Recapitalization.
Wema Bank has successfully completed
the initial phase of its recapitalization process by raising N40 billion through a Rights Issuance.
This initiative, which began in December 2023, has received all necessary regulatory approvals.
The Central Bank of Nigeria (CBN) introduced a recapitalization program in March 2024,
requiring banks to raise fresh capital within a 24-month timeframe.
The aim of this program is to strengthen the Nigerian economy and the financial services industry.
Wema Bank has taken the necessary steps to meet the capital requirements by launching the N40 billion rights issue,
which has been approved by the CBN and the Securities and Exchange Commission (SEC). Moruf Oseni,
The Managing Director and CEO of Wema Bank,
expressed the bank's commitment to retaining its Commercial Banking license and emphasized the importance of the N40 billion
Rights Issue in achieving this goal.
The bank is pleased with the support shown by its shareholders
and is confident in its ability to achieve further success in the future.