Nigeria's Wema Bank raising $100M to boost foreign currency loan portfolio

Wema Bank. Credit:

Nigeria‘s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday.

Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter.

Mabawonku said he expected Wema Bank’s capital ratio to top 25 percent next year, after the capital raising exercise from 18 percent now.

Read more: Nigeria's Wema Bank says raising $100 mln Tier II capital to grow loans | Reuters.