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 ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 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 Central Bank of Nigeria 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.

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.

CBN Recapitalisation: Wema Bank Secures National Banking Status

‎A 13-year-old teenager in India tragically lost his life after his family kept him immersed in the Ganges River for 12 hours following a snake bite instead of seeking medical help, the country’s media reported.

‎The death of the young boy recently caused outrage throughout India and reignited the heated debate regarding the potentially deadly consequences of superstition and the denial of proper medical care.

‎Acting on the instructions of a ‘witch doctor,’ a rural family kept their 13-year-old son immersed in the holy Ganges River for 12 hours, instead of taking him to a hospital after he got bitten by the poisonous snake.

‎The boy, whose name was given simply as Amit, a Class 4 student from Pitampur village in Uttar Pradesh, was bitten by the snake last week Thursday.

‎He immediately told his family what happened, but instead of rushing him to a hospital, they decided to consult a witch doctor.

‎The man reportedly told the family to tie Amit to bamboo poles and keep his body immersed in the Ganges River, so that the holy water of the river could cure him.

‎Indian media reported after 12 hours, the family noticed that Amit had become unconscious, and then they finally decided to take him to a medical doctor, but by that time, there was nothing to be done.

‎Even after learning of Amit’s death, the family allegedly tried to throw his body into the Ganges, hoping for a miracle.

‎Dr. Shashank Chaudhary of the health centre in the village told reporters that he and his colleagues routinely conduct awareness-raising campaigns, urging people to come to the hospital immediately after getting bitten by snakes, as every minute counts.

‎Amit’s preventable death sparked outrage on social media, with many asking that his parents should face consequences for their negligence.

PRESS STATEMENT
From: Okun Development Association (ODA)

The Okun Development Association (ODA), on behalf of Okun sons and daughters worldwide, extend sincere appreciation to His Excellency, President Bola Ahmed Tinubu,
GCFR, for the appointment of Prof. Joash Amupitan SAN, as Chairman of the
Independent National Electoral Commission. (INEC). We receive this decision as a clear
endorsement of competence and character, and as a call to national service, anchored on
merit. The confidence reposed in Prof. Amupitan SAN, is an honour to Okunland, to Kogi
State, and to every Nigerian who believes that public office should reward integrity and
capacity.

ODA declares, without reservations, our unflinching support for Prof. Joash Amupitan
SAN, as he assumes leadership of INEC at a defining moment in our nation’s democratic
journey. His public and academic record reflect uncommon discipline, fidelity to due
process, and abiding respect for institutions. In every assignment he has handled, Prof.
Amupitan SAN, has shown the temperament, intellectual depth, and moral courage
required to manage sensitive national duties with fairness and firmness. We are assured
that these qualities will guide his stewardship of the Commission.

Prof. Joash Amupitan SAN, personifies the values Okunland holds dear: honesty, hard
work, humility, and service above self. As a scholar, he has raised generations of
Nigerians who today serve in critical sectors of our society. As an administrator, he has
built systems that outlast individuals.

His commitment to strong, impartial institutions is exactly what INEC requires to
consolidate public trust. We are confident that under his leadership, the Commission will
discharge its constitutional mandate without fear or favour, and that his tenure will
strengthen the credibility of our electoral process.

ODA is mindful that the office of INEC Chairman will always attract intense public
scrutiny. While such scrutiny is part of democracy, we respectfully remind all
stakeholders, political actors, and concerned citizens that Nigeria’s constitutional order
provides established channels for resolving disputes. We therefore urge any aggrieved
parties to ventilate their concerns through the appropriate legal and institutional
mechanisms. We call for restraint in public commentary and ask all Nigerians to grant
Prof. Amupitan the calm and institutional space needed to serve the nation with neutrality,
courage and desired result.

The Okun Development Association reaffirms its commitment to national unity,
democratic stability, and the success of the Tinubu administration. We assure the
President and the Nigerian people that Prof. Joash Amupitan SAN, will discharge his
responsibilities with honour, will bring credibility and candour to his office, to Okunland,
and to the Federal Republic of Nigeria. We request the prayers and goodwill of all citizens
as he undertakes this solemn duty for the nation.

God bless Okunland.
God bless Kogi State.
God bless the Federal Republic of Nigeria.

Signed:

Amb. (Chief) Akenson Rotimi
President General,
Okun Development Association.
President-General: Amb. Akenson Rotimi
08075259447