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Wema Bank surpasses CBN recapitalisation threshold

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By Philippine Duru

philippineobetoduru@gmail.com

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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.

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Business

North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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Business

All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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