Wema Bank Exceeds CBN Capital Requirement of N200bn for National Licence

By Aduragbemi Omiyale

The minimum capital requirement set by the Central Bank of Nigeria (CBN) for commercial banks with national licence in the country has been met and surpassed by Wema Bank Plc.

The banking sector regulator directed banks in Nigeria to increase their capital base, with regional lenders asked to have at least N50 billion, national banks N200 billion and banks with international branches N500 billion.

Non-interest financial institutions with national authorisation were asked to raised theirs to N20 billion, while regional non-interest banks must have a capital base of N10 billion.

All the lenders were given till March 31, 2026, to meet up with the new minimum capital requirements.

They were given three different options to meet up by injection of fresh equity capital through private placement, rights issue, and offer for subscription; mergers and acquisitions; and upgrade and downgrade of licence authorisation.

For Wema Bank, it shored up its capital base through a rights issue of N150 billion and an additional N50 billion special placement.

The conclusion of these capital-raising initiatives reinforced the lender’s prudential position and provides a solid foundation for long-term stability. It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.

With its strengthened capital base, the firm is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders

For the rights issue, it opened on April 14, 2025, and closed on May 21, 2025, receiving formal approvals from the central bank and the Securities and Exchange Commission (SEC).

“As a growth-driven bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence.

“Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders.

“We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank,” the chief executive of the company, Mr Moruf Oseni, stated.