Wema Bank PLC, one of Nigeria’s leading financial institutions, is set to expand its branch network to south east region.
Moruf Osen, managing director/CEO of Wema Bank Plc, disclosed this at the bank’s annual general meeting (AGM) on Monday, May 27, 2024.
During the meeting, Wema’s boss also declared that the bank will retain its national banking license and will not go back to its regional banking license.
To achieve this, Oseni noted that the bank will ensure that it raises the necessary capital and beats the recapitalisation deadline in 2026.
The CBN recently raised the minimum capital requirements for banks in a bid to to ensure banks have a robust capital base to absorb unexpected losses and capacity, Punch reports.
To ensure that Wema Bank retains its status as a national bank, shareholders have endorsed a plan to raise N200 billion and a 50 kobo per share dividend for 2023 to meet recapitalisation directives.
The bank intends to raise N200 billion or more through various means such as public offers, rights issues, and private placements to meet the Central Bank of Nigeria’s recapitalisation directives for a nationally licensed bank and achieve its business needs.
Oseni said:
In related news, TimesNow.com.ng earlier reported that the Nigerian government directed commercial banks to immediately deduct a 0.375% stamp duty charge on all mortgage-backed loans and bonds.
Mortgaged-backed loans are facilities given by financial institutions to individuals who are entitled to acquire a home and repay them over time with interest.
The commercial banks sent messages to customers informing them of the new directive, saying that the Federal Inland Revenue Service would make the deduction.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
