Wema Bank Plc has cemented its position among Nigeria’s top-tier lenders after surpassing the Central Bank of Nigeria’s (CBN) revised capital requirements, completing its recapitalisation exercise well ahead of schedule and strengthening its capacity for nationwide expansion.
The bank announced a Total Qualifying Capital of N264.7 billion, significantly above the N200 billion minimum threshold set by the regulator for institutions operating with a national banking licence. The milestone, achieved in April 2026, places Wema Bank among the early movers in the industry, finalising compliance six months before the regulatory deadline.
The capital raise was executed through a dual-structure funding strategy, combining a N150 billion rights issue conducted between April and May 2025 with a subsequent N50 billion special placement later in the year.
Moruf Oseni, the managing director and chief executive officer, described the development as a turning point in the bank’s evolution.
“The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision,” he said.
The recapitalisation programme, introduced in March 2024 by the CBN under Governor Olayemi Cardoso, represents one of the most significant regulatory shifts in Nigeria’s banking sector in over a decade. Designed to strengthen financial institutions against macroeconomic shocks, including currency volatility and inflation, the policy also aims to position banks to support the federal government’s ambition of building a $1 trillion economy.
For national banks, the capital requirement was raised eightfold—from N25 billion to N200 billion; raising the bar for scale, resilience, and competitiveness across the industry.
Wema Bank’s successful compliance is particularly significant given its trajectory. Having transitioned from a regional bank to regaining its national licence in 2015, the latest capital boost firmly establishes it as a long-term player in Nigeria’s competitive banking landscape.
“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a national bank with the scale, strength, and stability to compete and lead,” Oseni added.
With the recapitalisation phase completed, the bank is shifting focus toward growth execution. Management indicated that the strengthened balance sheet will support increased lending, particularly to small and medium-sized enterprises, while enabling further investment in digital banking capabilities and corporate banking services.
Central to this strategy is ALAT, Wema Bank’s digital banking platform, which continues to anchor its hybrid model of traditional banking stability and fintech-driven innovation.
“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions,” Oseni noted.
As one of Nigeria’s longest-standing indigenous banks, established in 1945, Wema Bank is now leveraging its enhanced capital base to position itself not only as a compliant institution but as a catalyst for broader economic growth.
“This is not just about retaining our licence; it is about building a bigger, stronger, and more impactful Wema Bank,” the CEO said.
