Wema Bank Exceeds CBN Recapitalisation Requirement, Retains National Banking Licence

Wema Bank Exceeds CBN Recapitalisation Requirement, Retains National Banking Licence

Wema Bank has successfully exceeded the recapitalisation requirements set by the Central Bank of Nigeria (CBN), reinforcing its position as a national bank and marking a significant milestone in its growth trajectory.

The bank confirmed that its Total Qualifying Capital has risen to ₦264.7 billion, comfortably surpassing the ₦200 billion minimum requirement for national banking licences. This achievement follows the successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025.

Notably, the recapitalisation exercise was concluded six months ahead of the CBN’s deadline, underscoring the bank’s strong financial footing, investor confidence, and commitment to sustainable growth.

In April 2026, the CBN formally confirmed that Wema Bank, alongside 32 other financial institutions, had successfully completed the recapitalisation process. The bank stands among only ten national banks that not only met but exceeded the regulatory threshold, thereby retaining its national licence.

Speaking on the development, Managing Director and Chief Executive Officer, Moruf Oseni, described the achievement as a defining moment for the institution.

“The successful completion of our recapitalisation exercise is a strong validation of our strategy, performance, and the enduring confidence our stakeholders have in our vision. We have not only met the requirements; we have exceeded them,” Oseni said.

The recapitalisation programme, introduced by the CBN in March 2024, mandates all national banks to maintain a minimum capital base of ₦200 billion. The policy aims to strengthen the resilience of financial institutions, enhance their ability to absorb economic shocks, and position them to support long-term economic growth.

Wema Bank’s capital raise, driven largely by existing shareholders, highlights sustained investor trust and strategic financial discipline. The Rights Issue, which ran from April to May 2025, played a pivotal role in achieving this target, complemented by the later special placement.

Having regained its national banking licence in 2015, the bank has continued to demonstrate steady growth and innovation, particularly through its flagship digital platform, ALAT by Wema, widely recognised as Africa’s first fully digital bank.

Oseni further noted that the strengthened capital base will enable the bank to expand lending, enhance digital banking services, and deepen its support for retail customers, SMEs, and corporate clients.

“This milestone positions us to compete at scale, deepen market presence, and deliver more value through improved access to credit and innovative financial solutions,” he added.

With its recapitalisation now complete, Wema Bank is poised to enter a new phase of growth, marked by increased capacity, stronger market positioning, and a renewed focus on driving economic development across Nigeria.