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WEMA BANK ANNOUNCES FINAL TRANCHE OF CAPITAL RAISE EXERCISE..…Set to raise additional N200 billion in combination of Rights & Special Placement to complete CBN recapitalization requirement

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Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced that it will be completing its capital raise through a combination of a Rights issue and Special placement exercise set to go live on April 1, 2025, with the goal of raising N200 billion in fresh capital. This would mark the second and final tranche of the Bank’s capital raise exercise, supplementing the N40 billion raised in the first tranche, and ensuring the Bank surpasses the CBN minimum requirement for national banking authorization.
In its usual manner as a proactive, innovative and forward-thinking bank, Wema Bank, had prior to the CBN announcement, already launched a N40 billion rights issue as far back as December 2023, receiving the approval of the CBN and the Securities and Exchange Commission (SEC) in 2024. This resulted in the Bank’s successful completion of the first tranche of its capital raise exercise. With over 30% of the CBN target of N200 billion already met, Wema Bank is proceeding to initiate the second tranche of capital raise come April 2025, this time, with the goal of raising N200 billion in fresh capital to complete its capital requirement.
Confident in the outcome of the upcoming rights issue, Wema Bank’s MD/CEO, Moruf Oseni, assured shareholders and other stakeholders of a successful conclusion of the capital raise program. According to him, “We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel. I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations. Indeed, we are building Wema Bank into a formidable force in the African financial services landscape”.
“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward. This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you”, Oseni concluded.
With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, this move by Wema Bank will undoubtedly ensure the bank retains its national banking license way ahead of the deadline
Reaffirming its stance as a Bank committed to transparency and adherence to regulatory standards, Wema Bank is working to secure all necessary approvals from relevant regulatory authorities to ensure the process is conducted in full compliance with applicable guidelines

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Banking

WEMA AT 80: 80 WINNERS TO EMERGE IN 80TH DAILY DRAW OF WEMA BANK 5 FOR 5 PROMO SEASON 4

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In anticipation of its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be rewarding 80 customers with cash prizes in its Wema Bank 5 for 5 Promo Season 4 80th daily draw, set to hold virtually at 4 p.m. on Monday, February 24, 2024.

Wema Bank launched its 5 for 5 Promo in 2019 as an avenue to reward its customers for their active loyalty to the brand and its products. Since its launch, the Promo has disbursed over N150,000,000 to thousands of customers across Nigeria, across three seasons. Season 4 of the Wema Bank 5 for 5 Promo kicked off on October 1, 2024 with a whopping N135,000,000 cash prize set for disbursement across daily, weekly, monthly and a special grand prize draw where one Wema Bank customer will win N5,000,000. So far, over 2,000 Wema Bank customers have emerged winners, receiving cash prizes ranging from N5,000 to N1,000,000 each.

Scheduled to hold on Monday, February 24, 2025, the Wema Bank 5 for 5 Promo Season 4 80th daily draw will, through a duly regulated and transparent electronic draw, select 80 winners randomly from Wema Bank’s pool of active and transacting customers who have made transactions using the ALAT App, *945# or the Wema/ALAT debit card. Both new and existing Wema Bank customers can participate in the special 80th draw, regardless of their location in Nigeria; provided they meet the eligibility criteria of making at least one transaction via the three valid channels.

Customers and prospects who are interested in becoming one of the lucky 80 winners are advised to sign up on the ALAT App if they haven’t already, request a debit card on the App or get one instantly at any Wema Bank branch or transact offline using *945#, Wema Bank’s USSD code.

The Wema Bank 5 for 5 Promo Season 4 80th daily draw has been curated specially in celebration of Wema Bank’s upcoming 80th anniversary.

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Wema Bank Kicks Off 80th Anniversary Celebration with “80 Years of Spreading Love” Valentine Campaign

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Wema Bank has kicked off its 80th-anniversary celebration with the launch of its “80 Years of Spreading Love” Valentine campaign, running from February 1st to 28th, 2025. This campaign is the first in a series of exciting activities leading up to the bank’s grand 80th anniversary on May 2, 2025, and is designed to reward customer loyalty, strengthen connections, and create unforgettable experiences through 80 Acts of Love.

With rewards tailored for every customer segment, Wema Bank is rolling out ₦11,000,000 in cash prizes, gift cards, movie tickets, spa treatments, fitness access, and Uber vouchers for young professionals and students.

Women and families will enjoy free SARA health consultations, business promotions, and networking opportunities, while Diaspora and Prestige customers can access discounted loans, cashback rewards, and priority banking services.

SMEs and entrepreneurs aren’t left out, as they’ll benefit from free delivery services, business training sessions, Meta advert credits, and promotional support, alongside up to 15% off CIG Motors products and 5% off Green Asset products with free StarTimes decoders and a six-month subscription.

The “80 Years of Spreading Love” campaign is just the beginning of a year-long celebration honoring the customers who have journeyed with Wema Bank over the past eight decades. To take part in the rewards, customers simply need to download ALAT and follow Wema Bank on social media for updates on exclusive benefits throughout the season of love.

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Wema Bank unveils 80th Anniversary Identity

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In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration.

Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank.

Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry.

All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.

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