Wema Bank has announced plans to conclude its capital-raising efforts with a robust strategy combining a Rights Issue and a Special Placement exercise, both scheduled to commence on April 1, 2025.

The initiative aims to secure N200 billion in fresh capital, marking a significant milestone in the bank’s growth journey.

This marks the second and final tranche of Wema Bank’s comprehensive capital-raising exercise, following the successful first tranche, which generated N40 billion.

By securing this additional capital, the bank is poised to exceed the Central Bank of Nigeria’s (CBN) minimum capital requirement for national banking authorization, thereby solidifying its financial strength and positioning for sustained growth.

The move underscores Wema Bank’s commitment to maintaining robust financial health while enhancing its ability to deliver innovative banking solutions.

In its usual manner as a proactive, innovative and forward-thinking bank, Wema Bank, had prior to the CBN announcement, already launched a N40 billion rights issue as far back as December 2023, receiving the approval of the CBN and the Securities and Exchange Commission (SEC) in 2024.

This resulted in the Bank’s successful completion of the first tranche of its capital raise exercise. With over 30% of the CBN target of N200 billion already met, Wema Bank is proceeding to initiate the second tranche of capital raise come April 2025, this time, with the goal of raising N200 billion in fresh capital to complete its capital requirement.

Confident in the outcome of the upcoming rights issue, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, assured shareholders and other stakeholders of a successful conclusion of the capital raise program.

According to him, “We stand strong today not just as Nigeria’s oldest indigenous bank but also as Nigeria’s leading innovative bank. Wema Bank turns 80 this year and I can safely tell you that we have never been more driven to excel.

I am blessed to lead with the support of a team of determined and driven professionals who will leave no stone unturned in achieving our strategic aspirations. Indeed, we are building Wema Bank into a formidable force in the African financial services landscape”.

“We remain dedicated to maintaining transparency throughout this process and will provide regular updates to all stakeholders and shareholders as we go forward. This capital raise will be a win-win for us all. You can trust as always that your investment in Wema Bank will produce exceeding returns. This is our promise to you”, Oseni concluded.

With the deadline for CBN’s recapitalisation exercise set for March 31, 2026, this move by Wema Bank will undoubtedly ensure the bank retains its national banking license way ahead of the deadline

Reaffirming its stance as a Bank committed to transparency and adherence to regulatory standards, Wema Bank is working to secure all necessary approvals from relevant regulatory authorities to ensure the process is conducted in full compliance with applicable guidelines.

Nigerian Exchange Limited (NGX) has issued a stern warning against fraudulent activities, following reports of an individual and entity masquerading as affiliates of the Exchange.

In a strongly worded statement posted via its verified official X handle on Monday, the Nigerian Exchange Limited (NGX) cautioned the public about the actions of an alleged impersonator, ‘Professor Adebayo Oluwatokun,’ and a purported organization, ‘Value Gain,’ who are reportedly exploiting the trust of investors by falsely claiming affiliation with the NGX.

The pair are said to be operating a deceptive WhatsApp group, “NGX GroupA7,” designed to mislead and manipulate unsuspecting individuals.

NGX unequivocally clarified that neither ‘Professor Adebayo Oluwatokun’ nor ‘Value Gain’ has any association with the Exchange or its subsidiaries, nor are they registered Trading License Holders.

In a statement, NGX emphasized that all claims or communications originating from these individuals or entities are fraudulent, and the public is strongly urged to refrain from engaging with them.

The Exchange reaffirmed its dedication to safeguarding the interests of investors and maintaining the integrity of the Nigerian capital market. NGX encouraged individuals to promptly report any suspicious activities in order to prevent further exploitation.

This advisory comes in the wake of growing concerns over the rising incidence of fraudulent activities within the Nigerian capital market, particularly those linked to stockbrokers and dealing member firms.

There has been increasing scrutiny over the lax enforcement of Know Your Client (KYC) protocols, which some believe has facilitated these infractions.

Fidelity Bank Plc has announced the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promo.

In an event held at the bank’s corporate office in Lagos and observed online, the bank revealed ten customers each won cash prizes of N1 million in an electronic draw supervised by regulatory agencies and members of the media.

Fidelity Bank initiated the GAIM 6 promotion on November 20, 2024, with the aim of encouraging a healthy savings culture.

Through this promotion, the bank will distribute a total of N159 million in cash prizes to reward its loyal customers.

Speaking at the first monthly draw of the promo in Lagos, Dr Ken Opara, promo chairperson and executive director, Lagos and South-West, Fidelity Bank Plc, represented by Mr. Jude Monye, regional bank head, Ikeja and directorate head, North Business of Fidelity Bank, noted that “GAIM promo emphasises the importance of maintaining a healthy savings habit among the bank’s customers.

The said this habit insulates them from economic shocks, enables individuals and families to navigate emergencies, and allows them to invest in their future.

According to Dr. Opara, “10 lucky winners were chosen via an electronic draw monitored by lottery regulators and each will receive the sum of one million each.

“The bank would disburse N159 million to its lucky customers between November 2024 and August 2025 when the grand finale of the promo would hold.

“Today, we have witnessed the first promo monthly draw and 10 winners have emerged from the six geo-political zones of the country. One winner emerged from the South West; two from Abuja; two from the South-South; South-East produced two winners; Lagos got two winners; and North Central had one winner,” he said.

Shedding light on how people can qualify for the draw, Dr. Opara explained that, “Both existing and new customers can win by simply topping their account with a minimum of N5,000 as every N5,000 saved guarantees a ticket in the draws and there is no limit to the number of tickets a customer can have).

Highlighting the benefits of driving saving culture through the Fidelity Bank GAIM 6 Promo, Dr Opara noted that, “The benefits of fostering a culture of savings extend beyond individual households.

“Through our GAIM promo, customers will enjoy free financial advisory services from the bank to help sustain their financial well-being.

“In the previous editions of the GAIM promo, we have successfully onboarded many new-to-bank customers while encouraging current customers to increase their savings.

“An increased savings leads to more substantial investments in education, healthcare, and infrastructure, driving economic growth. Fidelity Bank is renowned across Nigeria for helping individuals grow, businesses thrive, and economies prosper by prioritizing our customers’ financial well-being.

“This initiative has significantly contributed to the government’s National Financial Inclusion Strategy, which aims to increase the percentage of adults with savings accounts from 39 to 70 per cent by 2025.

“I encouraged those who have not yet opened a Fidelity Bank savings account to do so, via any of the bank’s channels, as the promo is opened to both new and existing customers,” he added.

On his part, Mr. Osita Ede, divisional head, Product Development, Fidelity Bank, noted that, “The bank planned to reward the customers before the Christmas celebration to support them in meeting their expenses but the draw is open to customers who have Fidelity Bank savings accounts and have grown their savings to N10,000 and above from the promo launch date of November 20, 2024.

Mr Tanko Olaseni, head, Monitoring Inspection and Enforcement, Lagos State Lotteries and Gaming Authority, commended Fidelity Bank for being transparent with the draw while noting that, the promo initiative would further boost the image of the bank and its profitability as savings culture is promoted among its customers.