Oyo Government To Invest N691 Million In Wema Bank’s Rights Issuance-Report


The report reaching eaglessightnews has revealed the intention of Oyo State Government to invest in any future rights issuances by Wema Bank Plc.
The announcement was made in a press statement released after the Oyo State Executive Council meeting on April 23rd, 2024 where a sum of N691.3 million was allegedly unveiled for the project. Nairametric reports.
According to what was cited on nairametric, the statement read,
“The sum of N691,307,039.86 to be invested in Wema Bank rights issuance programme as part of plans to secure the future of Oyo State.”
Investors in Wema Bank
Concerning Wema Bank’s shareholding structure, strategic shareholders own 51.69% of the bank with Neemtree Limited, SW8 Invest Company, and Petrotab Limited holding 28.25%, 14.90%, and 8.54% respectively.
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Governments shareholding in the bank is at 8.06%, with the bulk of the government shareholding held by Odu’a Investment Company Limited, which holds a 7.93% shareholding in the bank.