Wema Bank meets CBN’s recap, retains National Banking License

Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank.

This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.

The milestone follows the Bank’s successful completion of a N150 billion Rights Issue and an additional N50 billion special placement in 2025, bringing its Total Qualifying Capital to N264.7 billion, well above the regulatory minimum.

This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.

Earlier in April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process.

Notably, Wema stands among only ten national banks that met and surpassed the minimum required capital threshold, thereby sustaining its national banking license.

This milestone not only affirms regulatory compliance but also signals a new phase of accelerated growth for the Bank; one defined by stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision.

We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”

In March 2024, the CBN announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion. The initiative was designed to strengthen the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them to drive sustainable economic growth.

In response, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors.

The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey.

This was subsequently complemented by a ₦50 billion special placement later in the year, ensuring the Bank not only met but exceeded the regulatory threshold well ahead of schedule.

For Wema Bank, this journey is a testament to its transformation. After regaining its national license in 2015, the Bank has consistently demonstrated financial discipline and strategic foresight. By raising the necessary capital primarily from existing shareholders, the Bank has underscored a deep-seated mutual trust between the institution and its investors.

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Speaking further on what this achievement means for the Bank’s future and its customers, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders. Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”

The successful conclusion of the recapitalisation process underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to regulatory compliance as it continues to expand its footprint across Nigeria. With a significantly strengthened capital base, the Bank is now positioned to do more - support more customers, enable more businesses, and unlock more opportunities across every segment it serves.

As it enters this new phase, Wema Bank is not only reaffirming its status as a National Bank; it is stepping forward with greater scale, sharper ambition, and a clear intent to lead. The Bank remains firmly committed to powering progress, driving innovation through ALAT, and delivering sustained value; powering a future of possibilities for all its stakeholders