Onome Amuge
Wema Bank has surpassed the Central Bank of Nigeria’s (CBN) minimum capital requirement for commercial banks with national authorization, positioning itself among the more resilient institutions in the country’s evolving banking sector. The Lagos-based lender achieved the milestone following the successful completion of a N150 billion rights issue, bringing its total qualifying capital to N214.7 billion, comfortably above the mandated N200 billion threshold.
The capital injection comes nearly a year ahead of the March 2026 deadline set by the CBN’s latest recapitalization framework, underscoring Wema Bank’s proactive approach to regulatory compliance and strategic growth. In addition to the rights issue, the bank has also concluded a N50 billion special placement, which is currently pending regulatory approval, signaling its intent to further strengthen its capital base.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorization,” the bank said in a statement on Thursday.
The move reflects a broader trend among Nigerian banks to shore up capital amid rising regulatory scrutiny, tighter monetary conditions, and increasing competition in the financial services sector. Analysts note that banks that exceed the CBN’s thresholds early are better positioned to pursue expansion initiatives, invest in digital banking infrastructure, and compete for market share as Nigeria’s banking industry modernizes.
Moruf Oseni, Wema Bank’s Chief Executive Officer, framed the milestone as both a regulatory achievement and a strategic lever for growth. “Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
The bank’s capital strategy is also indicative of its long-term vision. Beyond compliance, Wema Bank said it is leveraging its strengthened balance sheet to pursue digital transformation, branch expansion, and innovative financial products aimed at increasing its retail and corporate market penetration.
Shareholder support has been integral to this trajectory. At the bank’s electronic Annual General Meeting (AGM) on May 22, 2025, investors formally approved the N50 billion private placement, signaling confidence in management’s growth agenda and commitment to bolstering Nigeria’s financial ecosystem.
Under the CBN framework, commercial banks with international authorisation are required to maintain a minimum capital base of N500 billion, while national banks such as Wema Bank must meet the N200 billion threshold. By exceeding the benchmark early, Wema Bank joins a select group of domestic banks that are strategically positioning themselves for resilience, regulatory favor, and long-term competitiveness.
