July 19, 2018 / 2:47 PM / in 4 months

Nigeria Wema Bank to sell 20 bln naira debt to boost capital ratio

LAGOS, July 19 (Reuters) - Nigeria’s Wema Bank plans to issue 20 billion naira of debt in August to boost its capital adequacy, its acting chief executive said on Thursday.

“We need to enhance our funding. The bank is in the process of raising Tier II and the offer will be opened in August,” Ademola Adebise told an analysts’ call.

The debt raise is the second tranche of a 50 billion naira bond program. The bank said it has appointed parties for the offer and aims to boost its capital ratio to 15 percent before year-end. (Reporting by Chijioke Ohuocha Editing by Alexandra Hudson)

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