capital Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 14,286,785,417 ordinary shares of 50 kobo each at N10.45 per share on the basis of two new ordinary shares for every three ordinary shares held as at the close of business on Wednesday, 5 March 2025,” the statement read.

The qualification date for the rights issue is set for Wednesday, 5 March 2025.

The PUNCH reported that Wema Bank has seen its income from foreign exchange revaluation increase to N14.53bn at the end of 2024 from N13.60bn in 2023, indicating a 6.78 per cent increase.

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