SEC Approves Wema Bank's N40bn Issue

The Securities and Exchange Commission (SEC) has approved the allotment of result for the special placing of shares by Wema Bank Plc to raise N40 billion from the capital market.

The bank said SEC approved the 26,667,123,333 ordinary shares of 50 kobo each valued at N40,000,684,999.50 that  were allotted to successful institutional and private investors at N1.50  per share in two tranches.

Speaking on the special placing process, the Managing Director/Chief Executive Officer,  Wema Bank, Mr. Segun Oloketuyi,  thanked all stakeholders for their support towards the successful capital raising. He also thanked shareholders and customers.

He reiterated the board and management's commitment to ensuring that the bank regains its pride of place in the industry without compromising on values and standards.

On the National Banking License, Oloketuyi said the bank would now commence the process of securing a National Banking License in coming months.

He said: 'With this development, the shareholding structure of the bank remains diverse with no single investor having a controlling shareholding in the bank.

'Over the past four years, Wema Bank has been successfully repositioned against all odds by creating a strong platform for sustainable superior financial performance through quality personnel, better risk management and corporate governance principles, improved systems and processes, and an enhanced capital base.'