Nigeria’s oldest surviving indigenous financial institution Wema Bank Plc is set to receive a 35 billion naira capital injection from a core investor before the end of this year, the bank said in a statement made available to PANA here Monday (US$1=156 Naira).
The statement quoted the bank’s Chief Executive Officer Segun Oloketuyi as saying plans were at an advanced stage to conclude on the 35 billion naira tier-1 Capital raising exercise, which commenced a few months ago.
“We expect to begin the process of seeking regulatory approval as soon as all necessary plans are finalised,” Oloketuyi said.
He expressed optimism that the injection of the additional capital would enable the bank to achieve optimal business results by driving volumes as more risk assets and investment securities are financed in the short-to-medium term.
Meanwhile, the bank has announced a 29% increase in gross earnings and 56% increase in operating income for 2011 financial year.
“A review of the trend of Wema Bank’s financial performance shows a positive, upward trend since 2009 when the new management took over with gross earnings growing 35.02% to N25.64billion as at December 2011,” the statement said.
Established in 1945, Wema Bank is Nigeria’s most resilient and oldest surviving indigenous bank, offering diversified financial services through a network of 130 branches, Automated Teller Machines (ATM), various alternate channels and the Internet.