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Ten Things That Stood Out At The Wema Bank 80th Celebration

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On May 2nd, 2025, Wema Bank, Nigeria’s oldest indigenous bank, most innovative, and pioneer of Africa’s first fully digital bank, ALAT, showed Nigeria and the entire financial sector what it truly means to celebrate legacy with purpose.

 

The event, themed Timeless Elegance, was held at the Eko Hotel and Suites. The bank’s 80th-anniversary celebration was more than a gala; it was a finely curated brand experience that blended history, glamour, music, storytelling, and strategic vision into one unforgettable night.

 

With every segment choreographed to perfection, the evening was a strong statement of who Wema Bank is, where it’s coming from, and where it’s boldly headed.

Here are ten standout moments that made this a night for the history books:

1. A Beauty in Experiential Setup and Show Production

Guests knew they were about to witness something extraordinary when they stepped onto the purple carpet. The visual storytelling was impeccable – stunning historical arrangements that took guests from ‘Agbonmagbe Bank’ (the bank’s original name) and through the years to a futuristic Wema Bank.

Guests who didn’t previously understand the bank’s history were immediately immersed in it with halls of fame, caricature buildings, and a stage setup that looked like it belonged in an awards show.

The spatial design created a sense of elegance and pride, turning Eko Hotel’s convention center into a canvas that reflected the very soul of Wema Bank. It was immersive, intentional, and visually breathtaking, a setup that elevates a celebration.

2. Sounds of ALAT Winners Bring Youthful Energy

Kareem, King Breezy, and Kesty, the emerging stars from Wema’s 2023 Sounds of ALAT competition, opened the night with impressive performances. They sang original tracks and their winning songs from the sounds of ALAT competition. The finalists later came together for a heartfelt birthday tribute to the bank, alongside Cobhams Asuquo who played on the grand piano.

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It was a powerful reminder of how Wema Bank invests in the next generation of banking, creativity, and culture.
3. Yinka Davies’ National Anthem Rendition

With unmatched grace and vocal mastery, Yinka Davies performed the Nigerian National Anthem in a way that grounded the event in patriotism and pride.

Her delivery was both ceremonial and soulful. It was a reminder that even in celebration, Wema Bank honors its national roots and identity, especially as the nation’s first indigenous bank.

 

4. Hosting Done Right

The event’s hosts – veteran actor Chief Femi Branch and popular media personality Olive Emodi, struck the perfect balance of charm and control. Their chemistry, humor, and professionalism ensured that the evening flowed seamlessly, without a dull moment or misstep in the program.

5. 8 Million-Naira Surprise That Delighted Customers

What’s a celebration without giving back? A significant high point in the event came when eight customers each won ₦1 million.

The hosts also announced that 80 more customers would receive ₦80,000. It wasn’t just good PR; it was a powerful way to say thank you and share the spotlight with the people who made Wema’s journey possible.
6. A Chairman’s Speech Anchored in Legacy

In her welcome address, Chairman Dr. Oluwayemi Oluwanishola offered more than pleasantries – she gave perspective. “Wema Bank’s journey to me is an enigma,” she said.

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“What gave the founder, Late Chief Okupe, the confidence to establish Agbonmagbe Bank right under colonial rule?”

Her reflections on the founder’s audacity and the bank’s deep-rooted mission captured the spirit of the night in full. She also set the tone for why the event was essential to celebrate the bank’s past 8 decades.

 

7. Iconic Performances That Lit Up the Stage

The musical lineup read like a greatest-hits anthology of Nigerian pop culture. Wande Coal delivered a nostalgic medley. 9ice brought his street credibility.

Ayuba’s live band lit up the room with high-energy Fuji. And Davido closed the night with his signature swagger, bringing the house down.

Away from the heavyweight pop-culture stars, we had moments of reflection with spoken words from Kehinde Adolo and IBQuake. These were sonic celebrations of Wema’s multigenerational appeal.

 

8. CEO Moruf Oseni’s Visionary Speech

In his address, Moruf Oseni didn’t just thank guests; he projected the future. His words painted a clear picture of a bold, tech-driven Wema Bank that is anchored in customer-first innovation.


The short mini-documentary that followed offered glimpses into the bank’s transformation, reinforcing the night’s message: Wema is just getting started.

He thanked every segment of Wema’s stakeholders, from the customers, shareholders, partners, regulatory bodies, governmental partners, and knights (staff).

 

9. A Symbolic Coffee Table Book Launch and Documentary Sneak Peek That Highlight Wema’s History From Birth to Now

One of the evening’s most powerful moments came when Wema Bank launched its commemorative coffee table book. Flanked by past and present MDs, Chairmen, executive and non-executive directors, and Board members, the unveiling was a tribute to history, leadership, and enduring purpose.

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It was a reminder that institutions don’t thrive by chance; they do so by design, memory, and storytelling.

 

10. A Masterclass in Stakeholder Engagement

From pop-culture royalty to national figures, Wema Bank drew a crowd that reflected its wide-reaching relevance. Political dignitaries such as Governor Dapo Abiodun of Ogun State, Governor Lucky Aiyedatiwa of Ondo State, and the First Lady of Nigeria (represented by Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim) all delivered goodwill messages. Industry titans like Chief Michael Adeojo, Otunba Bimbo Ashiru, and Chief Sir Kessington Adebutu joined them.

 

The crowd was also star-studded with guests like Deyemi Okanlawon, Iyanya, Juliana Oloyede, Morayo Afolabi-Brown, Teddy A, Folagade Banks (Mama Deola), Jay On-Air, Kaffy, and Stan Nze. Wema didn’t just celebrate with guests; it reinforced its position as a trusted partner across government, business, and culture.

 

In every way that mattered, Wema Bank’s 80th celebration was a living expression of its values: thoughtful, future-forward, people-centric, and proudly Nigerian.

 

Timeless Elegance described the look and feel of the event and the legacy. And as the curtains fell to the beat of Davido’s final notes and DJ Sose’s afterparty rhythms, one thing was unquestionable: Wema was not only looking back in gratitude but marching forward in power.

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CBN revokes licences of 46 microfinance banks

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

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“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

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5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

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9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

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11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

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33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.

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Wema Bank launches Hackaholics 7.0, increases grand prizes to N150m

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introduces 3 tracks, 7 Verticals,

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics.

The announcement was made on Wednesday, July 1, 2026, during the official press conference at the Wema Bank Head Office in Lagos, Nigeria.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game-changing, tech-driven ideas and products, and to bring innovative their ideas to life.

Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned top spot in the past 6 editions.

With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

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Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work.

Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria.

Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.

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According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.

“This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes.”

Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.

“I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape.

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“Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future.”

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

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Wema Bank’s 5 for 5 rewards delivers ₦17.96m to 273 customers in one month

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One month after launching the Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

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The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

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Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.

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