Wema Bank Plc has achieved a major regulatory milestone by surpassing the N200 billion minimum capital requirement for commercial banks with national authorisation, well ahead of the 2026 deadline set by the Central Bank of Nigeria (CBN).
The feat concided with the announcement of the successful conclusion of its N150 billion Rights Issue at the Nigerian Exchange Limited (NGX), which opened on April 14 and closed on May 21, 2025.
The transaction, which has now received full approval from both the CBN and the Securities and Exchange Commission (SEC), formed the backbone of Wema Bank’s recapitalisation programme.
In addition, the bank recently completed a N50 billion Private Placement, currently undergoing regulatory review.
Combined, these initiatives raise Wema Bank’s capital base above the N200 billion threshold, providing a stronger buffer against risks, boosting shock-absorption capacity, and creating room for expansion.
Managing Director and Chief Executive Officer, Moruf Oseni, said the achievement reflects both the strength of Wema Bank’s balance sheet and the trust of its shareholders.
“Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni stated. “We do not take this trust for granted, and we reaffirm our commitment to continue delivering optimum value to every shareholder and stakeholder.”
Regulatory backdrop
The recapitalisation programme, announced by the CBN in March 2024, requires Nigerian banks to significantly boost their minimum capital base within 24 months.
The apex bank introduced the policy in response to macroeconomic pressures, rising inflation, naira depreciation, and the need for a stronger and more resilient financial system.
Under the directive, commercial banks with international authorisation are required to raise their minimum capital base to N500 billion, while those with national licences must raise at least N200 billion.
Regional banks were set a lower threshold of N50 billion. Merchant banks were directed to meet N50 billion, while non-interest banks must meet between N20 billion (regional) and N50 billion (national).
The recapitalisation drive mirrors similar exercises in Nigeria’s banking history, most notably the 2004 reform under then-CBN Governor Charles Soludo, which raised the capital base from N2 billion to N25 billion.
That exercise, 21 years ago, triggered a wave of mergers and acquisitions that reshaped the Nigerian banking landscape.
With the 2026 deadline approaching, banks have been tapping both local and international investors through Rights Issues, private placements, and bond issuances.
Wema Bank’s early completion puts it among the first movers to meet the requirement, easing pressure on the lender and strengthening investor confidence.
Outlook
Wema Bank noted that its strengthened capital position provides a solid foundation for long-term stability, supports regulatory compliance, and positions it to expand services across Nigeria.
It also said the new buffer enhances its ability to support customers and contribute to the stability of the wider financial system.
“The recapitalisation exercise is a growth mission for us,” Oseni said, describing the early compliance as proof of the bank’s resilience and ambition.
Industry watchers say that early movers like Wema Bank are likely to benefit from improved market positioning, stronger balance sheets, and better resilience against shocks in an economy facing structural headwinds.
