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The Oyo State Authorities has put aside N691.3 million to spend money on any future rights issuances by Wema Financial institution Plc.
The announcement was made in a press assertion launched after the Oyo State Govt Council assembly on April twenty third, 2024. The assertion learn,
“The sum of N691,307,039.86 to be invested in Wema Financial institution rights issuance programme as a part of plans to safe the way forward for Oyo State.”
Traders in Wema Financial institution
Regarding Wema Financial institution’s shareholding construction, strategic shareholders personal 51.69% of the financial institution with Neemtree Restricted, SW8 Make investments Firm, and Petrotab Restricted holding 28.25%, 14.90%, and eight.54% respectively.
Governments shareholding within the financial institution is at 8.06%, with the majority of the federal government shareholding held by Odu’a Funding Firm Restricted, which holds a 7.93% shareholding within the financial institution.
Odu’a Funding Firm Restricted is a holding firm owned by the six state governments of Southwest Nigeria, specifically Oyo, Ogun, Ondo, Ekiti, Osun, and Lagos States.
The group has footprints in several sectors together with actual property, oil and gasoline, and manufacturing. Its subsidiaries embody Lagos Airport Resort, Wemabod Property, E&O Energy and Tools Leasing, and Western Lodges. Aside from Wema Financial institution, it additionally owns stake in Lafarge Africa, and Nigerite Restricted.
What it’s best to know
Recall that in December 2023, Wema Financial institution carried out a rights difficulty programme, the place the financial institution issued 8,572,103,573 abnormal shares of N0.50 at N4.66 per share, elevating N39.95 billion.
By its December rights difficulty, the financial institution has been ready enhance its paid-up share capital to N55.07 billion. Nonetheless, with the brand new paid-up capital necessities introduced by CBN, the financial institution continues to be far off from a paid-up capital of N200 billion required to maintain its nationwide banking license.
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