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Wema Bank of Nigeria Rises Most in 3 Weeks on License

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Feb. 14 (Bloomberg) -- Wema Bank Plc, a Nigerian lender that failed an audit test in 2009, rose the most in three weeks after the central bank said it had exceeded the capital requirement for a regional banking license.

The stock gained 7 kobo, or 4.8 percent, to 1.52 naira, by the 2:30 p.m. close in Lagos, Nigeria’s commercial capital, its highest since Feb.4.

Wema Bank exceeded the capital requirement for the license for which it has applied, Central Bank of Nigeria said in a statement posted on its website, dated Feb. 11.

The central bank in September asked lenders to choose whether to operate as regional, national or international lenders with minimum capital requirements ranging from 15 billion naira ($98 million) for regional banks to 100 billion naira for international lenders.

Wema has risen 18 percent this year, compared with a 7.4 percent increase in the Nigerian Stock Exchange All-Share Index over the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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