Wema Bank is set to retain its national licence status in the ongoing banking industry recapitalisation exercise, hence, targeting N200 billion capitalisation.

The Central Bank of Nigeria (CBN) has recently issued a new recapitalisation guideline for the banking industry of which a bank with national licence is expected to recapitalise to N200 billion by 2026 deadline.

With Wema Bank operating with a national licence, it is expected to upgrade its capital base to a minimum of N200 billion.

At the bank’s 2023 Annual General Meeting (AGM) in Marina, Lagos yesterday, shareholders gave approval to the management of the bank to source for additional capital to make up the shortfall in a bid to meet the recapitalisation deadline.

Expressing gratitude to the bank’s stakeholders for their contributions to the tremendous results achieved in its 2023 financial year, Wema Bank’s MD/CEO, Moruf Oseni, disclosed the bank’s progress towards realising the recapitalisation minimum target of N200 billion set by the Central Bank of Nigeria (CBN).

“The apex bank has done its due diligence and approved our N40 billion Rights Issue, which is currently undergoing Securities and Exchange Commission(SEC)’s approval to be listed on the Nigerian Exchange. Our Capital Base now stands not at the current N15 billion but with the Rights Issue, at N55 billion—significant headway towards N200bn.