Lagos: Wema Bank Plc has completed its N150 billion Rights Issue, securing approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). The bank made this known in a statement on Thursday, emphasizing the successful completion of the initiative.

According to News Agency of Nigeria, the Rights Issue, which opened on April 14 and closed on May 21, was oversubscribed, highlighting investor confidence in the bank’s strategic direction and governance. With this successful completion, Wema Bank now exceeds the N200 billion minimum capital requirement for commercial banks with national authorization. The fresh capital injection raises the bank’s qualifying capital to N214.7 billion, providing a strong buffer above regulatory thresholds.

In addition to this achievement, the bank recently concluded a N50 billion private placement, which is currently awaiting regulatory approval. Commenting on the milestone, Managing Director/Chief Executive Officer, Wema Bank, Mr. Moruf Oseni, reaffirmed the bank’s commitment to sustained growth and stakeholder value. Oseni stated that the industry recapitalization requirement was embraced with confidence, and surpassing the N200 billion benchmark ahead of the 2026 deadline reinforces the bank’s financial standing and mutual trust with its shareholders.

Industry analysts indicate that the bank’s strengthened capital base enhances its lending capacity, shock-absorption ability, and long-term stability, positioning it to play a more active role in Nigeria’s financial sector. They also noted that this achievement reflects the continued confidence of stakeholders in the bank’s governance, innovation, and performance track record.