Tag: Wema Bank

GCR Rating has upgraded Wema Bank Plc’s national scale long-term issuer ratings to BBB (NG) from BBB-(NG) and affirmed the short-term issuer rating of A3 (NG); according to its rating note.  The emerging market ratings agency also revised outlook on the bank to stable from Rating Watch Positive.

Wema Bank says it has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the

Fitch Ratings has confirmed Wema Bank PLC's Long-Term Issuer Default Rating (IDR) of 'B-' and its Viability Rating (VR) of 'b-'. Fitch has also confirmed Wema's National Long-Term Rating as 'BBB' (nga) with a stable outlook.

A Pan-African credit rating agency, Agusto & Co, has upgraded Wema Bank’s rating from BBB to BBB+, following the bank’s strong 2023 financial performance.

With rights issue in the pipeline, Moruf Oseni Wema Bank Managing Director/Chief Executive Officer said the Nigerian lender’s capital base stands at N55 billion. Oseni said this at the 2023 annual meeting with shareholders, adding that Wema Bank is set to raise N200 billion in capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).