Wema Bank raises N40bn from capital market | Bizness Watch

Wema Bank raises N40bn from capital market

Wema Bank Plc on Thursday said it had completed its N40bn special placing and subsequent allotment of shares and approval by the Securities and Exchange Commission (SEC).With this approval, a total of 26,667,123,333 ordinary shares of 50k each valued at N40, 000,684,999.50 were allotted to successful institutional and private investors at N1.50k per share in two tranches.The development, it said, had raised the bank’s paid-up capital above the threshold for a National Banking Licence.

The statement quoted the Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi, as thanking stakeholders for their support during the capital raising drive, which began some months ago.

On the national banking licence, Oloketuyi said the bank would commence the process of securing a national banking licence in the coming months.

“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.

“In its 2013 half-year results, the bank reported a half-year profit before tax of N481m – a validation of the efficacy of its repositioning programme and a trend expected to be sustained into the future,” Oloketuyi said.

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