Wema Bank Surpasses CBN Recapitalization Requirement

Wema Bank has successfully surpassed the Central Bank of Nigeria's (CBN) recapitalization requirement, raising its total qualifying capital to ₦264.7 billion, which exceeds the ₦200 billion regulatory threshold. This milestone was achieved through a combination of a ₦150 billion rights issue and a ₦50 billion special placement, completed six months ahead of the CBN's deadline of 2025.

As a result, Wema Bank has secured its national bank license, positioning itself to accelerate growth and strengthen its foothold in Nigeria's competitive financial sector. Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank, stated that this achievement reflects strong investor confidence and validates the bank's long-term strategic success in recapitalization.

The enhanced capital base is expected to support Wema Bank's expansion plans, deepen its market presence, and drive innovation, particularly in its digital banking platform, Alat.