Wema Bank Plc on Friday got the approval of its shareholders to raise an additional capital of N40bn.
The shareholders approved the proposal during the bank’s Annual General Meeting in Lagos.
The management of the bank also got approval to raise the money from the capital market and from local, foreign and other investors through private placement, public or rights offer, or issuance of ordinary shares for such equity.
The Managing Director, Wema Bank, Mr. Segun Oloketuyi, told the shareholders that the recapitalistion was targeted at improving and expanding the bank’s operations.
He assured them the bank would continue to explore new frontiers in service delivery and settlement platforms.
He said, “We are particularly confident that the opportunities for growth and expansion within the industry remain strong even as we continue to target the unbanked and ever increasing retail sector of the economy.”
Oloketuyi thanked them for their patience and commitment to the bank, while promising better returns on their investment.
Meanwhile, equity trading activities on the floor of the Nigerian Stock Exchange closed negative on Friday.
The market capitalisation of the listed equities depreciated by N39bn or 0.33 per cent to close at N11.713tn, while the NSE’s All-Share Index, dropped by 0.33 per cent or 124.7 basis points from 37,111.64 Thursday’s close to 36,986.94 points.
The NSE-30 Index was down by 0.32 per cent to close at 1,733.02 basis points, from 1,738.60 points recorded the previous day.
The NSE’s Banking Index lost 0.33 per cent or 1.37 points to close at 405.20 points.
The banking sub-sector sustained its lead on the activity chart, accounting for 47.18 per cent of total turnover traded.
In the sub-sector, 128.407 million shares, valued at N1.331bn were exchanged by investors in 1.388 transactions.
Trading in the shares of Access Bank Plc Diamond Bank Plc and Guaranty Trust Bank Plc drove volume in the sub-sector.
AG Leventis plc was the top price gainer for the day, rising by 10 per cent or 14 kobo to close at N1.54 per share; followed by Jos International Breweries Plc with a gain of 9.43 per cent or 10 kobo to close at N1.16 per share.
