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WEMA BANK concludes 1st tranche of Capital Raise Programme

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Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.

 

 

 

-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

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 the 1st tranche of its plan in the 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 not only dominate 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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Aig-Imoukhuede Foundation opens applications for 6th Cohort Programme

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Aig-Imoukhuede Foundation opens applications for 6th Cohort Programme

 

The Aig-Imoukhuede Foundation is pleased to announce that applications are now open for the sixth cohort of its transformative AIG Public Leaders Programme (AIG PLP).

This flagship six-month executive education initiative, delivered by the University of Oxford’s Blavatnik School of Government, is designed to empower high-potential public sector leaders across Africa with the tools, networks, and strategic insight required to deliver meaningful reform across African public institutions.

Applications are now open to qualified public servants from all English-speaking African countries and will close on Sunday, April 12, 2026. The programme commences in October 2026.

Since its inception in 2021, the AIG PLP has built a formidable reputation for creating tangible impact.

Alumni from the programme have gone on to design and implement more than 230 reform projects within their ministries, departments, and agencies across Africa.

An impact survey revealed that 62% of alumni have earned promotions or assumed expanded leadership roles post-training, demonstrating the programme’s direct effect on career advancement and institutional influence.

“Across Africa, the complexity of public sector challenges demands more than good intentions. It requires reformers who understand systems, can navigate institutional realities, and are equipped to implement sustainable change.

The AIG PLP is designed to meet this need,” said Ofovwe Aig-Imoukhuede, Executive Vice-Chair of the Aig-Imoukhuede Foundation.

As part of the programme, a PLP alumna, Titilola Vivour-Adeniyi, Executive Secretary of Lagos State DSVA, launched a secure self-reporting tool that allows survivors of domestic and sexual abuse safely document incidents and preserve evidence.

Survivors are already accessing support, and the tool ensures that crucial proof is protected until justice can be sought. This is one of over 230 impactful reform projects being implemented across sectors as diverse as healthcare, finance, agriculture, and education.

We are seeing proof every day that investing in the capacity and leadership potential of people, delivers the kind of transformation that policy alone cannot achieve.”

The AIG PLP is a blended learning experience that combines online sessions with an intensive residential module.

It is offered at no cost to selected participants, with the Foundation covering all costs of the programme including accommodation and feeding during the residential weeks.

Participants gain direct access to world-class faculty from the University of Oxford, and learn to tackle core public sector challenges such as: Negotiating in the public interest. Harnessing digital technology for governance.

Strengthening public organisations.
Upholding integrity in public life.
The curriculum culminates in a capstone reform project, where participants apply their new skills to a real-world challenge within their institution.

This practical component ensures that learning translates directly into actionable solutions.

Interested candidates are encouraged to apply early. For more details on the application process and to apply, please visit the Aig-Imoukhuede Foundation website.

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Renewed Hope Ambassadors Inspect RHA Secretariat

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Renewed Hope Ambassadors Inspect RHA Secretariat

 

Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.

 

APC Convention Committee Inspects Secretariat Buildings in Abuja

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Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn

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Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn

Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.

Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.

A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.

Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.

With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.

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