Wema Bank Plc has announced the start of its capital raising exercise, set to begin on April 14, 2025, as part of its strategy to comply with the Central Bank of Nigeria’s (CBN) recapitalization directive.
The bank plans to raise fresh capital through a Rights Issue of 14,286,785,417 ordinary shares, valued at 50 kobo each.
This will be offered on the basis of two new ordinary shares for every three existing ordinary shares, with each share priced at N10.45.
The offer is structured on the basis of two new ordinary shares for every three existing shares held as of the qualification date, March 5, 2025.
According to the Board, the initiative marks a significant step toward positioning Wema Bank as a Systemically Important Bank (SIB).
The capital raise is expected to enhance the Bank’s capacity to expand lending to the SME, retail, commercial, and corporate segments of the Nigerian economy.
Wema also plans to invest in strengthening its IT infrastructure and digital banking platform, ALAT, to boost operational efficiency and further penetrate Nigeria’s growing tech-savvy market.
The Bank encouraged shareholders to take full advantage of the Rights Issue and reaffirm their commitment to its long-term vision.
