Wema Bank, Nigeria’s oldest indigenous
national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has reacted to a publication by the Nigeria Deposit Insurance Corporation (NDIC) on legacy transactions involving defunct Gulf Bank Plc, describing the publication as false and misleading.

In a statement,  copy of which was made available to The Post, Wema Bank Plc said it, “noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position.

“For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction.

“The Original Exposure and Default
In 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank Plc in the sum of ₦4.6 billion. By August 2004, that exposure had been reduced to approximately ₦1.2 billion, after which the outstanding obligation became delinquent. In seeking to recover depositors’ and shareholders’ funds, Wema Bank pursued lawful recovery steps, which ultimately dovetailed into a criminal investigation of the then Managing Director of Gulf Bank Plc.”

The bank stated further: “Based on the investigation of the Economic and Financial Crimes Commission (EFCC), the funds were found to have been diverted and used to acquire properties in Banana Island, Lagos, through two separate companies Bacad Finance & Investment Company Ltd (now known as Supra Commercial Trust Limited) and Euston Wenberg Eng Ltd. It is important to note that neither Bacad Finance & Investment Company Ltd (nor its successor, Supra Commercial Trust Limited) nor Euston Wenberg Eng Ltd is one and the same as Gulf Bank Plc. They are separate and distinct entities with no identity or equivalence to Gulf Bank. And the two companies are not subject to NDIC supervision.

“In the course of its investigation, the EFCC conducted asset-tracing exercises that uncovered significant underlying fraud on a substantial scale. Following the EFCC’s findings, Bacad Finance & Investment Company Ltd and Euston Wenberg Eng Ltd voluntarily relinquished their proprietary interests in the Banana Island properties towards the satisfaction of Gulf Bank Indebtedness to Wema Bank. That process formed part of Wema Bank’s lawful recovery efforts and underscores the legitimacy of its actions against Gulf Bank.

“NDIC’s Acknowledgment, Admission of Indebtedness, and Payment of Shortfall.
Critically, following the liquidation of Gulf Bank, Nigeria Deposit Insurance Corporation (NDIC) admitted Gulf Bank’s indebtedness to Wema Bank in two separate letters:
A letter dated September 26, 2007, addressed to the Federal Land Registry; and a letter dated June 10, 2009, addressed directly to Wema Bank Plc.
These letters constitute clear and formal recognition by the NDIC of the validity of Wema Bank’s claim against the defunct Gulf Bank and its interest over the property in question. Fortunately, both letters form part of the documents frontloaded by NDIC lawyer Dr. Dada Awosika SAN in court in the ongoing proceedings before Justice Allagoa of the Federal High Court Lagos.

“Furthermore, after the sale of the properties, the NDIC in fact paid to Wema Bank, the shortfall of what was due to the Bank. These facts demonstrate that the NDIC was not only aware of the transaction but actively participated in settling the outstanding balance following the sale.

Wema Bank added: “In light of the foregoing:
the voluntary relinquishment by Bacad (now Supra Commercial Trust Limited) and Euston Wenberg (distinct entities not constituting Gulf Bank), of the properties in Banana Island for the settlement of the indebtedness of the defunct Gulf Bank

“The NDIC’s formal admission of Gulf Bank’s indebtedness to Wema Bank via its letters of September 26, 2007 (to the Federal Land Registry) and June 10, 2009 (to Wema Bank), both of which have been frontloaded in court by NDIC itself, and the acknowledgement of the relinquishment of the Banana Island properties, and

“the NDIC’s own payment of the shortfall to Wema Bank,

“NDIC is precluded from and cannot in good faith contest the relinquishment of those interests or the appropriateness of Wema Bank’s recovery efforts.

“While we acknowledge that the NDIC has recently commenced two separate actions against Wema Bank at the Federal High Court, Lagos, purportedly in its capacity as liquidator of Gulf Bank Plc pursuant to a winding-up order, those proceedings do not alter the material facts stated above. As these matters are currently before the court and therefore sub judice, Wema Bank will refrain from commenting further on issues that fall for judicial determination. The Bank is taking all necessary steps to contest the suits filed in court and will explore all legal and legitimate means to protect its rights and interests.”

Conclusion

“Wema Bank Plc remains steadfast in its commitment to the highest standards of corporate governance, regulatory compliance, and transparency. We reaffirm our dedication to ethical and prudent banking practices and assure our shareholders, customers, regulators, and all relevant stakeholders that the Bank will continue to act responsibly, lawfully, and in the best interests of all parties it serves. The Bank will continue to exert its rights and will not succumb to the shenanigans of unscrupulous individuals who want to reap where they did not sow.”

FOR FURTHER INFORMATION:

For further information, please contact:

Johnson Lebile
General Counsel/Legal Adviser
Johnson.lebile@wemabank.com

About WEMA Bank Plc
Wema Bank Plc (NGX: WEMABANK) is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers.

The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.

More information can be found at https://www.wemabank.com/about-us/

… to reward hundreds of customers, launch 5 for 5 Season 5

Wema Bank, Nigeria’s oldest indigenous
national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has simultaneously marked its 81st anniversary and the 9th anniversary of ALAT on Saturday, May 2nd, 2026.

Adopting a different approach from its grand 80th anniversary celebration in 2025, Wema Bank is set to celebrate its 81st anniversary this year by giving back to its customers.

The Bank’s anniversary celebration features rewards for customers on the ALAT App in celebration of ALAT at 9 as well as rewards for Wema Bank customers at the launch event for the 5th Season of the Bank’s 5 for 5 Reward Initiative, happening on the Bank’s anniversary day, May 2nd 2026.

In line with the Bank’s 81st anniversary theme, “Your Future of Possibilities, Powered by Wema Bank”, the Bank will also rollout a specialised customer success initiative dedicated to helping different demographics of its customers to map out and build the future of their dreams.

From businesses to students, working class women, creatives and more, Wema Bank will provide tailored, practical and strategic insights and support that will help these unique demographics access better opportunities, receive useful support and make accelerated progress towards meeting their goals.

Commenting on the Bank’s motive behind its approach to celebrating its 81st anniversary, Wema Bank’s MD/CEO, Moruf Oseni, said, “The world is rapidly evolving. Digital evolution and emerging technologies continue to present newer opportunities and realities. To thrive, one must be prepared to adapt where needed and ready to leverage the possibilities ahead; and this is what we want to help our customers achieve.

“With millions of individuals and businesses in our care, we have a deep sense of responsibility towards helping them make meaningful progress and our 81st anniversary presents the perfect opportunity for us to deepen our efforts towards fulfilling that responsibility.”

The MD added: “We are building a smarter and more secure financial future for our customers, one where banking is effortlessly aligned with their goals, intelligently anticipating their needs and proactively providing the right solutions.

“Beyond banking solutions, we are curating opportunities, providing platforms, building an entire ecosystem engineered in the best interests of every unique Wema Bank customer. Our goal is for our customers to grow as we grow, to always be one step ahead, and to make accelerated progress towards their future of possibilities as we journey with them.”

“To every stakeholder who has been a part of Wema Bank’s 81-year journey: our investors, regulators, partners, esteemed customers and dearest employees; this anniversary is dedicated to you, and this is why we have chosen to celebrate this way. On behalf of the entire board and management of Wema Bank, I say THANK YOU for 81 historic years. We have, we are, and we will be with you, all the way. Happy 81st Anniversary to us all”, Oseni concluded.

Wema Bank has established a proven track record of empowering lives, supporting businesses and providing tailored solutions that meet real needs.

From financial support to digital solutions, unique opportunities and customised service, Wema Bank continues to show that it is a Bank that truly cares, understands and is committed to helping individuals and businesses thrive and achieve their goals.

For more information on how to tap into the rewards curated by Wema Bank, visit wemabank.com

Wema Bank, Nigeria’s oldest indigenous national bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully met and surpassed the Central Bank of Nigeria’s (CBN) recapitalisation requirements, reaffirming its status as a National bank.

This achievement represents a critical milestone in the Bank’s growth journey, reflecting its ability to meet regulatory expectations and its deliberate strategy to scale sustainably, strengthen its balance sheet, and reinforce its position within Nigeria’s banking sector.

The milestone follows the Bank’s successful completion of a ₦150 billion Rights Issue and an additional ₦50 billion special placement in 2025, bringing its Total Qualifying Capital to ₦264.7 billion, well above the regulatory minimum.

This achievement was concluded six months ahead of the CBN’s stipulated deadline, further reinforcing the Bank’s strong financial position, shareholder confidence, and long-term growth trajectory.

Earlier in April 2026, the Central Bank of Nigeria also formally confirmed that Wema Bank, alongside 32 other financial institutions across international, national, and regional categories, had successfully concluded the recapitalisation process.

Notably, Wema stands among only ten national banks that met and surpassed the minimum required capital threshold, thereby sustaining its national banking license.

This milestone not only affirms regulatory compliance but also signals a new phase of accelerated growth for the Bank; one defined by stronger capital base, increased capacity to support customers, and a reinforced position within Nigeria’s competitive banking landscape.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, stated, “The successful completion of our recapitalisation exercise is a defining moment for Wema Bank. It is a strong validation of our strategy, our performance, and the enduring confidence our shareholders and stakeholders have in our vision. We have not only met the CBN’s requirements; we have exceeded them, reinforcing our position as a National Bank with the scale, strength, and stability to compete and lead.”

In March 2024, the Central Bank of Nigeria announced the recapitalisation programme requiring all national banks to maintain a minimum capital base of ₦200 billion.

The initiative was designed to strengthen the resilience of financial institutions, enhance their capacity to absorb economic shocks, and position them to drive sustainable economic growth.

In response, Wema Bank embarked on a strategic capital raise through the stock market, successfully strengthening its shareholder base and securing the required capital through strong participation from existing investors.

The ₦150 billion Rights Issue, which opened on April 14, 2025, and closed on May 21, 2025, marked a significant step in this journey. This was subsequently complemented by a ₦50 billion special placement later in the year, ensuring the Bank not only met but exceeded the regulatory threshold well ahead of schedule.

For Wema Bank, this journey is a testament to its transformation. After regaining its national license in 2015, the Bank has consistently demonstrated financial discipline and strategic foresight. By raising the necessary capital primarily from existing shareholders, the Bank has underscored a deep-seated mutual trust between the institution and its investors.

Speaking further on what this achievement means for the Bank’s future and its customers, Oseni added: “This milestone strengthens our ability to compete at scale, deepen our market presence, and deliver more value to our customers across Nigeria through improved access to credit, enhanced digital banking experiences, and innovative financial solutions. It positions us to play an even bigger role in powering Nigeria’s economy while continuing to deliver sustainable value to all our stakeholders.

Looking ahead, we remain focused on deepening our market presence, driving customer-centric innovation, and strengthening our role as a catalyst for growth across retail, SME, and corporate segments. This is not just about retaining our license; it is about building a bigger, stronger, and more impactful Wema Bank.”

The successful conclusion of the recapitalisation process underscores Wema Bank’s financial strength, disciplined execution, and unwavering commitment to regulatory compliance as it continues to expand its footprint across Nigeria.

With a significantly strengthened capital base, the Bank is now positioned to do more – support more customers, enable more businesses, and unlock more opportunities across every segment it serves.

As it enters this new phase, Wema Bank is not only reaffirming its status as a National Bank; it is stepping forward with greater scale, sharper ambition, and a clear intent to lead.

The Bank remains firmly committed to powering progress, driving innovation through ALAT, and delivering sustained value; powering a future of possibilities for all its stakeholders.