Wema Bank to raise N150bn Capital by Way of Rights Issue of 14,286,785,417 Ordinary Shares at N10.45

The Board of WEMA Bank Plc has announced the commencement of its capital raising exercise scheduled to begin April 14, 2025. In compliance with the Central Bank of Nigeria (CBN) recapitalization directive, the Bank seeks to undertake a Rights Issue of 14,286,785,417 ordinary shares of 50 kobo each on the basis of two (2) new ordinary shares for every three (3) ordinary shares which is to be issued at N10.45 per share.

In a notice to the Nigerian Exchange and the investing public, the Bank stated thus:

“This is a key step that will consolidate the Bank’s vision of becoming a Systematically Important Bank (SIB) and creating value for our esteemed shareholders. Our consistent growth in key performance indicators and market share reflects the success of our strategic initiatives and the trust our shareholders have shown us.

Upon conclusion of this Rights Issue, the Board will ensure that the Bank remains well-positioned to seize new opportunities in the evolving Nigerian Banking landscape particularly by increasing lending to the Nigerian Small and Medium Enterprise (SME), retail, commercial and corporate sectors respectively. In addition, we would improve the Bank’s IT infrastructure and strengthen the Bank’s digital platform- ALAT, which has facilitated our market penetration in great measures while also creating access to financial services to the young and tech-savvy generation in Nigeria.

We hereby urge all our esteemed shareholders whose names are in the Register of members as of March 5, 2025, to exercise their rights in full and seize this pivotal moment in our Bank’s growth. By doing so, you will not only contribute to the Bank’s future success but also solidify your stake in our long-term vision. The instructions for participating in the Issue, including acceptance, payment, trading and renunciation of your provisional rights, are contained in the provisional allotment letter from the Company Secretary as set out in the Rights Circular. It is also noteworthy that shareholders can participate in the Rights Issue through the NGX Invest Platformwww.invest.ngxgroup.com

Greenwich Merchant Bank Limited, GTI Capital Limited, Qualinvest Capital Limited & Raddix Capital are the Issuing Houses to the rights issuance”