Wema Bank Nigeria Plc Denies Takeover By AMCON

Lagos – Wema Bank Nigeria Plc has denied reports that the bank was in the process of being taken over by the Assets Management Corporation of Nigeria (AMCON).

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Wema Bank which recently concluded a private placement to raise N40 billion which is to be used to shore up its share capital in a statement made available to LEADERSHIP, said the reported takeover of the bank by AMCON was “fraught with irregularities and misrepresentation of facts relating to our recently concluded N40 billion Special Private Placing.
“We are thus compelled to state without equivocation for the benefit of the general and investing public that the Assets Management Corporation of Nigeria is not taking over Wema Bank Plc as alleged by the said publication.”
Wema Bank said it had concluded a successful Special Private Placing in the sum of N40 billion with a number of private and institutional investors, duly approved by the relevant regulatory bodies including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC)and Nigeria Stock Exchange (NSE).
The statement which was signed by the bank’s Head, Brand & Marketing Communications, Kemi Aina, stressed that “we wish to restate for the avoidance of doubt that neither the Asset Management Corporation of Nigeria nor any of the other parties to the recently concluded special private placement is taking over Wema Bank in any form as erroneously reported. We therefore enjoin our customers, the general and investing public to completely disregard the said publication.”
Having restructured to a regional bank, Wema is currently shoring up its capital to get back its national banking licence. According to the bank, its Board and management have successfully repositioned Wema Bank by creating a strong platform for sustainable superior financial performance through quality personnel, improved systems and processes, and an enhanced capital base.
It stated that the bank’s performance in the last four years under the new management has been in line with “our medium term projections and repositioning programme as evidenced in our return to profitability this year with a half-year profit before tax of N481 million. For us, this is a key milestone as it has gone a long way to validate the efficacy of our repositioning strategies for the bank. The shareholding structure of the bank is quite diverse and no single investor has a controlling shareholding in the bank.
“At Wema Bank, we remain committed to the principles of transparency, integrity and openness in our dealings with all stakeholders including the press. We are also resolute in ensuring the responsible use of publicly available and verifiable information regarding the Bank and its transactions in a bid to protect our customers, stakeholders and most importantly, our brand.-Leadership

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