Wema Bank Plans to Raise $100m in Tier 2 Capital

Nigeria's Wema Bank said on Thursday it planned to raise $100 million of so-called Tier 2 capital in a bid to position the commercial lender for growth after it obtained a banking licence upgrade from the central bank this week.

The central bank granted Wema approval to convert its licence from a regional bank to a national bank, the bank said in a statement.

"To ensure that this approval is leveraged appropriately, we are already in the process of raising $100m in Tier 2 capital," Segun Oloketuyi said.