Abayomi Susan
Wema Bank, Nigeria’s oldest indigenous national bank and the pioneer behind Africa’s first fully digital bank, ALAT, has successfully met and exceeded the Central Bank of Nigeria’s (CBN) recapitalisation requirements, securing its status as a National Bank. This achievement marks a pivotal moment in the Bank’s growth, demonstrating its commitment to meeting regulatory standards while pursuing sustainable expansion and reinforcing its position in Nigeria’s dynamic banking sector.
The milestone follows the Bank’s successful ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, raising its Total Qualifying Capital to ₦264.7 billion—well above the required minimum. The recapitalisation was completed six months ahead of the CBN’s deadline, showcasing Wema Bank’s strong financial health and instilling confidence in its shareholders and stakeholders alike.
In April 2026, the CBN officially confirmed that Wema Bank, alongside 32 other financial institutions, had successfully met the recapitalisation requirements. Notably, Wema Bank stands out as one of only ten national banks to exceed the minimum capital threshold, thereby retaining its prestigious national banking license.
This achievement not only highlights Wema Bank’s regulatory compliance but also signals a new era of accelerated growth. With a more robust capital base, the Bank is now poised to enhance its capacity to serve customers, strengthen its competitive edge, and play a more significant role in Nigeria’s financial ecosystem.
Moruf Oseni, Managing Director/CEO of Wema Bank, commented on the success: “The successful completion of our recapitalisation is a testament to our strategic vision and performance. We’ve not only met the CBN’s requirements; we’ve surpassed them, solidifying our position as a National Bank. This achievement strengthens our ability to compete and lead in the banking sector, with the scale, stability, and strength needed to grow further.”
In March 2024, the CBN introduced the recapitalisation programme, requiring national banks to maintain a minimum capital of ₦200 billion to improve the resilience of the financial sector. Wema Bank responded strategically by raising capital through the stock market, ensuring strong participation from existing investors. The ₦150 billion Rights Issue, which opened in April 2025 and closed in May 2025, was followed by a ₦50 billion special placement, ensuring the Bank exceeded the regulatory capital requirements ahead of the deadline.
Wema Bank’s recapitalisation journey underscores its resilience and transformation since regaining its national banking license in 2015. By securing the required capital from existing shareholders, the Bank has demonstrated the deep trust and confidence shared between the institution and its investors.
Looking forward, Oseni emphasized the broader impact: “This milestone strengthens our ability to compete on a larger scale, expand our market presence, and deliver greater value to customers across Nigeria. It empowers us to offer enhanced access to credit, innovative digital banking solutions, and improved financial services, all while contributing to Nigeria’s economic growth.”
As Wema Bank moves forward, it remains focused on deepening its market presence, driving customer-centric innovations, and strengthening its role across retail, SME, and corporate sectors. Oseni concluded, “This isn’t just about retaining our national license; it’s about building a stronger, more impactful Wema Bank—one that powers progress, drives innovation through ALAT, and continues delivering lasting value to all stakeholders.”
With a solid capital foundation, Wema Bank is now well-positioned to expand its reach, support more businesses, and unlock new opportunities across the country. The successful completion of the recapitalisation process reaffirms the Bank’s financial strength and unwavering commitment to regulatory compliance as it steps into a future defined by ambition, innovation, and leadership.
