The Central Bank of Nigeria has granted Wema Bank Plc a commercial banking licence with national authorization.
In a letter of notification signed by the bank’s Chief Finance Officer, Tunde Mabawoku, and the Company Secretary/Legal Adviser, Oluwole Ajimisinmi, and sent to the Nigerian Stock Exchange yesterday, the bank noted that the upgrade of the licence from a commercial banking with regional authorisation to national authorisation was conveyed in a CBN letter dated November 17, 2015.
Wema Bank Plc, a financial institution reputed as the longest surviving and most resilient indigenous Nigerian bank, was one of the banks forced to recapitalise its operations by CBN) in the wake of a financial crisis that hit the globe.
CBN had asked lenders to choose whether to operate as regional, national or international lenders with minimum capital requirements ranging from N15 billion for regional banks to N100 billion for international lenders.
Wema decided to meet tougher requirements by scaling down its business to become a regional bank to comply with a CBN policy introduced as part of measures to improve governance in the industry.
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