Nigerian bank Wema Bank completes first phase of N40bn recapitalisation plan through rights issue.
Nigerian bank Wema Bank has completed the first phase of its N40bn recapitalisation plan, raising funds through a rights issue. Initiated in December 2023, Wema Bank's shares were fully subscribed, and the bank has also received approval to raise an additional N150bn ($372m) to meet the Central Bank of Nigeria's (CBN) capitalisation threshold. The recapitalisation plan aims to boost the Nigerian economy and strengthen the country's financial services industry.
June 14, 2024
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