Wema Bank has officially secured its future in the top tier of the nation’s financial sector, announcing on Monday that it has not only met but significantly surpassed the Central Bank of Nigeria’s new recapitalisation requirements, comfortably retaining its National Banking Licence.

The bank disclosed a Total Qualifying Capital of N264.7bn, a figure that towers over the N200bn minimum threshold mandated by the regulator for national banks. Perhaps most impressive is the speed of execution; Wema Bank finalised the process in April 2026, a full six months ahead of the CBN’s stipulated deadline.

The capital boost was driven by a two-pronged strategic fundraise. The bank successfully executed an N150bn Rights Issue between April and May 2025, which saw massive participation from existing shareholders. This was followed by an additional N50bn special placement later in 2025, solidifying a balance sheet capable of weathering global economic shocks.

Commenting on the development, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said, “The successful completion of our recapitalisation exercise is a defining moment for Wema Ban

It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision.”

The journey to this milestone began in March 2024, when the Central Bank of Nigeria, under Governor Olayemi Cardoso, announced a sweeping recapitalisation programme. The policy was designed to fortify the Nigerian banking industry against currency volatility and inflation while positioning banks to support the federal government’s goal of achieving a $1tn economy.

For national banks like Wema, the bar was raised from N25bn to N200bn. Wema Bank’s success is particularly noteworthy given its history; after operating as a regional player for years, it only regained its national banking licence in 2015. This latest achievement cements its status as a permanent heavyweight in the national landscape.

“We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a national bank with the scale, strength, and stability to compete and lead,” Oseni added.

With the capital exercise concluded, Wema Bank is pivoting toward a new phase of aggressive market expansion. The beefed-up balance sheet is expected to translate into increased lending capacity for Small and Medium Enterprises, enhanced digital infrastructure, and a more robust corporate banking suite.

By utilising its digital-first approach through ALAT, the bank intends to bridge the gap between traditional banking stability and fintech-driven agility.

“This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions,” Oseni added.

Looking ahead, the bank aims to leverage its strengthened position to act as a primary catalyst for Nigeria’s broader economic growth.

“This is not just about retaining our licence; it is about building a bigger, stronger, and more impactful Wema Bank,” the MD/CEO noted.

Established in 1945, Wema Bank is Nigeria’s longest-standing indigenous commercial bank. It has evolved from a traditional retail bank into a technology leader, launching ALAT in 2017. Following its successful recapitalisation, the bank continues to operate with a National Licence, serving millions of Nigerians across the country.

Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, underscoring the country’s growing rel iance on foreign feedstock to support domestic refining despite being a major oil producer.

This is despite the fact that Nigeria exported over 300 million barrels of crude in the first 10 months of 2025 and 55.39 million barrels in January and February 2026.

Data obtained from the US Energy Information Administration showed that crude exports from the United States to Nigeria surged during the period, marking a sharp reversal from nearly a decade of negligible crude trade flows between both countries.

Before 2024, American crude shipments to Nigeria were virtually non-existent. The only notable supply recorded within the period was in March 2016, when exports averaged just 19,000 barrels per day, translating to about 0.589 million barrels for the entire year.

However, the trade pattern changed significantly in 2024, coinciding with the commencement of operations at the Dangote refinery, which industry observers said has emerged as the primary buyer of US crude to supplement domestic supply constraints.

The EIA reports its data in thousands of barrels per day, meaning the daily figures must be multiplied by the number of days in each month to derive the total monthly volume.

For 2024, data available for January to June indicated that Nigeria imported a total of 15.701 million barrels from the United States within six months. In January, imports averaged 125,000 barrels per day, translating to 3.87 million barrels. February recorded 110,000 barrels per day or 3.19 million barrels, while March fell to 51,000 barrels per day, amounting to 1.58 million barrels.

Imports rose again in April to 67,000 barrels per day, representing 2.01 million barrels, before dropping to 35,000 barrels per day in May, equivalent to 1.08 million barrels. June recorded the highest inflow for the year at 132,000 barrels per day, which translated to 3.96 million barrels.

The volume increased further in 2025, which accounted for the largest share of the two-year imports. Between February and December 2025, Nigeria imported 41.06 million barrels of US crude.

According to the EIA, the year started with 111,000 barrels per day in February and climbed steadily in the following months.

Imports peaked in June 2025 at 305,000 barrels per day, the highest monthly rate in the dataset, delivering about 9.15 million barrels within 30 days. Another strong inflow was recorded in August at 201,000 barrels per day, equivalent to 6.23 million barrels.

However, the supply slowed sharply towards the end of the year. Imports dropped to 12,000 barrels per day in November, translating to just 0.36 million barrels, before slightly rising to 23,000 barrels per day or 0.71 million barrels in December.

For 2026, data available for January showed that Nigeria imported 159,000 barrels per day, amounting to 4.93 million barrels.

A breakdown of the figures showed that the combined total for 2024, 2025 and January 2026 stood at 61.685 million barrels, which rounds up to 61.7 million barrels.

The development highlights a paradox in Nigeria’s oil sector, where the country exports large volumes of crude oil but still struggles to supply enough feedstock to domestic refineries.

For decades, Nigeria relied heavily on importing refined petroleum products such as petrol and diesel due to limited refining capacity. The commissioning of the Dangote refinery in 2024 shifted the pattern, with the country now importing crude oil for local processing instead of finished fuels.

Aliko Dangote once said the imports from the United States were largely driven by the need to bridge the gap between domestic crude supply and the refinery’s operational requirements.

The Dangote facility, one of the world’s largest single-train refineries, requires substantial daily feedstock to run at optimal capacity, needing over 19 million barrels monthly.

Sources told our correspondent that the Dangote refinery imports crude from Ghana and other African countries even as the country sells crude to other countries.

Data from the Central Bank of Nigeria showed that Nigeria exported an estimated 306.7 million barrels of crude oil between January and October 2025, despite concerns over feedstock shortages faced by domestic refineries.

The figures indicated that while the country produced about 443.5 million barrels during the 10-month period, averaging roughly 1.45 million barrels per day, a significant portion of the output was shipped overseas.

Cumulatively, exports between January and October represented about 69 per cent of total production, leaving roughly 137 million barrels for domestic use.

Similarly, Nigeria exported 55.39 million barrels of crude oil in the first two months of 2026 even as the Dangote refinery continues to struggle with inadequate domestic feedstock supply.

According to CBN data, the country shipped out 31.31 million barrels in January and 24.08 million barrels in February.

In January, crude production averaged 1.46 million barrels per day with exports at 1.01 mbpd. In February, production fell to 1.31 mbpd while exports averaged 0.86 mbpd. Total crude production for the two months stood at 81.94 million barrels, meaning that 26.55 million barrels were left behind for local refineries in the first two months of 2026.

On several occasions, the Dangote refinery complained of low crude supply despite the naira-for-crude arrangement, forcing it to source feedstock from the United States and other countries, including Ghana.

Also, the Crude Oil Refiners Association of Nigeria lamented that some modular refineries under its umbrella shut down intermittently due to inadequate crude supply.

In a strategic move to curb rising food and fuel prices, the Central Bank of Nigeria has tightened its grip on the financial system, pushing the interbank deficit to N4.1tn. By vacuuming out excess liquidity through high-yield government bills, the CBN is betting that a short-term drought in the banking system is a necessary sacrifice to stabilise the naira and prevent inflation from spiralling out of control after its recent jump to 15.4 per cent.

According to the latest Afrinvest Weekly Market and Economic Analysis, the interbank system remains under immense pressure as the apex regulator prioritises the containment of resurgent inflation and exchange rate volatility.

The report reveals that system liquidity conditions, representing the volume of discretionary cash available for banks to lend to one another, remain deep in negative territory. While the average system deficit narrowed by 18.7 per cent to settle at N4.1tn, down from N5.0tn the previous week, the figures signal a deliberate drought orchestrated by the regulator to mop up excess money supply.

Mop-up operations

Analysts at Afrinvest noted that this persistent shortfall is not accidental but a core feature of the current fiscal defence strategy. “The persistent system liquidity shortfall reflects sustained monetary tightening by the CBN, driven by a combination of OMO-induced sterilisation and limited offsetting inflows,” the report stated.

To anchor inflation expectations and prevent excess naira from chasing limited foreign exchange, the CBN utilised Open Market Operations. By offering N600bn in high-yield OMO bills, the CBN effectively mopped up cash from the banking system, locking it away to prevent it from driving up general price levels.

Despite the cash scarcity, investor appetite remains voracious. The 140-day and seven-day bills saw massive oversubscriptions, with bid-to-cover ratios of 8.6x and 4.3x, respectively. “Investor demand was robust, underscoring continued appetite for high-yield government securities despite prevailing liquidity constraints,” the analysis added.

Liquidity divide, stability

A striking takeaway from the analysis is the growing liquidity segmentation within the Nigerian banking sector. This phenomenon occurs when a few large, cash-rich banks hold massive surpluses while smaller institutions struggle with deficits.

Instead of lending to their struggling peers in the interbank market, often due to heightened risk concerns, these surplus institutions are choosing to park their money back with the CBN.

The report highlighted that Standing Deposit Facility placements averaged N4.1tn, noting that “these placements highlight continued liquidity segmentation as surplus institutions maintained significant deposits at the CBN despite the broader system deficit.”

Surprisingly, despite the liquidity crunch, interbank funding rates remained stable. The Open Repo rate held steady at 22.0 per cent, while the Overnight rate moderated slightly to 22.3 per cent.

Analysts suggest this indicates that the market has fully priced in the CBN’s hawkish stance, meaning banks have already adjusted their operations to a high-interest-rate environment.

Inflationary pressures

Looking ahead, the forecast remains consistent as the tight grip is not expected to loosen soon. Experts expect “liquidity conditions to remain constrained in the near term, and funding rates are likely to remain elevated but stable”, anchored by the prevailing monetary policy.

This aggressive tightening comes at a pivotal moment for the national economy. After eleven months of cooling prices, Nigeria’s headline inflation rebounded to 15.4 per cent in March 2026. This spike was largely driven by a global energy shock that pushed crude oil prices above $100/bbl, leading to higher domestic fuel and logistics costs.

By keeping the interbank system thirsty for cash, the CBN aims to support the naira and control the Consumer Price Index. While the squeeze on liquidity raises the cost of funds for banks, the apex bank appears convinced that a short-term sting in interest rates is a necessary price to pay to avoid the long-term pain of runaway inflation.