Wema Bank has surpassed the Central Bank of Nigeria (CBN) N200 billion capital requirement after completing a N150 billion rights issue.
The bank announced on Thursday that its qualifying capital now stands at N214.7 billion, exceeding the recapitalisation threshold for commercial banks with national authorisation.
The rights issue, which opened on April 14 and closed on May 21, 2025, was undertaken in direct response to the CBN’s directive. According to Wema Bank, the move ensures compliance ahead of the March 2026 deadline.
“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 statement read.
In addition to the rights issue, the bank completed a N50 billion special placement that is awaiting regulatory approval. This extra funding is expected to support long-term expansion and sustain capital strength.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the achievement reflects the confidence of shareholders and the bank’s strong financial base. “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,” he stated.
At its electronic Annual General Meeting held on May 22, 2025, shareholders approved plans to raise an additional N50 billion through a private placement. The resolution aligned with the bank’s strategy to exceed recapitalisation requirements and strengthen its position in the sector.
Under the CBN framework, commercial banks with international authorisation must maintain N500 billion minimum capital, while those with national authorisation require N200 billion. Wema Bank’s compliance ahead of schedule marks a significant step in Nigeria’s banking reforms, okay.ng reports.
