Wema Bank to raise N40.00 billion from capital market
By Dele Ojo
WEMA Bank has decided to beef up it’s share capital by raising N40.00 billion from the capital market, following the completion of the Bank’s share reconstruction exercise recently. This was affirmed at the bank’s extraordinary general meeting held December 31, 2021.
Johnson Lebile , Company Secretary/Legal Adviser, in a message to the Nigerian Exchange, and the investing public said the fund would be raised through the Right issue, to the existing shareholders of the bank, “ by issuing two new shares for every three shares held in the reconstructed capital of the Bank subject to obtaining relevant regulatory approvals”
As at the end of third quarter of 2021, equity attributed to equity holders of the bank stood at N63.736 billion, while profit before tax was N2.912 billion.
In January 1990, the bank was listed on the Nigerian Stock Exchange and became a regional financial powerhouse in 2009 and from there, it took a short six years to achieve national relevance. Wema Bank became a regional financial powerhouse in 2009 and from there, it took us a short six years to achieve national relevance.
Currently, not only Nigeria’s longest surviving indigenous bank, it has also been celebrated globally for its resilience and unprecedented adoption of digital technology which led to the launch of ALAT, Nigeria’s first fully digital bank, as a revolutionary Wema Bank product in 2017.
With over 150 business offices and digital platforms it provides retail, SME, trade, treasury, business advisory and corporate banking services to millions of Nigerians and foreigners.
Meanwhile, according to Lebile, “the shareholders hereby waive their pre-emptive rights to any unsubscribed shares offered pursuant to the Rights Issue in the event of an under-subscription and hereby authorize the Directors to offer/issue such unsubscribed shares at a price not less than that specified in the Rights Issue Circular, in such manner as they think most beneficial to the Bank.”
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