The Bank obtained the approval at an extraordinary general
meeting where its shareholders unanimously voted for the scheme of arrangement
to reconstruct its shares. The Bank has shares in issue of over 38 billion
units, and the shareholders consented to a reconstruction of one share for
every three held.
Commenting on the meeting, the MD/CEO, Ademola Adebise said:
“We are pleased with the support given and confidence expressed by our
shareholders. We have come a long way in the last decade – from negative
capital, we now have over N60billion in shareholder’s funds and a balance sheet
size above N1trillion.
“With this approval of shareholders, we will begin the
Rights issuance to raise our capital base to over N100billion. This gives us
room to increase our financial intermediation and further scale up our
business.” Adebise said in a statement issued by the bank.
Adebise further commented on some recent issues, including
reports alleging a face-off between the Management of Wema Bank Plc and one of
its customers. In his words, the MD/CEO said, “The Bank’s attention had been
drawn to recent media mentions of certain customer obligations and reassures
our shareholders and customers that the Bank has and will continue to operate
with the highest level of due process, corporate governance policies, and
procedures.”
ALAT, the Bank’s flagship digital banking solution,
continues to deliver results and recently won the “Best Digital Bank of the
Year Award” 2021. Wema Bank expects to close the year strongly with improved
returns to shareholders.