Wema Bank Plc has announced plans to raise additional N20 billion debt capital in the next few weeks.
The action is sequel to an approval received by shareholders at the last yearly general meeting to issue bonds or preference shares this year to raise N20bn in the first tranche of a N50 billion programme
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Speaking at a media parley in Lagos, the Managing Director of Wema Bank, Segun Oloketuyi, explained that the Tier 2 capital will position the bank for further growth after it obtained a banking licence upgrade from the Central Bank of Nigeria (CBN).
He noted that the bank is fully prepared to scale up its operations to cover locations in the North and Eastern parts of the country.
Oloketuyi said: “We expect to re-open five (5) branches in the next three months in Kaduna, Lokoja, Minna, Aba and Enugu.”
