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Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure

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Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among this fake news is a WhatsApp messages alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank’s financial strength.

 
THE PREMISE
In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”.

THE TRUTH
Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations. In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months.

Our financial strength is evident not only in our 2023 financial report and Q1 2023 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with 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, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry.

Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2024 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024.

In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration.

 
MEASURES TAKEN

With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libelous statement. 

Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.
 

As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.

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NEWS

Where culture meets connection: ‘Made by Africa, loved by the world’ returns for its fifth year 

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22 May 2025, – In celebration of Africa Day, Facebook today launched the pan-African “Made by Africa, loved by the world” campaign, celebrating the creative brilliance and global impact of Africans from across the continent. This year’s theme, “Where Culture Meets Connection,” reinforces Facebook as the leading space for conversation around cultural moments globally, and brings together internationally recognised African creatives from diverse disciplines, uniting to create a powerful celebration of African creativity, culture and global influence.

The three short cinematic films, premiering on the Meta Africa page, takes viewers on a journey through the groundbreaking work, personal stories, and cultural influences of some of Africa’s six most dynamic creative talents. Through powerful storytelling, the campaign unites diverse art forms of film, animation, dance, music and photography into a single narrative of creativity and collaboration.

Meet the creators behind the campaign

Featuring some of the continent’s most popular and loved creatives from Nigeria, Kenya, Ghana and South Africa, the films explore themes of identity, creativity, and connection across the continent, celebrating not only their artistry, but their widespread influence and cultural resonance. 

  • Ladipoe (Nigeria): A BET award nominee, he is a Nigerian rapper known for fusing global hip-hop sounds with African rhythms, he is a leader of Nigeria’s hip-hop revival with his authenticity and originality inspiring a new generation of artists
  • Fatboy Animations (Kenya): A studio founded by self-taught animator Michael Muthiga and twice recognized by Forbes magazine as one to watch, Fatboy Animations is known for creating fun, original African stories, with the studio’s standout character, Kapinto receiving international acclaim. 
  • Lisa Quama (Ghana): A dancer and content creator celebrated for her energetic dance videos. She gained major recognition after featuring in Beyoncé’s “Already” music video alongside Shatta Wale.
  • Gilbert Asante (Ghana): A creative director, photographer and multidisciplinary artist known for his vibrant visual storytelling and refined style. His work has been featured in GQ, Glam Africa and Glitz Africa.
  • David Tlale (South Africa): A fashion designer who approaches fashion with an eye toward bold and creative designs that fuse African heritage with modern style. His innovative designs have been showcased at major fashion events—from New York and Paris to Cape Town Fashion Weeks, whilst his designs have graced some of entertainment’s biggest events such as the Met Gala. 
  • Ofentse Mwase (South Africa): A  talented South African filmmaker with over 24 international awards for his visual storytelling. His creativity shines in his unique visual effects and storytelling, often blending African culture with modern themes. 

Commenting, Kezia Anim-Addo, Communications Director, Africa, Middle East & Turkey (AMET), said: “We’re incredibly excited to shine a spotlight and celebrate just some of the amazing creative talent that casts a light on our African culture and connects us to the world. Facebook is a leading place for conversations around cultural moments, and through this campaign, we’re not only celebrating individual success stories – we’re also showcasing how culture and social media together can drive meaningful connection and inspiration.” 

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NOTSUP Establishes New Chapter at Federal Polytechnic Ohodo

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The Non-Teaching Staff Union of Polytechnics (NOTSUP) has successfully established a new chapter at Federal Polytechnic Ohodo in Enugu State. This development marks a significant milestone in the union’s efforts to strengthen its presence and advocate for the rights and welfare of non-teaching staff across Nigeria.

This new chapter was established and inaugurated on May 13, 2025, by NOTSUP Southeast Zonal Executive Council, led by Comrade Victor Iduma Okocha and comprising Comrade Kalu Azuma Nwankwo and Comrade Maxwell Obijuru. The formation of this chapter is expected to enhance the welfare and well-being of non-teaching staff at Federal Polytechnic Ohodo, providing them with a stronger collective voice to negotiate with management and address key issues affecting their livelihoods.

Following the inauguration, the Federal Polytechnic Ohodo new chapter chairman, Comrade Chidi Ugwele, in his speech stated, “I reserve all glory for God almighty. I extend my deepest gratitude to the school management for approving the establishment and indeed the inauguration of our union on May 13, 2025, and recognizing the importance of collective representation for non-teaching staff. I also appreciate NOTSUP, Southeast Zonal Executive Council, and the National Executive Council for accepting to establish the union in the polytechnic.He equally called on all the chapter members to come together and make NOTSUP, FEDPOD Chapter a Success.”

The new chapter will provide a platform for non-teaching staff at Federal Polytechnic Ohodo to come together, share concerns, and work collectively towards improving their working conditions and overall well-being. With this establishment, NOTSUP continues to solidify its commitment to representing and supporting non-teaching staff in the polytechnic sector.

During the inauguration, the Southeast Zonal Executive Council presented the new chapter leadership with letters of appointment issued by the union’s National Executive Council. The Federal Polytechnic Ohodo Chapter Executives inaugurated include the Chairman, Comrade Chidi Ugwele, Secretary, Achi Thomas, Vice Chairman, Ugwuafia Nneamaka, Financial Secretary, Ebekue Ifeoma, Treasurer, Elom Chinedu, Assistant Secretary, Eneh Anulika, Welfare Officer, Okpaga Davidson, and Public Relation Officer, Lawal Saheed.

The inauguration was attended by Federal Polytechnic Ohodo management who were invited as guests of honor, including the Rector, heavily represented by the Deputy Rector, Dr Cornelius O Ogayi, Registrar heavily represented by the Director Admissions, Mr Austin Ugwoke, Acting Bursar, Mrs Udeh Patient A, polytechnic Librarian, Dr Ejike C Igwebuike.

The NOTSUP National President, Comrade Shaba Nakorji, while receiving the report on the inauguration, expressed gratitude to the Federal Polytechnic Ohodo management. He stated that the National Executive Council is optimistic that NOTSUP in the polytechnic will foster a stronger, more united voice for non-teaching staff, enabling them to effectively address challenges and pursue opportunities for growth and development.

This establishment is a testament to NOTSUP’s dedication to its members and its mission to promote a better working environment for non-teaching staff in polytechnics across the country.

Photo from left to right: Chapter Public Relation Officer, Lawal Saheed A, Chapter Vice Chairman, Ugwuafia Nneamaka, Chapter Financial Secretary, Ebekue Ifeoma, Chapter Chairman, Comrade Ugwele Chidiebere, Polytechnic Librarian, Dr Ejike C Igwebuike, Deputy Rector, Dr Cornelius O Ogayi, Southeast Zonal Coordinator, Comrade Victor Iduma Okocha, Zonal Publicity Secretary, Comrade Maxwell Obijuru, Zonal Secretary, Comrade Kalu Azuma Nwankwo, Assistant Secretary, Eneh Anulika E,
Treasurer , Elon Chinedu N,
Welfare Officer, Okpaga Davidson E.

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NEWS

NOTSUP Attains Recognition at Federal Polytechnic Ukana

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Left to Right: Comrade Kalu Nwankwo, Comrade Victor Iduma Okocha, The Rector Dr. Mrs. Essien Uduma, Comrade Maxwell Obijuru, Comrade Matthew Ekong, Comrade Enobong Williams

The Non-Teaching Staff Union of Polytechnics (NOTSUP) has secured formal recognition from Federal Polytechnic Ukana, marking a significant milestone in its history. This recognition strengthens NOTSUP’s presence within the institution, enabling the union to undertake labor activities and provide representation for its members.

Comrade Enobong Williams, NOTSUP Chairman at Federal Polytechnic Ukana, and Comrade Ekong Matthew, pioneer former Secretary of NOTSUP at Yaba College of Technology, received the formal recognition letter issued by Federal Polytechnic Ukana.

Left to Right: Comrade Kalu Nwankwo, Comrade Victor Iduma Okocha, The Rector Dr. Mrs. Essien Uduma, Comrade Maxwell Obijuru, Comrade Matthew Ekong, Comrade Enobong Williams

The recognition letter comes after a delegation from NOTSUP’s Southeast Zonal Executive Council (ZEC), led by Comrade Victor Iduma Okocha and comprising Comrade Kalu A. Nwankwo and Comrade Maxwell Obijuru, visited Federal Polytechnic Ukana on April 17, 2025. During their visit, they formally requested a recognition letter.

The National President of NOTSUP, Comrade Shaba Nakorji, expressed gratitude upon receiving the recognition letter. He thanked the Rector and Management of Federal Polytechnic Ukana for recognizing NOTSUP, highlighting the importance of this development for the union and its members.

This recognition is expected to enhance NOTSUP’s ability to advocate for the rights and interests of non-teaching staff at Federal Polytechnic Ukana, fostering a more collaborative and productive work environment.

NOTSUP has recognized established Chapters across state and federal government-owned polytechnics, including: Federal Polytechnic Bida, Akanu Ibiam Federal Polytechnic Unwana, Federal Polytechnic Nekede, Federal Polytechnic Offa, Abia State Polytechnic (Ogbonnia Onu Polytechnic), Yaba College of Technology, Federal Polytechnic Idah, Federal Polytechnic Ado-Ekiti, Federal Polytechnic Kaltungo, College of Agric Lafia, Federal Polytechnic Gombe, Rufus Giwa Polytechnic, Kaduna Polytechnic, Federal Polytechnic Ede, Nigeria Institute of Legal Studies Zaria, Federal Polytechnic Ukana, and many others.

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