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Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank. This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.
The
milestone follows the Bank’s successful completion of a ₦150 billion Rights
Issue and an additional ₦50 billion special placement in 2025, bringing its
Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum.
This achievement was concluded six months ahead of the CBN’s stipulated
deadline, further reinforcing the Bank’s strong financial position, shareholder
confidence, and long-term growth trajectory.
Earlier in
April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank,
alongside 32 other financial institutions across international, national, and
regional categories, had successfully concluded the recapitalisation process.
Notably, Wema stands among only ten national banks that met and surpassed the
minimum required capital threshold, thereby sustaining its national banking
license.
This
milestone not only affirms regulatory compliance but also signals a new phase
of accelerated growth for the Bank; one defined by stronger capital base,
increased capacity to support customers, and a reinforced position within
Nigeria’s competitive banking landscape.
Commenting
on the milestone, the Managing Director/Chief Executive Officer of Wema Bank,
Moruf Oseni, stated, “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. 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.”
In March
2024, the Central Bank of Nigeria announced the recapitalisation programme
requiring all national banks to maintain a minimum capital base of ₦200
billion. The initiative was designed to strengthen the resilience of financial
institutions, enhance their capacity to absorb economic shocks, and position
them to drive sustainable economic growth.
In
response, Wema Bank embarked on a strategic capital raise through the stock
market, successfully strengthening its shareholder base and securing the
required capital through strong participation from existing investors. The ₦150
billion Rights Issue, which opened on April 14, 2025, and closed on May 21,
2025, marked a significant step in this journey. This was subsequently
complemented by a ₦50 billion special placement later in the year, ensuring the
Bank not only met but exceeded the regulatory threshold well ahead of schedule.
For Wema
Bank, this journey is a testament to its transformation. After regaining its
national license in 2015, the Bank has consistently demonstrated financial
discipline and strategic foresight. By raising the necessary capital primarily
from existing shareholders, the Bank has underscored a deep-seated mutual trust
between the institution and its investors.
Speaking
further on what this achievement means for the Bank’s future and its customers,
Oseni added: “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. It positions us to play an
even bigger role in powering Nigeria’s economy while continuing to deliver
sustainable value to all our stakeholders.
Looking
ahead, we remain focused on deepening our market presence, driving
customer-centric innovation, and strengthening our role as a catalyst for
growth across retail, SME, and corporate segments. This is not just about
retaining our license; it is about building a bigger, stronger, and more
impactful Wema Bank.”
The
successful conclusion of the recapitalisation process underscores Wema Bank’s
financial strength, disciplined execution, and unwavering commitment to
regulatory compliance as it continues to expand its footprint across Nigeria.
With a significantly strengthened capital base, the Bank is now positioned to
do more - support more customers, enable more businesses, and unlock more
opportunities across every segment it serves.
As it
enters this new phase, Wema Bank is not only reaffirming its status as a
National Bank; it is stepping forward with greater scale, sharper ambition, and
a clear intent to lead. The Bank remains firmly committed to powering progress,
driving innovation through ALAT, and delivering sustained value; powering a
future of possibilities for all its stakeholders.
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