Wema Bank raises N21bn capital, reaffirms commitment to rights issue

Bisola David
Bisola David
Wema Bank raises N21bn capital, reaffirms commitment to rights issue

Wema Bank Plc has reaffirmed to shareholders that it will carry out the anticipated rights issue before the end of this year and that it has recently secured N21 billion in Alternative Tier-1 Capital in order to achieve its goal of N40 billion in capital base growth.

According to Vanguard, the Wema Bank Plc’s managing director and chief executive officer, Moruf Oseni, revealed this while addressing shareholders during the bank’s annual general meeting, which was held yesterday in Lagos.

At the AGM, the bank’s shareholders approved the proposed dividend of 30 Kobo per share and thanked the board of directors for the financial year that ended on December 31, 2022, which saw a 42% increase in gross earnings to N131.08 billion and a 26% increase in profit after tax to N11.2 billion.

Oseni stated in response to the shareholders’ criticism, “We are still completely committed to the Rights Issue. Before the year is up, we intend to put it to use.

“We just raised Alternative Tier 1 capital of N21 billion, which has been deposited in the bank and confirmed by the CBN.

We have consulted with shareholders, and the appropriate matter will undoubtedly be raised before the year runs out.”

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