By Damilare Adeleye
Shareholders of Wema Bank Plc have authorized the Bank’s directors to pursue the acquisition of a commercial bank or other business combinations as part of its expansion strategy.
This came as they approved a dividend payout of N1.25 per share for the 2025 financial year.
These decisions were part of the resolutions passed during the bank’s 2025 Annual General Meeting (AGM), which was held virtually on May 20, 2026.
According to a corporate disclosure signed by the Company Secretary, Johnson Lebile, the shareholders unanimously backed the board to take necessary steps to enable the bank to acquire a licensed commercial bank or enter into any other business combination in furtherance of its growth objectives.
The resolution also empowered the board to appoint professional advisers and undertake all actions necessary to complete such acquisitions.
Meanwhile, the bank stated that the dividend would be paid from the profit for the financial year ended December 31, 2025, to shareholders whose names appeared on the register of members at the close of business on April 29, 2026.
Shareholders also ratified the appointment of Engr. Wilson Agu as an Independent Non-Executive Director of the bank.
The sharwholders also at the meeting re-elected Mrs Mrs. Abolanle Matel-Okoh as a Non-Executive Director, while Mrs. Ibiye Ekong and Mr. Adeyemi Adefarakan were re-elected as Independent Non-Executive Director and Non-Executive Director, respectively.
At the meeting, shareholders also approved the remuneration of the bank’s auditors, with the fee to be determined by the Board of Directors.
The AGM also endorsed the election of members to the Statutory Audit Committee.
Mr. Ogbonna Joe Anosike, Professor Oyelakin Samuel Awobode, and Mrs. Omobola Esther Osijo were elected as shareholders’ representatives on the committee, while Mrs. Bolarin Okuwo and Mrs. Yewande Zaccheaus will serve as board representatives.