Wema Bank lists N49.99bn shares on NGX

The Nigerian Exchange Limited has revealed that Wema Bank has listed about N49.99bn worth of shares on its Daily Official List.

In its weekly report, the NGX disclosed that an additional 4,545,454,542 ordinary shares of 50 kobo each of Wema Bank Plc were listed last Tuesday.

“The additional shares listed on the NGX arose from the bank’s private placement of 4,545,454,542 ordinary shares of 50 kobo each at N11.00 per share. With the listing of the additional shares, the total issued and fully paid-up shares of Wema Bank Plc have now increased from 35,573,422,872 to 40,118,877,414 ordinary shares of 50 Kobo each,” said the NGX.

The PUNCH reported in September that Wema Bank received regulatory approval for its N50bn private placement, which effectively brings its qualifying capital above the N200bn threshold to N264.87bn. Wema Bank holds a national licence, and the Central Bank of Nigeria has pegged the minimum capital requirement for that category at N200bn, which banks are expected to meet by March 2026.

The Managing Director and Chief Executive Officer of Wema Bank, Mr Moruf Oseni, celebrated the bank’s success in crossing the new minimum capital requirement threshold.

He said, “We are delighted to have received all necessary regulatory approvals for our N50bn special placement. This marks another major step in our strategy to strengthen Wema Bank’s capital base, enhance liquidity, and position the institution to pursue emerging opportunities for sustained growth. We appreciate the continued confidence and support of our shareholders, regulators, and customers as we execute our growth agenda.” The lender revealed that the proceeds from this capital raise will be deployed to continue the acceleration of Wema Bank’s digital transformation drive, deepen penetration across retail, SME, and corporate segments, and enhance the bank’s lending capacity to key productive sectors of the Nigerian economy.

Source: https://punchng.com/wema-bank-lists-n49-99bn-shares-on-ngx