Wema Bank, Nigeria’s longest-standing indigenous bank and the force behind Africa’s first fully digital bank, ALAT, has successfully fulfilled and exceeded the recapitalisation requirements set by the Central Bank of Nigeria (CBN), reaffirming its standing as a national bank.
This accomplishment marks a significant turning point in the bank’s growth trajectory, highlighting its capacity to meet regulatory standards while executing a deliberate strategy focused on sustainable expansion, balance sheet strengthening, and deeper market positioning within Nigeria’s financial sector.
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The development follows the successful completion of a ₦150 billion Rights Issue alongside an additional ₦50 billion special placement in 2025. These efforts lifted the bank’s total qualifying capital to ₦264.7 billion—well above the required minimum. Notably, the process was finalised six months ahead of the deadline set by the CBN, underscoring strong investor confidence, financial resilience, and a solid long-term outlook.
Earlier in April 2026, the Central Bank of Nigeria confirmed that Wema Bank, along with 32 other financial institutions across various categories, had successfully completed the recapitalisation exercise. Impressively, Wema Bank ranks among the ten national banks that exceeded the required capital threshold, thereby maintaining its national banking licence.
Beyond regulatory compliance, this milestone signals the beginning of a new phase of accelerated growth for the bank—characterised by a stronger capital base, increased capacity to serve customers, and a more competitive position in the industry.
Commenting on the achievement, Managing Director/Chief Executive Officer, Moruf Oseni, described it as a defining moment for the institution. He noted that surpassing the CBN’s requirements reflects the strength of the bank’s strategy, performance, and the enduring trust of its shareholders and stakeholders, reinforcing its ability to compete and lead at scale.
In March 2024, the Central Bank of Nigeria introduced a recapitalisation programme mandating national banks to maintain a minimum capital base of ₦200 billion. The initiative aimed to enhance the resilience of financial institutions, improve their shock-absorption capacity, and position them to support sustainable economic growth.
In response, Wema Bank pursued a strategic capital-raising programme via the stock market, attracting strong participation from existing shareholders. The ₦150 billion Rights Issue, which ran from April 14 to May 21, 2025, represented a major step, later complemented by a ₦50 billion special placement—ensuring the bank comfortably exceeded regulatory expectations ahead of schedule.
This achievement also reflects the bank’s transformation journey. Since regaining its national licence in 2015, Wema Bank has consistently demonstrated financial discipline and forward-thinking strategy. Raising most of the capital from existing investors further highlights the deep trust between the bank and its shareholder base.
Speaking on the broader implications, Oseni stated that the strengthened capital base will enhance the bank’s ability to scale operations, expand market reach, and deliver greater value through improved credit access, advanced digital banking services, and innovative financial solutions. He added that the milestone positions the bank to play a more significant role in supporting Nigeria’s economic growth.
Looking ahead, the bank remains committed to expanding its footprint, driving customer-focused innovation, and reinforcing its role as a growth catalyst across retail, SME, and corporate banking segments. According to Oseni, the achievement goes beyond retaining its licence—it is about building a stronger, more impactful institution.
The successful recapitalisation underscores Wema Bank’s financial strength, disciplined execution, and commitment to regulatory compliance. With a significantly enhanced capital base, the bank is now better positioned to support more customers, empower businesses, and unlock opportunities across all segments.
As it moves into this new phase, Wema Bank is not only reaffirming its national status but also advancing with greater scale, renewed ambition, and a clear vision for leadership—continuing to drive innovation through ALAT and deliver lasting value to its stakeholders.
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