NGX Lists 14.14 Billion Additional Wema Bank Shares After Rights Issue

… Gains ₦1.02% As Investors Trade ₦115.5bn Shares

The Nigerian Exchange Limited (NGX) has announced the listing of 14,143,244,747 additional ordinary shares of Wema Bank Plc, further expanding the bank’s issued and fully paid-up share capital as part of its recently concluded rights issue.

In a report issued by the Exchange, the additional ordinary shares of 50 Kobo each were listed on the Daily Official List.

The new listing follows the bank’s successful rights issue of 14,286,785,417 ordinary shares of 50 Kobo each, offered at ₦10.45 per share, on the basis of two new shares for every three existing shares held as at the close of business on Wednesday, March 5, 2025.

Following the completion and partial allotment of the rights issue, the bank’s total issued and fully paid-up share capital has now increased from 21,430,178,125 shares to 35,573,422,872 ordinary shares of 50 Kobo each.

The development marks another milestone in Wema Bank’s capital-raising efforts, aimed at strengthening its balance sheet and supporting its ongoing recapitalisation plan in line with regulatory requirements set by the Central Bank of Nigeria (CBN).

Market analysts said the listing reflects sustained investor confidence in the bank’s growth trajectory and digital banking leadership, particularly following its performance in recent years, driven by innovations such as the ALAT digital platform.

The additional shares are expected to enhance liquidity in the bank’s stock and position it for greater market participation as it continues to pursue its strategic growth and expansion objectives.

THE WHISTLER reported recently Wema Bank Plc’s completion of its ₦150bn Rights Issue, which opened on April 14th, 2025, and closed on May 21st, 2025.

The exercise received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.

According to the bank, the rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria.

With the successful completion and regulatory approval, Wema Bank has now met the ₦200bn minimum capital requirement applicable to commercial banks with national authorisation.

In addition to the rights issue, Wema Bank also recently concluded a ₦50bn private placement, which is now awaiting regulatory reviews.

“This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth,” the bank said.

Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Wema Bank’s MD/CEO, Moruf Oseni, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey.

According to Oseni, “As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence.

“Our success in surpassing the ₦200bn benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders.

“We do not take this trust for granted, and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”

He noted that the conclusion of these capital-raising initiatives reinforces the bank’s prudential position and provides a solid foundation for long-term stability.

It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.

“Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the bank is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders,” he said.

Meanwhile, the Nigerian Exchange (NGX) sustained its bullish momentum last week as renewed investor interest pushed the market higher, with key performance indicators closing positive despite a shortened trading week.

Weekly trading data released by the Exchange showed that investors transacted a total of 8.403 billion shares worth ₦115.50bn in 115,801 deals, representing a volume increase from 7.684 billion shares valued at ₦494.13bn exchanged in 116,645 deals in the previous week.

Consequently, the NGX All-Share Index (ASI) appreciated by 1.02 per cent to close at 143,584.04 points, while the market capitalisation advanced by 1.31 per cent to settle at ₦91.14trn.

According to the Exchange, all major sectoral indices ended the week on a positive note, except for the NGX Premium Index (-0.05 per cent), NGX Insurance Index (-2.02 per cent), NGX AFR Dividend Yield Index (-2.78 per cent), and NGX MERI Value Index (-0.81 per cent), which recorded marginal declines.

The NGX ASeM and NGX Sovereign Bond Indices closed flat.

The market opened for four trading sessions during the week, following the federal government’s declaration of Wednesday, October 1, 2025, as a public holiday in commemoration of Nigeria’s Independence Day.

Activity in the financial services sector dominated trading for the week, accounting for 92.24 per cent of total equity turnover volume and 76.32 per cent of value, with 7.750 billion shares worth ₦88.15bn traded in 54,074 deals.

The ICT sector followed with 181.005 million shares valued at ₦4.08bn in 9,364 deals, while the Consumer Goods sector ranked third with 126.554 million shares worth ₦6.27bn exchanged in 14,261 deals.

Among individual equities, Cornerstone Insurance Plc, Fidelity Bank Plc, and United Bank for Africa Plc (UBA) were the most actively traded, jointly accounting for 6.525 billion shares valued at ₦52.699bn across 8,820 deals. This represented 77.66 per cent of total equity turnover volume and 45.63 per cent of total value traded during the week.

Market breadth also improved, reflecting stronger investor sentiment. Fifty-three equities recorded price gains, up from thirty-two (32) in the preceding week, while forty-three equities declined, compared to fifty-one previously. Fifty-one equities closed flat, down from sixty-four in the prior week.

Analysts said the week’s performance signalled continued investor optimism amid ongoing economic reforms and attractive valuations in select banking and consumer stocks. They expect market sentiment to remain positive in the near term, though tempered by intermittent profit-taking.

NGX Lists 14.14 Billion Additional Wema Bank Shares After Rights Issue is first published on The Whistler Newspaper