Nigeria: Wema bank to raise $94m to strengthen capital and SME loans

Wema Bank, Nigeria’s digital banking pioneer, announced on April 10th 2025 the imminent launch of a rights issue to raise 150 billion naira (approximately USD 94 million).

The operation, which will begin on April14th , will involve 14,286,785,417 ordinary shares of 50 kobos each, at a price of 10.45 naira per share. The bank says that shareholders of record on  March 5th 2025 will be entitled to two new shares for every three shares purchased.

Through this operation, Wema Bank intends to meet the new requirements of the Central Bank of Nigeria (CBN), which has given banking institutions untill March 31th 2026 to comply with the minimum capital thresholds required to operate in the country. Under these regulations, commercial banks operating internationally will now have to have a minimum capital of 500 billion naira, compared with 200 billion naira for those operating nationally and 50 billion naira for banks with regional coverage.

In addition to regulatory compliance, this operation is designed to support Wema Bank’s long-term growth strategy, in particular by strengthening its portfolio of loans to SMEs and businesses in key sectors, while modernising its technological systems. Particular attention will be paid to the ongoing development of the ALAT digital platform, the first fully digital bank in Africa, which was launched in 2017. A real driver of innovation, ALAT has enabled Wema to boost financial inclusion and attract a young, dynamic and connected customer base.

With this recapitalisation, Wema Bank will join the select group of Nigerian banks that have reached the regulatory threshold imposed by the CBN well before the March 2026 deadline. Zenith Bank and UBA have already carried out their own recapitalisation operations.

source: agence ecofin