Wema Bank Launches N150bn Rights Issue to Boost Capital for Expansion Plans.
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Wema Bank PLC has officially announced the commencement of its capital raising initiative, set to begin on April 14, 2025. This move aligns with the Bank’s strategic plan to comply with the Central Bank of Nigeria’s (CBN) recapitalisation directive.
As part of the initiative, Wema Bank aims to raise fresh capital through a Rights Issue involving 14,286,785,417 ordinary shares of 50 kobo each, offered at N10.45 per share. 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.
The Bank’s Board described this move as a major milestone in Wema’s journey toward becoming a Systemically Important Bank (SIB). The capital raise will enable Wema Bank to expand its lending capacity across the SME, retail, commercial, and corporate sectors of the Nigerian economy.
Additionally, Wema plans to channel part of the capital into enhancing its IT infrastructure and further developing its digital banking platform, ALAT, to improve operational efficiency and strengthen its presence in Nigeria’s increasingly digital market.
Shareholders are encouraged to fully participate in the Rights Issue and reaffirm their support for the Bank’s long-term growth and vision.
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