Wema Bank, partly owned by Nigerian gambling magnate Kessington Adebutu, has cleared a major hurdle in its recapitalization drive, raising 103 million through a rights issue. The exercise the first phase of the lenders capital-raising program strengthens its balance sheet in line with the Central Bank of Nigerias directive and positions it for the next stage of growth.
Wema Bank clears capital requirement
The rights issue, aimed at lifting qualifying capital above the CBNs N200 billion 130.98 million requirement , closed with subscriptions of N157 billion 103.1 million and is now undergoing regulatory verification. Once approval is secured, Wemas qualifying capital will stand above N210 billion 137.61 million, giving it a comfortable buffer over the threshold.