Wema Bank Plc has announced plans to raise N150 billion through a Rights Issue, offering 14,286,785,417 ordinary shares at N10.45 per share. The exercise is set to begin on April 14, 2025, as part of efforts to meet the Central Bank of Nigeria’s recapitalization directive.
According to a notice sent to the Nigerian Exchange and the investing public, the Rights Issue will be offered on the basis of two new shares for every three held as of the qualification date, March 5, 2025.
The bank described the move as a strategic step toward becoming a Systematically Important Bank (SIB) and delivering long-term value to shareholders.
“The Rights Issue will position us to increase lending to SMEs, retail, commercial, and corporate sectors. It will also support the upgrade of our IT infrastructure and enhance our digital banking platform, ALAT,” the statement read.
Shareholders were urged to take full advantage of the offering to strengthen their stake in the bank’s future. Participation instructions are detailed in the provisional allotment letter and the Rights Circular. Shareholders can also subscribe through the NGX Invest Platform at www.invest.ngxgroup.com.
Greenwich Merchant Bank, GTI Capital, Qualinvest Capital, and Raddix Capital are the issuing houses for the offer.
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