Nigeria: Wema Bank surpasses recapitalisation threshold, secures national licence

Wema Bank has successfully exceeded the Central Bank of Nigeria’s revised capital requirements, reinforcing its position within the country’s top-tier banking segment and retaining its National Banking Licence.

The bank reported a Total Qualifying Capital of N264.7 billion—well above the N200 billion minimum benchmark set by the Central Bank of Nigeria for national banks. Notably, the recapitalisation was completed in April 2026, six months ahead of the regulatory deadline.

The capital raise was executed through a dual-track strategy. Wema Bank completed a N150 billion Rights Issue between April and May 2025, which recorded strong shareholder participation. This was followed by a N50 billion special placement later in the year, further strengthening its balance sheet and resilience against macroeconomic shocks.

Commenting on the milestone, Managing Director and CEO Moruf Oseni described the development as a defining moment for the institution, underscoring investor confidence in the bank’s long-term strategy and performance trajectory.

The recapitalisation exercise stems from a broader regulatory directive introduced in March 2024 under CBN Governor Olayemi Cardoso, aimed at strengthening the banking sector against inflationary pressures, exchange rate volatility, and positioning financial institutions to support Nigeria’s long-term economic ambitions.

For national banks, the capital threshold was significantly increased from N25 billion to N200 billion. Wema Bank’s ability to surpass this requirement highlights a significant evolution, particularly given its transition from a regional institution to regaining national banking status in 2015.

With the capital programme concluded, the bank is now shifting focus toward expansion. The strengthened capital base is expected to support increased lending—particularly to SMEs—alongside investments in digital infrastructure and enhanced corporate banking capabilities.

Central to this strategy is ALAT by Wema, the bank’s flagship digital platform, which continues to anchor its hybrid model of traditional banking stability and fintech-driven innovation.

Oseni noted that the enhanced capital position will enable the bank to scale operations, deepen market penetration, and deliver improved financial services across Nigeria, including expanded access to credit and more advanced digital banking solutions.

Founded in 1945, Wema Bank remains Nigeria’s oldest indigenous commercial bank. Its successful recapitalisation signals not just regulatory compliance, but a strategic repositioning for sustained growth and greater impact within the evolving financial services landscape.