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CBN Recapitalisation: Wema Bank Secures National Banking Statusl

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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

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Poor Service: FG Goes Tough On MTN, Airtel, Glo

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The Federal Government has warned telecom operators to improve service quality or face regulatory sanctions, saying recent reforms have stabilised the sector and removed excuses for poor network performance.

Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, issued the warning in a statement on Sunday, emphasising that Nigeria’s connectivity gaps were largely structural, driven by years of underinvestment and constraints on operators.

Tijani said the government had tackled the problem through long-term infrastructure planning and immediate sector-stabilisation measures aimed at restoring sustainability and investor confidence.

He said the long-term reforms are focused on expanding infrastructure through new fibre deployment and tower rollout initiatives designed to close critical gaps in Nigeria’s digital backbone.

The minister noted that funding has been secured with support from the World Bank for Project BRIDGE, alongside additional investments in satellite capacity to boost nationwide coverage.

He added that these interventions are expected to transform connectivity over the next two to five years, enabling businesses and households to access reliable high-speed internet beyond unstable mobile connections.

“When we assumed office, it was clear that Nigeria’s connectivity challenges were structural, driven by years of underinvestment in infrastructure and constraints that limited the ability of operators to deliver quality service.

“We have addressed this on two fronts. First, the long-term structural solution. We have secured funding, led by the World Bank, and established the framework for a special purpose vehicle with Project BRIDGE, to deliver nationwide open access fibre infrastructure. Deployment of fibre will commence, alongside new tower rollouts through NUCAP, before the end of the year even as we also expand our satellite capability.

“These investments will address the foundational gaps in our digital infrastructure over the next two to five years and permanently transform connectivity across Nigeria,” he said.

Speaking on immediate interventions, Tijani said that government has stabilised the sector through tariff adjustments, the designation of telecom infrastructure as critical national infrastructure, tax harmonisation efforts, and broader macroeconomic reforms.

According to him, the reforms have restored operator profitability and created a more transparent and market-driven environment, giving telcos the capacity to invest in network improvements.

“It is now the responsibility of telecom operators such as MTN Nigeria, Airtel Nigeria, Globacom, and T2 to take all necessary steps to resolve network challenges and deliver the level of service Nigerians expect,” the minister insisted.

Tijani stressed that the Nigerian Communications Commission (NCC) has been fully empowered to monitor performance, enforce standards, and ensure compliance, with sanctions expected for defaulting operators.

He said Nigerians should begin to see measurable improvements in call quality, data speed and network coverage, adding that the government will continue to rely on regulatory reports and user feedback to hold operators accountable and ensure consumers receive value for money.

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FG Issues 6 Fresh Fuel Import Licenses 

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The Nigerian government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has resumed issuance of petrol import licenses to petroleum marketers. 

 

According to report, the licenses were issued to six petroleum marketers expected to import around 720,000 metric tons of Premium Motor Spirit (petrol).

The report says beneficiaries are major oil marketers such as NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono.

NIPCO is expected to import 120,000 metric tons; AA Rano, 150,000 MT; Matrix, 150,000 MT; Shafa, 120,000 MT; Pinnacle, 120,000 MT; and Bono, 60,000 MT, totaling 720,000 MT of petrol imports.

Although the NMDPRA officially stated the reason for the fresh licenses, Dangote Refinery has reiterated its capacity to meet local fuel consumption demand,while NMDPRA’s recent industrial data showed that the 650,000-barrel-per-day refinery supplied 90 percent of the country’s daily consumption.

NMDPRA’s recent decision toward petrol imports has stirred concerns among stakeholders.

The development comes barely a week after President Bola Ahmed Tinubu appointed Rabiu Abdullahi Umar as Chief Executive Officer of NMDPRA.

President Tinubu had sacked Saidu Mohammed as CEO of NMDPRA while he was on official duty in Germany.

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Chris Kolade Leadership Award Loading As KMEN Sets for MegaSummit 2026

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Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.

 

This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.

The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.

The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.

 

Pastor Tunde Bakare

Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.

While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).

On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.

Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.

An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.

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