Wema Bank Plc has exceeded the Central Bank of Nigeria’s minimum capital requirement for commercial banks with national authorisation by raising its qualifying capital to ₦214.7 billion, following a ₦150 billion rights issue and a ₦50 billion special placement. The rights issue, which ran from 14 April to 21 May 2025, secured the necessary approvals from both the Central Bank of Nigeria and the Securities and Exchange Commission.
The CBN had issued a recapitalisation directive earlier requiring commercial banks with national licences to raise their capital base to ₦200 billion by March 2026. Wema’s successful fundraising efforts position it comfortably above that benchmark.
Moruf Oseni, Managing Director and Chief Executive of Wema Bank, affirmed that meeting the requirement ahead of deadline reflected both strong institutional governance and shareholder trust. He emphasised that exceeding the threshold not only strengthens the bank’s financial foundation but also underscores its commitment to stakeholder value.
The special placement of ₦50 billion, still pending full regulatory endorsement, will further enhance the bank’s capital base once cleared. This additional injection is seen as part of a broader strategy by Nigerian banks to bolster their buffers amid stricter supervisory expectations.
Under the same regulatory framework, the CBN delineated capital thresholds for different licence tiers: banks with national authorisation must reach ₦200 billion; those with international presence ₦500 billion. Regional banks and non-interest banks have lower benchmarks aligned to their scope of operations. All affected institutions were given until 31 March 2026 to comply.
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