Since the landmark 2005 bank recapitalization in Nigeria, which raised the minimum paid-up capital from N2 billion to N25 billion, the landscape of Nigerian banks has evolved significantly.
As of the end of the third quarter in 2023, none of the banks listed on the Nigeria Exchange Limited (NGX) had attained the N25 billion share capital threshold, despite boasting substantial shareholders’ funds.
Among them, FBNH led with a share capital of N17.948 billion, followed closely by Access Holding Company at N17.773 billion.
In this context, Wema Bank’s current share capital of N6.429 billion and shareholders’ fund of N118.558 billion would potentially increase to about N46 billion and N159 billion, respectively, with fully realized proceeds.READ MORE
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