Wema Bank Launches N150bn Right Issues for N10.45
Ahead of the recapitalization deadline, Wema Bank Plc has announced the commencement of its capital raising exercise scheduled to begin April 14, 2025, the tier-2 lender said in a regulatory filing.
In compliance with the Central Bank of Nigeria (CBN) recapitalization directive, the bank said it seeks to undertake a rights issue of 14,286,785,417 ordinary shares of 50 kobo each on the basis of two (2) new ordinary shares for every three (3) ordinary shares, which is to be issued 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”. During the intraday trading session on Friday, the bank share price fell to N10.90 from N10.95 due to a mild selloff. #Naira Exchange Rates Switch Positions in FX Markets
