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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here       Daily Independent Online.         * Friday, July 23, 2004. N25 billion capitalisation: WEMA begins mobilisation drive By Folusho Olanrewaju Special Correspondent, Akure   Apparently reined in by the latest Central Bank of Nigeria (CBN) order, asking banks to recapitalise to the tune of N25 billion, Wema Bank Plc has taken the battle towards meeting the target to the doorsteps of its shareholders. During a courtesy visit of some top management staff of the bank to the Ondo State Governor, Dr. Olusegun Agagu, at the Government House, Akure, the state capital, the bank’s Managing Director, Alhaji Alade Adeleke, made desperate plea to the shareholders, especially the state government, to help the bank meet its target. Adeleke said there was nothing the bank could do but meet the CBN requirement, saying “it is obvious we have to provide the N25 billion.” He said the task before the shareholders now was to position the bank very well “and to prepare the minds of our shareholders on the need to recapitalise.” Currently, he stated that the bank has a capital base of N7 billion, which is expected to have risen “in two weeks” to about N10 billion after the 2003 financial year results would have been declared.” On merger of banks, Adeleke said Wema Bank was not considering merger but acquisition, stressing that the bank desired to retain its name as a “national bank.” The bank, he added, had “what it takes to stand alone. Our shares are always over-subscribed.” On the recent Federal Government order on banks to reduce their lending rates, the managing director said that may not be feasible for now, “until the Federal Government does all that is necessary, for example, by bringing down inflation.” Agagu urged the bank to refocus itself from the traditional banking practices of borrowing, lending and charging interest rates to supporting new economic development, infrastructural programmes and investment.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected]

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