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Dear Esteemed Investor,

We are pleased to inform you that the Wema Bank PLC (“Wema Bank”, “the Issuer” or “the Company”) Rights Issue of 8,572,103,573 Ordinary Shares of N0.50 at N4.66 per
share on the basis of Two (2) Shares for Every Three (3) Shares Held as at September 28, 2023 (“the Issue”) is NOW OPEN.

The bank was founded on May 2, 1945 as Agbonmagbe Bank Limited by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria’s longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.

In December 2015, Wema became a national bank, with a capital base of over N43.8billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria.

The Bank is looking to raise net proceeds of about N39.95billion, to be deployed in  
1. increasing the bank’s lending capacity to the SME sector;
2. to deepen the bank’s Retail and Commercial loan portfolio;
3. and to improve IT infrastructure to strengthen the Bank’s digital plat (ALAT).  

Please see below the indicative terms of the Offer:

Please refer to the documents listed below, which can be accessed through this Link for your appraisal of the Offer:

1. Rights Circular
2. Application form

For further information please contact: customerservice@globalviewng.com; jobbing@globalviewng.com; info@globalviewng.com

Thank you.

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