Wema Bank sets to meet N200bn new capital base

Having secured the approval of shareholders, Wema Bank Nigeria Plc has hinted at plans to raise N200 billion capital requirement in conformity with the directive of the Central Bank of Nigeria (CBN) for national banking license as the lender sets ambitious goal of attaining a tier 1 bank status in the nearest future.

The Central Bank of Nigeria had directed commercial banks with international authorization to increase their capital base to N500 billion and national banks to N200 billion, while those with regional authorization are expected to achieve an N50 billion capital floor.

Speaking at the bank’s hybrid Annual General Meeting (AGM) held on Tuesday, May 28, 2024, Group Managing Director/Chief Executive Officer Mr Moruf Oseni stated that the bank already has N67 billion in its books, and would be raising the shortfall through public offering in the next 24 months.

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