Wema Bank Plc has exceeded its recapitalisation target after successfully completing the first phase of its capital-raising plan, securing N157 billion through a rights issue.

The digital-focused lender launched the exercise to meet the Central Bank of Nigeria’s recapitalisation directive, noting that the strong investor response underscores confidence in its strategy, leadership, and long-term growth prospects.

Prior to the raise, the bank held N200 billion in shareholders’ funds, of which only N67 billion qualified as regulatory capital. To close the gap, Wema adopted a two-pronged strategy comprising a rights issue and a special placement.

Market analysts said the rights issue, which closed at N157 billion, is now undergoing final verification by the CBN. Once approved, the bank’s qualifying capital is expected to rise above N210 billion—well above the regulatory threshold.

Building on this momentum, the bank has launched a special placement to raise an additional N50 billion.

Investor commitments have already been secured, with the offer set to remain open for 10 days.

Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, said the bolstered capital base will enable the lender to expand lending capacity, accelerate digital innovation, and further enhance customer experience.

“Upon meeting the recapitalisation target, our focus is on leveraging the strengthened capital base to drive sustainable growth, expand lending capacity, accelerate digital innovation, and enhance customer experience,” Oseni said.

The Group Managing Director of The Lancelot Group, Adebayo Adeleke, remarked that Wema Bank’s more than 80 years in Nigeria’s banking sector is a testament to its resilience and adaptability.

“Wema Bank was the only indigenous bank to have weathered the economic storm for over eight decades. It’s a testament to both its resilience and adaptability. It has reconnected with the younger generation by deploying ICT solutions in its services. Shareholders are always ready to support the bank by buying more of its shares,” Adeleke said.

An independent equity review by Global Asset Management gave Wema Bank a positive outlook, noting that its shares remain undervalued compared to intrinsic value.

The firm rated the stock a strong buy for long-term investors seeking capital gains and dividend income.

On the Nigerian Exchange, Wema Bank’s stock has surged nearly 160 per cent year-to-date, ranking among the market’s top performers. Analysts believe that with the fresh capital injection and solid fundamentals, the bank is well-positioned for sustained growth and could soon evolve into an international bank.