Wema Bank has surpassed the Central Bank of Nigeria’s recapitalisation requirements, reaffirming its status as a national bank and marking a major milestone in its growth journey.
The achievement reflects the bank’s capacity to meet regulatory expectations while advancing a deliberate strategy focused on sustainable expansion, balance sheet strength and a stronger position within Nigeria’s banking sector.
The milestone followed the successful completion of a N150 billion rights issue and an additional N50 billion special placement in 2025, bringing the bank’s total qualifying capital to N264.7 billion, well above the regulatory minimum. The process was completed six months ahead of the CBN’s deadline, reinforcing the bank’s financial strength, shareholder confidence and long-term growth prospects.
Earlier in April 2026, the Central Bank of Nigeria formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national and regional categories, had successfully concluded the recapitalisation process. Wema Bank was among the 10 national banks that met and exceeded the minimum required capital threshold, thereby retaining its national banking licence.
The development not only confirms regulatory compliance but also signals a new phase of accelerated growth for the bank, driven by a stronger capital base, expanded capacity to support customers and a reinforced position in Nigeria’s competitive banking environment.
Commenting on the achievement, Managing Director and Chief Executive Officer, Moruf Oseni, said: “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank.
It is a strong validation of our strategy, our performance and the enduring confidence our shareholders and stakeholders have in our vision. 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.”
In March 2024, the Central Bank of Nigeria announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of N200 billion. The initiative was aimed at strengthening the resilience of financial institutions, improving their capacity to absorb economic shocks and positioning them to support sustainable economic growth.
In response, Wema Bank embarked on a strategic capital raise through the stock market, broadening its shareholder base and securing the required funds through strong participation from existing investors. The N150 billion rights issue, which opened on April 14, 2025, and closed on May 21, 2025, represented a key step in the process. This was later complemented by a N50 billion special placement, enabling the bank to exceed the regulatory benchmark well ahead of schedule.
For Wema Bank, the development also reflects its transformation over the years. Since regaining its national licence in 2015, the bank has consistently demonstrated financial discipline and strategic direction. By raising the required capital largely from existing shareholders, the institution highlighted the strong confidence shared between the bank and its investors.
Speaking further on the significance of the milestone, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders. Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”
The successful completion of the recapitalisation process underscores the bank’s financial strength, disciplined execution and commitment to regulatory compliance as it continues to expand across Nigeria. With a significantly stronger capital base, the bank is now better positioned to support more customers, empower businesses and unlock opportunities across every segment it serves.
As it enters this new phase, Wema Bank is not only reaffirming its national bank status but also moving forward with greater scale, stronger ambition and a clear intention to lead. The bank remains committed to powering progress, driving innovation through ALAT and delivering sustained value for all stakeholders.
