April 18, 2018 / 4:56 PM / 3 months ago

Nigeria's Wema Bank eyes equity sale by early 2019 -CFO

LAGOS, April 18 (Reuters) - Nigeria’s Wema Bank would consider a share sale by early 2019 through a rights issue and private placement, its chief financial officer said, adding the bank planned to pay dividends this year before tapping the equities market next year.

Tunde Mabawonku told Reuters the bank aimed to raise funds through debt sales this year. It sold 6.2 billion naira ($19.7 million) in the first tranche of a 50 billion naira debt programme and planned to tap debt markets again from May, he said.

The mid-tier bank aimed to raise 20 billion naira in Tier II debt by July, Mabawonku said by telephone.

$1 = 314.5000 naira Reporting by Chijioke Ohuocha Editing by Edmund Blair

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