April 21, (THEWILL) — Wema Bank Plc has met and surpassed the Central Bank of Nigeria (CBN) requirements for national licence operations.
The financial services institution in a statement, said this reinforces its position as a national bank in Nigeria’s financial sector.
The development follows the completion of a ₦150 billion rights issue and a ₦50 billion special placement in 2025, which together raised the bank’s total qualifying capital to ₦264.7 billion, above the regulatory minimum set by the CBN.
The exercise was concluded about six months ahead of the regulatory deadline.
The CBN had confirmed in April 2026 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 ₦200 billion.
The policy is to strengthen the resilience of financial institutions, improve their ability to absorb economic shocks, and enhance their capacity to support economic growth.
Wema Bank said the capital raise was achieved largely through strong participation from existing shareholders, following a rights issue that opened on April 14, 2025, and closed on May 21, 2025, before the additional special placement later in the year.
The 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.
“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.
“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”, he stated.
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.
With the new capital position, the bank said it is now better positioned to compete within Nigeria’s banking industry, strengthen its balance sheet, and support wider economic activity through increased credit delivery and financial services.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
