Wema Bank Surpasses N264 Billion Capital Base Milestone
Wema Bank has achieved a capital base of N264 billion by completing a second tranche of N50 billion capital raise through a special placement, following a previous N150 billion rights issue. This surpasses the N200 billion threshold set by the Central Bank of Nigeria (CBN) for commercial banks.
The bank's Managing Director, Moruf Oseni, expressed delight in receiving regulatory approval for the N50 billion special placement, marking a significant milestone in strengthening the bank's capital base and enhancing liquidity. The move is part of Wema Bank's strategic plan to fortify its balance sheet, support future growth, and comply with regulatory requirements.
Iheanyi Nwachukwu, a creative content writer with 18 years of journalism experience, highlighted the bank's commitment to delivering value to shareholders, empowering customers, and contributing meaningfully to Nigeria's economic growth.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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