• Wema Bank to raise 50 billion naira ($31.4 million) via private placement
• Part of broader 200 billion naira recapitalization to meet CBN requirements
• Offer supports national license compliance and long-term growth goals

Wema Bank, Nigeria’s pioneer in digital banking, plans to raise 50 billion naira (approximately $31.4 million) through a private placement, as part of its ongoing recapitalization program. The move was approved by shareholders during the bank’s Annual General Meeting held virtually on May 22, 2025.

The private placement, targeting selected institutional and strategic investors, is intended to strengthen the bank’s capital base. It is the final phase of a 200 billion naira recapitalization plan launched earlier this year, which included a 150 billion naira rights issue that began on April 1, 2025. That followed a 40 billion naira capital raise completed in December 2023.

The initiative aligns with the Central Bank of Nigeria’s directive requiring national commercial banks to raise their minimum capital from 25 billion naira to 200 billion naira by March 2026. Regional banks must meet a 50 billion naira minimum, and international banks 500 billion naira. The measure aims to reinforce the stability and capacity of the Nigerian banking system.

Wema Bank’s capital raise is intended to ensure regulatory compliance, reinforce its financial position, and support long-term strategic growth.