By Peace Udugba -The daily torch media
Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the recapitalisation requirements set by the Central Bank of Nigeria (CBN), reaffirming its status as a national bank.
The achievement marks a critical milestone in the bank’s growth journey, reflecting its capacity to meet regulatory expectations while executing a deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.
The milestone follows the successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing the bank’s total qualifying capital to ₦264.7 billion—well above the regulatory minimum. Notably, this was achieved six months ahead of the CBN’s stipulated deadline, underscoring Wema Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.
Earlier in April 2026, the Central Bank of Nigeria confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process. The bank is among only ten national banks that met and exceeded the required capital threshold, thereby retaining its national banking licence.
Beyond regulatory compliance, the milestone signals a new phase of accelerated growth for the bank—defined by a stronger capital base, increased capacity to support customers, and a reinforced position in Nigeria’s competitive banking landscape.
Commenting on the development, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, described the achievement as a defining moment.
“The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It validates 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,” he said.
In March 2024, the Central Bank of Nigeria introduced a recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative was aimed at strengthening the resilience of financial institutions, enhancing their ability 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, strengthening its shareholder base and securing the required funds through strong participation from existing investors. The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in the process. This was complemented by a ₦50 billion special placement later in the year, ensuring the bank exceeded the regulatory threshold well ahead of schedule.
The recapitalisation journey also reflects the bank’s broader transformation since regaining its national licence in 2015. Over the years, Wema Bank has demonstrated financial discipline and strategic foresight, raising the required capital largely from existing shareholders—an indication of sustained investor confidence.
Speaking on the implications for the bank’s future, Oseni noted that the strengthened capital base would enable Wema Bank to expand its impact across key market segments.
“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers 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 delivering sustainable value to all stakeholders,” he said.
He added that the bank remains focused on deepening its market presence, driving customer-centric innovation, and strengthening its role as a catalyst for growth across retail, SME, and corporate segments.
“This is not just about retaining our licence; it is about building a bigger, stronger, and more impactful Wema Bank,” he added.
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 its footprint across Nigeria.
With a significantly enhanced capital base, Wema Bank is now better positioned to support more customers, enable more businesses, and unlock new opportunities across the economy.
As it enters this new phase, the bank is not only reaffirming its national status but also advancing with greater scale, sharper ambition, and a clear intent to lead—continuing to drive innovation through ALAT and deliver long-term value to its stakeholders.
