Wema Bank raises N21bn capital, assures shareholders on rights issue

Wema Bank Plc has assured shareholders of its commitment to conducting the expected rights issue before end of this year adding that it just raised N21 billion Alternative Tier-1 Capital in line with the objective of increasing its capital base by N40 billion.

Managing Director/Chief Executive Officer, Wema Bank Plc, Moruf Oseni, disclosed this while addressing shareholders at the annual general meeting of the bank held yesterday in Lagos.

At the AGM, the shareholders of the bank approved the proposed dividend of 30 Kobo per share, and also commended the Board of Directors for the 42 per cent increase in gross earnings to N131.08 billion and 26 per cent increase in Profit after Tax to N11.2 billion in the financial year ended December 31st 2022.

Responding to comments from the shareholders, Oseni said, “We are still totally committed to the Rights Issue. We hope to bring it to bear before the end of the year.

“We just raised N21 billion in Alternative Tier 1 capital that has landed in the bank and is been verified by the CBN.

“We have engaged shareholders and definitely the right issue will be brought to bear before the end of the year.”