Nigeria's Wema Bank Plc intends to raise 200 billion Nigerian naira ($143.3 million) in capital at its upcoming annual general meeting (AGM) to bolster its financial standing and pursue expansion plans. The bank aims to achieve this through public offers, rights issues, and private placements, subject to shareholders' approval. Additionally, Wema Bank plans to increase its issued paid-up share capital from $4.6 million to $18 million by creating an additional 37.14 billion ordinary shares, aligning with its growth strategy.
The AGM will feature special resolutions enabling the board to allocate various securities to meet the capital raise targets and comply with regulatory directives from the Central Bank of Nigeria. This move underscores Wema Bank's commitment to meeting regulatory requirements while positioning itself for strategic growth opportunities in the Nigerian banking sector.