Business
Wema Bank Launches Final Phase of Capital Raise Exercise
Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, 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.
Business
Trade Fair Board Backs NAFDAC Crackdown
The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice
The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.
In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.
She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.
Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.
“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.
“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”
The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.
She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.
Business
Not The Right Time To Impose New Taxes , Oyedele Warns Governments
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.
Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.
“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.
Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.
He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.
“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.
The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.
On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.
“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.
He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.
“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.
Business
Fayemi Explains Why America Must Have Nigeria As Partner
Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.
Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.
In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.
He insisted that Nigeria must be treated as a strategic partner in the emerging world order.
“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.
“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.
Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.
He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.
The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,
Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.
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