Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has met and surpassed the recapitalisation requirements set by the Central Bank of Nigeria, reaffirming its status as a national bank and marking a critical milestone in its growth journey.
The milestone follows the successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing the bank’s total qualifying capital to ₦264.7 billion, well above the regulatory minimum and achieved six months ahead of the stipulated deadline.
In April 2026, the Central Bank of Nigeria confirmed that Wema Bank, alongside 32 other financial institutions, successfully concluded the recapitalisation process. The bank is among only ten national banks that met and exceeded the required capital threshold, sustaining its national banking licence.
The achievement underscores not only regulatory compliance but also signals a new phase of accelerated growth, defined by a stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.
Managing Director and Chief Executive Officer, Moruf Oseni, described the development as a defining moment, noting that it validates the bank’s strategy and reflects the enduring confidence of shareholders and stakeholders.
The recapitalisation programme, introduced by the Central Bank of Nigeria in March 2024, requires national banks to maintain a minimum capital base of ₦200 billion to strengthen resilience, enhance shock absorption, and support sustainable economic growth.
With a strengthened balance sheet, Wema Bank said it is positioned to deepen market presence, expand access to credit, and enhance digital banking through ALAT, while continuing to deliver value across retail, SME, and corporate segments as it enters a new phase of growth.
