April 18, 2018 / 3:06 PM / 3 months ago

Nigeria Wema Bank to start second tranche of 50 bln naira debt programme in May

LAGOS, April 18 (Reuters) - Nigeria’s Wema Bank plans to start issuing the second tranche of a Tier II capital increase next month, part of a 50 billion naira ($159 million) programme, its deputy chief executive said on Wednesday.

Ademola Adebise said the mid-tier lender hoped to boost its capital ratio, which is at 14.3 percent, higher than the regulatory minimum of 10 percent.

Wema expects 10 percent loan growth in 2018 targeting small firms, compared with a 4.92 percent drop in loan volume last year. The bank had aimed to grow loans by 1.5 percent in 2017. ($1 = 314.50 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)

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