In a remarkable celebration of heritage and innovation, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced a joint celebration marking Wema Bank’s 79th years and ALAT’s 7 years anniversaries.

This significant celebration not only commemorates nearly eight decades of exceptional service and innovation in the Nigerian banking sector but also celebrates the bank’s seven years of digital excellence with ALAT.

Since its inception in 1945, Wema Bank has been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers. Over the decades, the bank has evolved from a regional bank to a national bank, adapting continuously to meet the dynamic needs of its customers and establishing itself as a pillar of trust and reliability for millions of individuals and businesses across Nigeria.

According to the MD/CEO Wema Bank, Mr. Moruf Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees. We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations. Their faith in us is deeply cherished, and we are honored to serve them.”

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs. Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights.”

“While the past 79 years have been remarkable, we anticipate that the coming decades will be even more inspiring. With the partnership of our customers and employees, Wema Bank is poised to set new standards in financial services and redefine the future.” He concluded.

As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience. Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry. Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach yearsw capability of digital banking solutions.

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was very necessary to prevent the country from going bankrupt.

Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office with the popular “subsidy is gone” speech.

The action, however, made prices of commodities to rise through the roof, increasing hardship in the country which has made some of his critics condemn the subsidy removal as a policy not well thought out.

But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia this morning, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.

“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.

The Nigerian leader admitted the difficulty associated with his decision to jettison the policy which has allowed Nigerians to purchase petrol at cheaper rates for years but said that he was convinced it was in the best interest of the people.

“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”

Tinubu said that the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country. According to him, that is more important to focus on what direction the country should go.

Currency management equally necessary
Tinubu’s petrol subsidy removal was quickly followed by another critical policy, the exchange rate unification, which the president equally defended during the panel session of the WEF in Riyadh.

He said that the management of the nation’s currency by the government was as well necessary to allow the Naira compete favourably with other world currencies.

“The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.

“That we did at the same time. That is two engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”

The World Economic Forum meeting focuses on Global Collaboration, Growth and Energy for Development.

After releasing the FY 2022 financial statements, Oando Plc has followed up with a press statement to address its net loss of N81.2 billion incurred in 2022, citing militancy and pipeline vandalism as major culprits.

Despite reporting a gross turnover of N1.99 trillion during the fiscal year, the group posted a loss after tax of N81.2 billion, a significant downturn from the N39.2 billion profit after tax posted in 2021.

Speaking on the result, Wale Tinubu, Group Chief Executive of Oando Plc, noted, “The heightened militancy and pipeline vandalism acts within the Niger Delta region dealt a substantial blow to our upstream operations, resulting in a marked reduction in our crude production volumes due to the protracted shut-ins for repair following each incidence.

“This was further compounded by a major gas plant fire incident which also necessitated a lengthy downtime.

“Furthermore, a rise in our net interest expense due to increased interest rates on several of our major facilities in line with global rates increases, also contributed to our Loss after Tax position.

“In response, we have put in place definitive measures to bolster our production and cash inflows towards ensuring a speedy return to profitability by collaborating with our partners to institute a comprehensive security framework aimed at permanently curbing the persistent pipeline vandalism whilst concurrently exploring inorganic growth opportunities to increase our reserves and production capabilities.

“We have also implemented a strategic restructuring of our key facilities to ensure they align with our cash flow dynamics.”

Pipeline vandalism cost Nigeria N471 billion in 5 Years Economic implication of oil theft in Nigeria.

Theft and vandalism of oil installations is a major problem plaguing the oil and gas sector in Nigeria. The crime of oil theft has had a negative impact on the national economy and the business of local and international oil companies operating in the upstream sector.

Although there is no precise figure to quantify the financial impact of oil theft on the Nigerian economy, a study conducted by Dimkpa et al. (2023) estimates that Nigeria lost approximately $33.6 billion in oil revenue to oil theft between 2019 and 2022.

A significant economic implication for Nigeria has been the consistent decline in oil production. Nigeria’s average oil production in 2022 was at 1.45 million barrels per day, an almost 1-million-barrel decline from the 2.4 million barrels per day produced by Nigeria in 2012.

In 2022, Oando’s total upstream production amounted to 20,703 barrels of oil equivalent per day (boe/day). This comprised 4,939 barrels per day of crude oil, 472 barrels per day of natural gas liquids, and 15,292 barrels per day of natural gas.

This figure represents a 22.7% decline from the 26,775 boe/d output reported by the group in 2021.

According to the company’s press statement, the decline in production was attributed to downtimes caused by shut-ins for repairs and sabotage activities.

In 2022, Oando Plc sold approximately 21.8 million barrels of crude oil, representing a 25% increase from the 17.4 million barrels sold in 2021. The group also sold about 1.94 million metric tonnes of refined petroleum, representing a 101% increase from the 962,371 metric tonnes sold in 2021.

Despite recording a decline in oil output, the group was able to sell an increased amount of crude oil due to its contracts with the then Nigerian National Petroleum Corporation (NNPC), ultimately contributing to its 148% revenue growth in 2022.

In 2022, Oando sold crude oil at an average realized oil price of $101.55/barrel and a gas price of $14.74/Boe, compared to 2021’s prices of $62.14/barrel for crude oil and $9.95/Boe for gas.

OMLs 60 to 63 gulped about $77.7 million in capital expenditure (CAPEX) from Oando, while OML 56 and OML 13 gulped about $22.6 million and $200,000 respectively. The group also spent $1.4 million in capital expenditure (CAPEX) on other assets.

As of 2022, Oando owned 20% stake in OMLs 60 to 63, as Nigerian Agip Oil Company (NAOC) also owned a 20% stake.

However, Oando is in the process of purchasing NAOC’s 20% stake in the oil fields, which will push its stake up to 40%.