Nigerian Gambling Magnate Kessington Adebutu-backed Wema Bank To Raise Additional 128 Million

Wema Bank, a leading financial services provider partly owned by Nigerian gambling magnate Kessington Adebutu, is set to raise an additional N200 billion 128.4 million as part of its recapitalization strategy. The move aims to strengthen its capital base and solidify its position as a leading player in the countrys financial sector.

The recapitalization will be executed through a combination of a rights issue and a special placement exercise, scheduled to commence on April 1, 2025. This marks the second and final tranche of Wema Banks capital-raising initiative, following the successful N40 billion 25.7 million raised in 2024 .

The move positions Wema Bank to surpass the Central Bank of Nigerias CBN minimum capital requirements for national banking licenses, well ahead of the March 31, 2026, deadline.

The first phase of the recapitalization, initiated in December 2023, received approvals from both the CBN and the Securities and Exchange Commission SEC in 2024 . This initial N40 billion 25.7 million capital raise laid the groundwork for the banks second tranche, designed to bring in an additional N200 billion 128.4 million in fresh capital .

Moruf Oseni, CEO of Wema Bank, expressed confidence in the banks strategic vision. We stand strong as Nigerias oldest indigenous bank and a leader in innovation. As Wema Bank turns 80, we are more committed than ever to achieving our strategic aspirations. This recapitalization will not only ensure compliance with regulatory standards but also position us as a formidable force in Africas financial services landscape, Oseni said.