…Greenwich Merchant Bank Limited, GTI Capital Limited, Qualinvest Capital Limited and Raddix Capital are named as the Issuing Houses to the rights issuance.
THUR APRIL 10 2025-theGBJournal| The Board of WEMA Bank Plc announced Thursday that its capital raising exercise will begin on April 14, 2025.
Wema Bank plans to raise N150 billion by rights issue, and the bank is seeking to undertake a Rights Issue of 14,286,785,417 ordinary shares of 50 kobo each on the basis of two new ordinary shares for every three ordinary shares which is to be issued at N10.45 per share, in compliance with the Central Bank of Nigeria (CBN) recapitalization directive.
The banks sees the exercise as a key step that will consolidate the its vision of becoming a Systematically Important Bank (SIB), creating value for its esteemed shareholders.
”Our consistent growth in key performance indicators and market share reflects the success of our strategic initiatives and the trust our shareholders have shown us,” the bank said in a statement signed by its Company Secretary/General Counsel, Johnson Lebile.
Upon conclusion of the Rights Issue, the Board will ensure that the Bank remains well-positioned to seize new opportunities in the evolving Nigerian Banking landscape particularly by increasing lending to the Nigerian Small and Medium Enterprise (SME), retail, commercial and corporate sectors respectively.
”In addition, we would improve the Bank’s IT infrastructure and strengthen the Bank’s digital platform- ALAT, which has facilitated our market penetration in great measures while also creating access to financial services to the young and tech-savvy generation in Nigeria,” Wema Bank management said.
Greenwich Merchant Bank Limited, GTI Capital Limited, Qualinvest Capital Limited and Raddix Capital are named as the Issuing Houses to the rights issuance.
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