Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first-fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.
In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licences, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme was to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.
Wema Bank in December 2023 launched a N40bn Rights Issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema…
Source: Leadership Newspaper
