Wema Bank has secured its position in Nigeria’s tier-2 financial sector after announcing on Monday that it has not only met but comfortably exceeded the Central Bank of Nigeria’s new recapitalisation requirement, thereby retaining its national banking licence.
The bank reported a total qualifying capital of N264.7 billion, well above the N200 billion minimum set by the regulator for national banks.
Notably, it completed the recapitalisation exercise in April 2026, about six months ahead of the CBN’s deadline.
The capital increase was achieved through a two-pronged fundraising strategy. Wema Bank raised N150bn via a Rights Issue between April and May 2025, which recorded strong participation from existing shareholders.
This was followed by a further N50bn through a special placement later in the year, strengthening its balance sheet and enhancing its resilience against global economic headwinds.
Commenting on the development, Wema Bank’s Managing Director/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.”
The journey to this milestone began in March 2024, when the Central Bank of Nigeria, under Governor Olayemi Cardoso, introduced a sweeping recapitalisation programme. The policy was aimed at strengthening the banking sector against currency volatility and inflationary pressures, while also ensuring financial institutions are better positioned to support the Federal Government’s ambition of building a $1 trillion economy.
For national banks such as Wema, the minimum capital requirement was increased from N25bn to N200bn.
Wema Bank’s achievement is especially significant given its trajectory; after years as a regional operator, it regained its national banking licence in 2015.
This latest milestone reinforces its position as a sustained and competitive player in Nigeria’s national banking sector.
