Wema Bank targets N150bn from rights issue

Wema Bank Plc will on Monday April 14
commence its capital raising exercise by way of Rights Issue.

The bank is targeting to raise about N150billion from existing shareholders in compliance with the Central Bank of Nigeria (CBN) recapitalisation directive.

Wema Bank seeks to undertake a Rights Issue of 14,286,785,417 ordinary shares of 50 kobo each on the basis of two (2) new ordinary shares for every three (3) ordinary shares which is to be issued at N10.45 per share.

Wema has urged its shareholders whose names are in the Register of members as of March 5, 2025 to exercise their rights in full and seize this pivotal moment in the bank’s growth.

Greenwich Merchant Bank Limited, GTI Capital Limited, Qualinvest Capital Limited & Raddix Capital are the Issuing Houses to the rights issuance.

It is also noteworthy that shareholders can participate in the Rights Issue through the NGX Invest Platform.

“This is a key step that will consolidate the bank’s vision of becoming a Systematically Important Bank (SIB) and creating value for our esteemed shareholders.

“Our consistent growth in key performance indicators and market share reflects the success of our strategic initiatives and the trust our shareholders have shown us,” the bank said in it April 10 corporate announcement signed by Johnson Lebile, company secretary/general counsel.

“Upon conclusion of this Rights Issue, the Board will ensure that the bank remains well-positioned to seize new opportunities in the evolving Nigerian banking landscape particularly by increasing lending to the Nigerian Small and Medium Enterprise (SME), retail, commercial and corporate sectors respectively.

“In addition, we would improve the bank’s IT infrastructure and strengthen the bank’s digital platform- ALAT, which has facilitated our market penetration in great measures while also creating access to financial services to the young and tech-savvy generation in Nigeria,” Wema Bank further noted.

“By doing so, you will not only contribute to the bank’s future success but also solidify your stake in our long-term vision,” the bank said.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.