Wema Bank has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reinforcing its position as a national bank in Nigeria’s financial sector. The development follows the completion of a N150 billion rights issue and a N50 billion special placement in 2025, which together raised the bank’s total qualifying capital to N264.7 billion, exceeding the regulatory minimum set by the CBN. The exercise was concluded about six months ahead of the regulatory deadline.
Regulatory Confirmation
In April 2026, the Central Bank of Nigeria confirmed that Wema Bank was among 33 financial institutions that successfully completed the recapitalisation process across various banking categories. The bank also emerged as one of only 10 national banks that exceeded the required capital threshold, thereby retaining its national banking licence. The recapitalisation policy, introduced by the CBN in March 2024, requires national banks to maintain a minimum capital base of N200 billion.
Capital Raising Details
Wema Bank stated that the capital raise was achieved largely through strong participation from existing shareholders. The rights issue opened on April 14, 2025, and closed on May 21, 2025, followed by an additional special placement later in the year. This strong investor response underscored confidence in the bank’s strategic direction.
Management Commentary
Managing Director and Chief Executive Officer of the bank, Moruf Oseni, described the development as a significant milestone in the institution’s growth journey, saying it reflects investor confidence and the bank’s long-term strategic direction. He said the recapitalisation would enable the bank to expand lending capacity, deepen its market presence, and enhance digital banking services, while continuing to support retail, SME, and corporate customers across the country.
He stated: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.”
He added: “Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”
Strategic Background
Wema Bank noted that since regaining its national banking licence in 2015, it has pursued a strategy focused on financial stability, capital growth, and digital innovation, including expansion through its digital banking platform, ALAT. The bank’s ability to exceed the recapitalisation threshold ahead of schedule highlights its robust financial health and commitment to regulatory compliance.
