Wema Bank Plc has announced the opening of its Rights Issue of 14,286,785,417 ordinary shares of 50 kobo each at ₦10.45 per share.

The offer is open to existing shareholders on the basis of 2 new ordinary shares for every 3 ordinary shares held as of March 5, 2025. The Rights Issue will close on May 21, 2025.

This development comes after the bank’s impressive financial performance in 2024, with a 139.74% year-on-year increase in profit-after-tax and a 59.82% year-to-date growth in total assets to ₦3.59 trillion.

Similarly, the Bank’s total assets grew by 59.82% year-to-date (YtD) to ₦3.59 trillion, funded by a larger loan book and a decent growth in its investment securities.

In addition, the Bank’s shareholders’ funds similarly increased by 84.08% YtD owing to the improved financial performance realized by the Bank during the year 2024.

The bank was founded in 1945 as Agbonmagbe Bank Limited and has undergone significant evolution to becoming one of Nigeria’s prominent financial institutions.

Wema Bank holds a National Banking License and is now focused on its goal of becoming a Systemically Important Bank (SIB).

This ambition is supported by its digital strategy, which enables it to mobilize deposits efficiently, strengthening its position in the Nigerian financial market.

With nearly eight (8) decades in operation, the Bank has a strong commitment to customer satisfaction operating through a network of 150 branches across Nigeria, supported by advanced ICT infrastructure.

The Bank prioritizes long-term sustainability, social responsibility, and corporate governance, ensuring diversity across its operations.

The Bank has solidified its position as one of Nigeria’s most innovative financial institutions through the launch of ALAT by Wema (ALAT), the first fully digital bank in Africa in 2017.