Wema Bank will remain national bank — Oseni
The Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, has disclosed that after the fresh banking sector recapitalisation, the bank would retain its national licence while aiming for tier-1 banking status.
Oseni said this during the week at the Annual General Meeting of the bank, held virtually.
Disclosing the bank’s progress towards realising the recapitalisation minimum target of N200bn, set by the Central Bank of Nigeria, Oseni said, “The apex bank has done its due diligence and approved our N40bn rights issue, which is currently undergoing Securities and Exchange Commission approval to be listed on the Nigerian Exchange.
“Our capital base now stands not at the current N15bn but, with the rights issue, at N55bn—significant headway towards N200bn.
“Following the shareholders’ and board’s approval, we are set to raise the N200bn within the 24-month timeline through public placements and a public offer, which we are confident that we will achieve before the timeline expires.
“We have shared our plans with the CBN, and we will work assiduously to balance our capital base in the nearest future.
“At a minimum, Wema Bank will remain a national bank, we will keep working tenaciously to become a systematically important bank, reattain tier-1 status, and continue providing optimum value for every shareholder and stakeholder of Wema Bank.”
During the AGM, the shareholders approved a N0.50 dividend for 2023, as well as the appointment of two new non-executive directors of the bank; Yewande Zaccheaus and Yusuf Kazaure, and the new executive director, Segun Opeke, as new additions to Wema Bank Board of Directors.
At the end of 2023, Wema Bank recorded a 196 per cent increase in profit before tax from N14.75bn to N43.59bn and a 220.4 per cent increase in profit after tax from N11.21bn to N33.66bn.
Its gross earnings rose from N132.30bn to N225.75, indicating a 70.63 percent increase.
Commending the bank’s 2023 results, a shareholder, Mr Badmus Tunde, said, “Since 1945, Wema Bank has seen the good, the bad, the beautiful and the ugly, and through thick and thin, it has gotten to where it is today. The results are overwhelming, and profitability has been maintained. Kudos to the board and management.”
Wema Bank, one of the oldest banks in Nigeria, recently celebrated its 79th anniversary.
It is also the pioneer of Africa’s first fully digital bank, ALAT, which is in its seventh year of operations.
Its gross earnings rose from N132.30bn to N225.75, indicating a 70.63 percent increase.
Commending the bank’s 2023 results, a shareholder, Mr Badmus Tunde, said, “Since 1945, Wema Bank has seen the good, the bad, the beautiful and the ugly, and through thick and thin, it has gotten to where it is today. The results are overwhelming, and profitability has been maintained. Kudos to the board and management.”
Wema Bank, one of the oldest banks in Nigeria, recently celebrated its 79th anniversary.
It is also the pioneer of Africa’s first fully digital bank, ALAT, which is in its seventh year of operations.
