On October 6, the CBN issued a statement to the effect that “Wema Bank Plc, has applied to CBN seeking a banking licence to operate as a regional bank with a regulatory capital requirement of N10 billion. It has also applied to and obtained approval from Securities and Exchange Commission (SEC) to raise N7.5 billion fresh capital through a Special Placement Offer”. http://www.proshareng.com/news/12212
It went on to add that “….the ultimate success of the recapitalisation of Wema Bank is partly hinged on the establishment of AMCON, the operationalisation of which has been slightly delayed for reasons beyond the bank’s control. Consequently, Wema Bank has requested for a 30-day extension ending October 30, 2010, to enable it conclude its capital raising exercise”.
The market eagerly awaits the outcome of this effort next week when we should know the eventual status of the bank.