Wema Bank Surpasses CBN Capital Base Benchmark

Wema Bank Plc recently disclosed that it has gone beyond the recapitalization benchmark set by the Central Bank of Nigeria (CBN), thereby retaining its national banking license.

The bank disclosed that its total qualifying capital rose to N264.7bn following the successful completion of a N150bn rights issue and an additional N50bn special placement in 2025 – well above the N200bn minimum requirement for national banks.

The exercise, completed about six months ahead of the regulatory deadline, places the lender among 33 financial institutions that met the recapitalization requirements introduced by the apex bank in March 2024.

The recapitalization policy by the Central Bank of Nigeria is designed to strengthen banks’ resilience, enhance their shock-absorbing capacity, and improve their ability to support economic growth through increased lending.

The bank said the capital raise was driven largely by strong participation from existing shareholders during the rights issue, which opened on April 14, 2025, and closed on May 21, 2025, before the special placement later in the year.

Speaking on the development, the Managing Director/Chief Executive Officer, Moruf Oseni, described the milestone as a significant boost to the bank’s long-term growth trajectory.

‘ The successful completion of our recapitalization exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our shareholders and stakeholders have in our vision’, he stated.

He noted that the enhanced capital base would expand the bank’s lending capacity, deepen its market penetration, and improve its digital banking offerings.

“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to customers through improved access to credit and enhanced digital banking experiences,” Oseni said.

He added that the development positions the bank to play a more active role in supporting Nigeria’s economy while delivering sustainable value to stakeholders.

With the new capital structure, the lender said it is better positioned to strengthen its balance sheet, scale operations, and increase credit delivery to retail, small and medium enterprises, and corporate customers.