Wema Bank surpasses CBN recapitalisation threshold

By Philippine Duru

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Wema Bank has exceeded the recapitalisation requirements set by the Central Bank of Nigeria, reinforcing its position as a national bank and marking a major milestone in its growth trajectory.

The bank, widely known for launching ALAT—Africa’s first fully digital bank—achieved this feat after successfully raising ₦200 billion through a ₦150 billion Rights Issue and a ₦50 billion special placement in 2025. This brought its total qualifying capital to ₦264.7 billion, significantly above the ₦200 billion regulatory minimum.

The recapitalisation was completed six months ahead of the CBN’s deadline, underscoring strong investor confidence and the bank’s solid financial footing.

Earlier in April 2026, the apex bank confirmed that Wema Bank, alongside 32 other financial institutions across various categories, had successfully met recapitalisation requirements. Notably, Wema is among only ten national banks that surpassed the minimum capital threshold, thereby retaining its national banking licence.

Speaking on the development, Managing Director/CEO, Moruf Oseni, described the achievement as a defining moment for the institution.

“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a national bank with the scale, strength, and stability to compete and lead,” he said.

The recapitalisation initiative, introduced by the CBN in March 2024, mandates national banks to maintain a minimum capital base of ₦200 billion to enhance resilience and support economic growth.

In response, Wema Bank leveraged the capital market, securing strong participation from existing shareholders. The Rights Issue, which ran from April 14 to May 21, 2025, was followed by a ₦50 billion special placement later in the year, ensuring the bank comfortably surpassed regulatory expectations.

Since regaining its national banking licence in 2015, Wema Bank has focused on disciplined growth and strategic expansion. The successful capital raise—largely driven by existing investors—highlights sustained trust in the bank’s long-term vision.

Oseni noted that the strengthened capital base would enable the bank to scale operations, expand credit access, and enhance its digital banking offerings.

“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to customers through improved access to credit and innovative financial solutions,” he added.

With a stronger balance sheet, Wema Bank is positioning itself for accelerated growth across retail, SME, and corporate segments, while continuing to drive innovation through ALAT.

The successful recapitalisation underscores the bank’s financial resilience, regulatory compliance, and commitment to long-term value creation, as it looks to expand its footprint and play a bigger role in Nigeria’s economic development.