Wema Bank PLC has concluded the first tranche of its capital raise programme, raising N40 billion through a rights issuance process.
The Nigeria’s innovative bank, yesterday announced the successful conclusion of the first tranche capital raise programme, paving the way for future growth and success.
This achievement marks a significant milestone in the bank’s recapitalization efforts, which are aimed at strengthening its financial position and enhancing its ability to serve customers.
The rights issue, which was launched in December 2023, was fully subscribed, demonstrating the confidence of shareholders in the bank’s vision and strategy.
Commenting on this development, the bank’s Managing Director and CEO, Moruf Oseni, in a statement obtained by The Daily Times expressed his delight at the successful conclusion of the first tranche, stating that it demonstrates the bank’s commitment to excellence and its determination to retain its commercial banking license with national authorization.
Oseni, therefore, reiterated the Bank’s resolve to retain its Commercial Banking license with National Authorisation, adding that the N40 billion Rights Issue is a step in that direction.
According to him, We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities.
“Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.
“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150 billion to meet the capitalisation threshold set by the CBN.
“The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction”, he said.
In addition to the successful rights issue, Wema Bank’s corporate rating has been upgraded to BBB+ by Agusto and Co, and retained at BBB by Fitch, demonstrating the bank’s financial strength and stability. With its strong digital play and commitment to providing optimum returns for stakeholders, Wema Bank is poised for future growth and success.
