Wema Bank Plans N20bn Bond Deal by July

Wema Bank Plc plans to raise N20 billion from the bond market by July and aims to pay a dividend this year for the first time in a decade, paving the way for an equity sale next year, its Chief Financial Officer, Tunde Mabawonku said. Mabawonku said the mid-tier bank was focused on selling debt this year after it raised N6.2 billion in its first tranche of a N50 billion ($159 million) debt programme.  The debt issue would help Wema boost its capital ratio above its internal guidance of 15 percent, from 14.3 percent, the bank said earlier. The regulatory minimum capital ratio for Wema and its peers is 10 percent. Read more https://www.thisdaylive.com/index.php/2018/04/19/wema-bank-plans-n20bn-bond-deal-by-july/