By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Wema Bank Plc Thursday announced it has raised N40 billion fresh capital following a special placing.

The Bank in a Statement by Kemi Aina, Head, Brand & Marketing Communications and obtained by InvestAdvocate said a total of 26,667,123,333 Ordinary Shares of 50k each valued at N40,000,684,999.50 were allotted to successful institutional and private investors at N1.50k per share in two tranches.

Segun Oloketuyi, Managing Director/Chief Executive Officer (MD/CEO) of the Bank at the special placing process thanked all stakeholders for their support towards ensuring the success of the capital raising drive which began a couple of months ago.

Oloketuyi also thanked shareholders and customers especially, who kept faith with the bank through the ongoing transformation process and reiterated the Board and management’s commitment to ensuring that the Bank regains its pride of place in the industry without compromising on values and standards.

He said the Bank will now commence the process of securing a National Banking License in coming months.

“With this development, the shareholding structure of the bank remains diverse with no single investor having a controlling shareholding in the bank,” he said.

Oloketuyi affirmed the special placing and subsequent allotment of shares has been approved by the Securities and Exchange Commission (SEC).