Wema Bank has announced that it has successfully met and surpassed the new recapitalisation threshold set by the Central Bank of Nigeria (CBN), confirming its status as a national commercial bank.
The lender disclosed a Total Qualifying Capital of ₦264.7 billion, comfortably above the ₦200 billion minimum required for banks operating with a national licence. The recapitalisation exercise was completed in April 2026, six months ahead of the CBN’s deadline, positioning the bank among early movers in compliance with the regulatory directive.
The capital raise was achieved through a combination of funding strategies. The bank conducted a ₦150 billion rights issue between April and May 2025, which recorded strong participation from existing shareholders. This was followed by a ₦50 billion special placement later in the year, further strengthening its capital base and financial resilience.
Commenting on the development, Managing Director and Chief Executive Officer Moruf Oseni described the milestone as a defining moment in the bank’s growth trajectory. He said the successful exercise reflects investor confidence in the institution’s long-term strategy and performance.
The recapitalisation drive traces back to March 2024, when the CBN, under Governor Olayemi Cardoso, introduced sweeping reforms aimed at strengthening the banking sector. The policy significantly increased the capital requirement for national banks from ₦25 billion to ₦200 billion, part of broader efforts to enhance financial system stability and support Nigeria’s long-term economic ambitions.
For Wema Bank, the achievement marks a significant consolidation of its position in the industry. Having transitioned from a regional bank to a national player after regaining its licence in 2015, the latest development reinforces its standing within Nigeria’s competitive banking landscape.
With the recapitalisation completed, the bank is now shifting focus toward expansion and increased market penetration. The strengthened capital base is expected to support higher lending capacity, particularly to small and medium-sized enterprises, alongside investments in digital banking infrastructure and corporate financial services.
A key part of its strategy remains its digital platform, ALAT, which the bank says will continue to drive financial inclusion and innovation. The institution aims to leverage technology to deliver improved customer experience while maintaining operational efficiency.
Oseni noted that the milestone goes beyond regulatory compliance, positioning the bank for sustained growth and broader economic impact. He added that the institution is focused on deepening its footprint across Nigeria while delivering value through accessible credit, innovative solutions, and enhanced service delivery.
Founded in 1945, Wema Bank is Nigeria’s longest-standing indigenous commercial bank. Its successful recapitalisation underscores its evolution from a traditional banking institution into a modern, technology-driven financial services provider, with ambitions to play a more significant role in the country’s economic development.
