UPDATE 1-Nigeria's Wema Bank says seals 40 bln naira share sale
(Adds share price, use of proceed and background)
LAGOS Oct 4 (Reuters) - Nigerian regional lender Wema Bank said on Friday it had completed a 40 billion naira ($248 million) share sale via special placement to bolster its capital base.
The bank said it had placed 26.67 billion ordinary shares at 1.50 naira per share to institutional and private investors.
Shares in Lagos-listed Wema Bank gained 4 percent to 1.02 naira per share at 1400 GMT. It has gained 88 percent since the start of the year.
The bank said it would use the proceeds from the fund raising to expand its operations, including by securing a national bank license from the central bank, and upgrade its computer network.
Wema was one of the lenders forced to recapitalise its operations by the central bank in the wake of a financial crisis that nearly sank it and eight other lenders. It decided to meet tougher requirements by scaling down its business to become a regional bank in the 2009.
Upon completion of the share sale, the bank said no single investor had a controlling stake. ($1 = 161.50 naira) (Reporting by Chijioke Ohuocha; Editing by Tim Cocks)
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