Ahead of the recapitalisation deadline, Wema Bank Plc has announced the commencement of its capital raising exercise scheduled to begin today, the tier-2 lender.
According to a corporate disclosure filed with the Nigerian Exchange Limited on Friday, the bank is undertaking a rights issue of 14,286,785,417 ordinary shares of 50 kobo each based on two new ordinary shares for every three ordinary shares at N10.45 per share.
“This is a key step that will consolidate the bank’s vision of becoming a Systematically Important Bank (SIB) and creating value for our esteemed shareholders. Our consistent growth in key performance indicators and market share reflects the success of our strategic initiatives and the trust our shareholders have shown us.
“Upon conclusion of this rights issue, the board will ensure that the bank remains well-positioned to seize new opportunities in the evolving Nigerian banking landscape, particularly by increasing lending to the Nigerian small and medium enterprise, retail, commercial, and corporate sectors, respectively,” Wema Bank said.
In addition, the bank said it would improve its IT infrastructure and strengthen its digital platform, ALAT, which has facilitated its market penetration in great measure while also creating access to financial services for the young and tech-savvy generation in Nigeria.
“We hereby urge all our esteemed shareholders whose names are in the Register of Members as of March 5, 2025, to exercise their rights in full and seize this pivotal moment in our Bank’s growth.
“By doing so, you will not only contribute to the bank’s future success but also solidify your stake in our long-term vision”.
Earlier this year, Wema Bank said that it would be raising capital through a combination of a rights issue and a special placement exercise to raise N200bn in fresh capital.
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