… 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.

Nigeria’s leading energy firm, Oando, plans to raise up to $750 million this year for a drilling campaign that could boost output by 300%, tapping improved investor appetite for West African producers amid turmoil linked to the Iran war, Group Chief Executive of the firm Jubril Adewale ‌Tinubu, CON, told Reuters in an interview recently.

The oil and gas company is among a handful of local companies that have snapped up assets from oil majors in the past decade as they exit Nigerian onshore. This year, surging energy prices should open more funding sources for producers in the region, Tinubu said.

We are pushing very, very hard towards getting the financing that we need to do an extensive drilling campaign,” Tinubu told Reuters.

Nigeria is Africa’s biggest oil producer with crude and condensate output of around 1.6 million barrels a day.

Oando, whose production averaged just over 32,000 barrels of oil equivalent per day in ⁠fiscal 2025, aims to drill as many as 100 wells to boost output, particularly from assets purchased from Western majors ConocoPhillips and Eni.

While in the past the company had struggled with securing cash for drilling due to investor worries that Africa was an “unsafe environment”, the Iran war and Russia’s invasion of Ukraine in 2022 have shifted that view, Tinubu said.

“Africa is very, very peaceful compared to these regions,” he said.

Already, Tinubu said there was a shift in demand for Nigeria’s crude, with more cargoes sailing to Asia to replace Gulf oil trapped due to the closure of the Strait of Hormuz.

FUNDING SQUEEZE FROM EUROPE
Oando has raised $3 billion-$4 billion in the past decade, much of it from European banks, the GCE said, the bulk of which went toward acquisitions.

European banks had now almost completely withdrawn from African hydrocarbons due to climate concerns, he said, pushing Oando to funders including the African Export-Import Bank and the African Finance Corporation, and to oil trading houses ‌including Vitol, ⁠Trafigura, Glencore and Mercuria.

However, Africa needed more “substantial long-term funding”, he added.
More Gulf banks were interested in hydrocarbon projects in Africa and more parties were joining their syndications, while private equity funds and hedge funds were also more active in funding African energy, he said.

Oando recently expanded into Angola, and Tinubu said they are exploring opportunities in Ghana and Ivory Coast.

Africa should pool capital available at home, via pension funds and other sources, to fund large-scale capital projects, he added.

Geopolitical turmoil will have “long-reaching strategic implications for global ⁠energy security”, he said, and keep focus on West Africa’s reserves.

“Even if the ceasefire lasts, which, hopefully it will, it wouldn’t change the fact that consistently, you’re going to find disruptions,” he said.

GASOLINE EXPORTS, BUSINESS OPPORTUNITIES

Nigeria, Tinubu said, is well placed to draw funding after a landmark 2021 overhaul of its hydrocarbon law and reforms by current President ⁠Bola Tinubu, his uncle, to currency and costly petrol subsidies.

The new 650,000 barrel-per-day Dangote Oil Refinery on the outskirts of Lagos, Tinubu said, highlighted the value of Nigeria’s resources.

Tinubu, whose company was once among the nation’s largest fuel importers, said imports were now only needed to test for pricing or during refinery maintenance.

Longer term, ⁠Tinubu hopes to exploit some of Oando’s own gas production for petrochemicals and fertilizers to further boost the value added to Nigerian resources.

The company was working to “streamline” financials to avoid further delays in filing audited statements with the Nigerian Exchange after deadline extension in recent years.

In August, Oando’s board signed off on a proposal to launch a multi-instrument issuance programme of up to $1.5 billion.
-Culled from Reuters.