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Wema Bank concludes 1st tranche of capital raise programme

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Wema Bank concludes 1st tranche of capital raise programme

Wema Bank concludes 1st tranche of capital raise programme

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026.

The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised N40bn of the N200bn minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction.

“We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch.

Over the medium to long term, Wema Bank is positioned to dominate not only the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

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Zenith Bank Capital Markets Day

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Zenith Bank Capital Markets Day

 

Highlights from the Zenith Bank Capital Markets Day held earlier today with the Founder & Chairman of Zenith Bank PLC Dr. Jim Ovia CFR, Dame Dr. Adaora Umeoji OON, GMD/CEO of Zenith Bank PLC, Executive Directors of the Bank; Dr. Henry Oroh, Dr. (Mrs) Adobi Nwapa, Mr. Akin Ogunranti, Mr. Lawani Adamu, Mr. Louis Odom; the Bank’s Chief Finance Officer Dr. Mukhtar Adam (PhD); the General Manager/Group Head Investor Relations & Corporate Development Mrs. Rolake Akinkugbe-Filani; existing and potential investors, analysts, stockmarket players, asset managers, customers and other members of the Senior Management Team of the Bank.

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GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

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GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

 

Guaranty Trust Holding Company (GTCO), one of Nigeria’s largest lenders, is raising ₦400 billion in capital through a public offer anchored on the Nigerian Exchange Group (NGX).

The company is offering 9 billion shares at ₦44.50 each, with plans to invest the additional capital in profitable ventures in West Africa and East Africa, as well as recapitalize GTBank Nigeria, expand its asset management and pension businesses, and grow its loan portfolio.

According to Group CEO Segun Agbaje, GTCO has a track record of delivering strong returns, with a 29% average return on equity (RoAE) over the past ten years and a 253% return on investment over the same period.

The company has also made significant inroads into non-banking businesses, including fintech, asset management, and pension management, with plans to generate 5% of group profit from these businesses within three years.

Agbaje, in a “fact behind the offer” presentation at the NGX on monday, gave stakeholders compelling reasons to embrace the offer. He promised to soon make GTCO the first Nigerian company to realise a billion dollar profit.

He welcome the CBN directive to banks in Nigeria to upscale their capital threshold, following adverse economic headwinds that have seen continuous erosion of assets noting that GTCO already had plans to raise fresh capital months before thedirective.

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Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

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Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year.

The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024.

The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices.

Commenting on the dual honours, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, remarked:

“These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”

Dr. Umeoji expressed her delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank’s customers for choosing Zenith as their preferred bank.

World Finance is a leading international magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy.

The editorial combines award-winning reportage, covering a broad range of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most well-respected economists and theorists as well as consultants in government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine.

We were also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The bank also received the accolade of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards and Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards

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