Wema Bank Surpasses CBN Capital Mandate with N150 Billion Raise
Wema Bank has gone beyond the Central Bank of Nigeria’s capital threshold for nationally licensed commercial banks after wrapping up its N150 billion rights offering.
This key funding step places the institution comfortably past the March 2026 cutoff under the central bank’s updated capital-raising rules.
In a Thursday announcement, the bank revealed its adjusted qualifying capital now totals N214.7 billion, clearing the N200 billion minimum with room to spare.
The milestone highlights the lender’s solid fiscal position and its forward-leaning stance on meeting rules while pursuing expansion.
Launched on April 14, 2025, and finalised on May 21, 2025, the rights effort directly addressed the CBN’s call to fortify Nigeria’s financial system.
“This 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 N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
Beyond the rights issue, Wema has finalised a N50 billion targeted share offering, pending clearance from authorities. This extra funding bolsters the bank’s resolve to uphold ample capital and fuel its development plans.
On the accomplishment, Managing Director and CEO Moruf Oseni voiced assurance in the bank’s path and the backing from investors.
“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 N200 billion 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,” Oseni said.
Back in May, Wema Bank signalled plans to raise N50 billion more via private placement to comply with and exceed CBN standards.
During its virtual Annual General Meeting on May 22, 2025, owners approved pursuing this funding, affirming endorsement of the bank’s advancement strategy.
Per the CBN guidelines, globally operating banks need N500 billion in base capital, whereas national ones like Wema face an N200 billion bar. The bank’s quick, calculated moves showcase its adaptability and visionary guidance in Nigeria’s shifting banking scene.
