Connect with us

Business

Wema Bank AGM 2023: Shareholders commend Bank’s extraordinary performance, profitability

Published

on

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has placed its shareholders in celebration mode, receiving commendation for a profitable 2023 financial performance, at its just concluded 2023 Annual General Meeting, which held on Tuesday, May 28, 2024.

 

The Wema Bank AGM is a yearly gathering convening shareholders and other stakeholders of Wema Bank to assess the Bank’s financial performance over the previous year, its strategies, as well as to determine resolutions on relevant aspects of the Bank’s operations to promote accountability, democratic utilisation of investors’ funds and strategic allocation of the Bank’s resources towards the sustainable success of the business. According to shareholder testimonials, not only was the 2023 Wema Bank AGM allegedly the best AGM in the Bank’s history, the financial performance as captured in Wema Bank’s FY 2023 Annual Report, is also allegedly the Bank’s best so far.

 

Exercising their voting rights, the Bank’s shareholders unanimously approved a N0.50 dividend for the year ended December 31st, 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 the Wema Bank Board of Directors. Shareholders further commended the Bank on an exceptional 2023 financial performance as its financial report revealed a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns.

See also  Wema Bank shines again, wins 'commercial bank of the year' at 2025 Nairametrics capital market awards

 

Expressing gratitude to the Bank’s stakeholders for their contributions to the tremendous results achieved, Moruf Oseni, Wema Bank’s MD/CEO, disclosed the Bank’s progress towards realising the recapitalisation minimum target of N200bn, set by the Central Bank of Nigeria (CBN). “As a Bank, we feel privileged and lucky to have enjoyed the support of our Shareholders and Stakeholders, especially in the past year.

 

The Bank’s performance has been stellar throughout the year and the figures testify to that. None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve, but I think the most important ingredient of all is the followership of the 5000+ employees that I lead as the MD/CEO of Wema Bank. We have given them a purpose which has resonated with them, and they are working day and night to ensure that your Bank gets to the top. That is the reason you see the results you have seen”.


L-R: Company Secretary, Wema Bank, Johnson Lebile; Deputy Managing Director, Wema Bank, Wole Akinleye; Chairman, Board of Directors, Wema Bank, Dr (Mrs.) Oluwayemisi Olorunshola; MD/CEO, Wema Bank, Moruf Oseni and Chairman of the Statutory Audit Committee, Joe Anosike, at the Wema Bank 2023 Annual General Meeting held in Lagos, Tuesday, May 28, 2024

“To the owners of the Bank, our Shareholders, we are grateful. You have been relentless in your support of this administration and have constantly challenged to achieve greater and supported us. As always, we will continue to rise to the occasion. The apex Bank has done its due diligence and approved our N40bn Rights Issue, which is currently undergoing SEC approval to be listed on the Nigerian Exchange.

See also  IPOB’s juju doctor, 9 others arrested

 

“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 meet 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,” Oseni concluded.

 

Commending the exceptional results, Mr. Badmus Tunde, a Shareholder of the Bank added, “I welcome the new Chairman on board and our MD/CEO as well, it is evident that they are very capable of steering the ship. I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life. 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.”

See also  Wema Bank empowers 100,000 MSMEs in Ekiti

 

Upon Shareholder approvals, Wema Bank is set to disburse the N0.50 dividend for FY 2023 to its shareholders by May 29, 2024. In view of the Bank’s financial progress over the past 5 years, it is predicted that Wema Bank’s 2024 financial performance will outdo its past accomplishments, including that of the year ended December 31, 2023. Following SEC approval, the Bank’s N40bn Rights Issue is set to be listed on the Nigerian Exchange in the nearest future.

Business

Wale Tinubu’s Leadership, Enterprise and Oando’s Next Chapter

Published

on

By

By Adebayo Adeoye

Call him one of those rare visionaries who have mastered the delicate art of staying ahead of the curve, and you would hardly be accused of exaggeration. For over three decades, Jubril Adewale Tinubu, Group Chief Executive of Oando Group, has remained one of the defining faces of Nigeria’s corporate success story — a man whose entrepreneurial brilliance has not only created jobs and generated immense wealth but has also left an indelible imprint on the nation’s socio-economic landscape.


In a country where building enduring enterprises often feels like swimming against the tide, Tinubu has stood resilient.

Since founding Oando over 30 years ago, he has painstakingly transformed the company into one of Africa’s foremost indigenous energy giants, steadily widening its footprint across the continent. Such accomplishments did not come by happenstance.

In Nigeria’s unpredictable business climate, success at this scale demands uncommon grit, discipline, resilience, and an almost stubborn refusal to surrender to adversity.

See also  BREAKING: ISWAP responsible for Owo attack, says National Security Council

The oil and gas industry is, by every measure, one of the toughest terrains to navigate, riddled with volatility and uncertainty. Yet Tinubu has repeatedly proven himself equal to the challenge.

Through strategic foresight, innovation, courage, and a deep understanding of the energy ecosystem, he has consistently turned turbulence into opportunity.

Fondly described in business circles as the “King of African Oil,” Tinubu represents the rare breed of entrepreneurs who see every summit merely as preparation for an even greater ascent. For him, success is never final; it is only fuel for the next frontier.

This relentless pursuit of excellence has earned him global recognition, enduring prosperity, and the admiration of peers across industries.
As he prepares to clock 59, Tinubu stands not merely as a businessman of immense accomplishment but as a role model to younger generations and a visionary whose contributions to Nigeria’s corporate landscape continue to attract applause and admiration.

Yet, beyond the boardroom triumphs and billion-dollar transactions lies another defining pillar of his legacy — philanthropy. Quiet, deliberate, and deeply rooted in faith, Tinubu’s generosity is neither loud nor performative.

See also  IPOB’s juju doctor, 9 others arrested

He belongs to that rare class of givers who believe true charity requires no audience. His benevolence flows silently but meaningfully, touching lives without fanfare.

Entrepreneur and philanthropist extraordinaire, Tinubu combines vast wealth with an even greater sense of humanity. To him, success is most meaningful when shared, and prosperity finds purpose when it creates opportunities for others.
However,

if many think they have seen the best of JAT, perhaps another surprise lies ahead. Sources close to the company hint that Oando is set for another defining chapter in 2026.

With ambitious investments in renewable energy and a bold commitment to reshaping Nigeria’s energy narrative, the leading firm is reportedly positioning itself to play a transformative role in the country’s power sector — a move that may once again redefine Tinubu’s enduring legacy as one of Africa’s most visionary business leaders.

Continue Reading

Business

Wema Bank’s One-Day MD/CEO Chinmamanda Ozoakpata Unveils New Benefits for Children

Published

on

By

At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.

What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups. This year, we have raised the bar even higher.

At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.

From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays.

See also  Motorists who use earphones while driving risk six months in jail –FRSC

Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.

To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:

Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.

See also  Moruf Oseni’s Wema Bank incurs over N9 billion in court cases

Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way.

To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes.

Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.

There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.

See also  BREAKING: Aviation workers lock down Lagos airport terminal, disrupt flights

Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.

It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.

Continue Reading

Business

Wema Bank makes last call for submission of entries for One-Day MD/CEO Children’s Day Initiative

Published

on

By

As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.

Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.

As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future.

See also  Wema Bank Emerges Four-Time Overall Winner at Nigeria Bankers Game 2025

This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.

For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day.

The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.

To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve.

This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.

See also  Wema Bank Certified Great Place To Work for the Second Time in a Row

Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.

More details on the Bank’s social media platforms @wemabank

Continue Reading

Trending News