Wema Bank to sell N20 billion debt to boost capital

wema bank

To boost its capital adequacy ratio with regulatory limits, Wema Bank, a second tier lender in Nigeria said it will sell N20 billion in debt.

According to a report by Reuters who quoted the bank’s chief executive, Ademola Adebise, he said: “We need to enhance our funding. The bank is in the process of raising Tier II and the offer will be opened in August,”

The medium reported that the debt raise is the second tranche of a 50 billion naira bond program. The bank said it has appointed parties for the offer and aims to boost its capital ratio to 15 percent before year-end.