Wema Bank Raises N40bn Capital

Wema Bank Plc revealed that it has concluded its N40bn special placing and successive allotment of shares and approval by the Securities and Exchange Commission (SEC). With this authorization, an aggregate of 26,667,123,333 ordinary shares of 50k each valued at N40,000,684,999.50 were allotted to successful institution and private investors at N1.50k. per share in two tranches. . This development is said to have raised the bank’s paid-up capital above the brink for a National Banking License.

The Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi express his gratitude to stakeholders for their support during the capital raising drive, which began some months ago. On the national banking licence, Oloketuyi said the bank would commence the process of securing a national banking licence in the coming months.