NEWS
Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure
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.
NEWS
Governor Dauda Lawal Joins President Tinubu at Historic Press Corps Dinner
Zamfara State Governor Dauda Lawal P.hD was among the dignitaries at the maiden State House Press Corps Presidential Dinner, held Thursday at the Presidential Villa in Abuja.
A highlight of the evening came when Governor Lawal formally invested President Bola Ahmed Tinubu as the Grand Patron of the State House Press Corps, a symbolic gesture underscoring the administration’s recognition of the media’s role in governance.
Organized to bridge the gap between journalists and top government officials, the dinner celebrated excellence in presidential reporting while offering an informal platform for candid dialogue between the press and policymakers.
In his address, President Tinubu charged journalists with upholding truth, balance and responsibility in their work, describing them as indispensable partners in Nigeria’s democratic journey. He also reassured attendees of his government’s steadfast commitment to constitutional guarantees of press freedom and free expression.
The State House Press Corps, made up of journalists accredited to cover the presidency, hosted the historic event.
Among the prominent guests were First Lady Senator Oluremi Tinubu, Secretary to the Government of the Federation George Akume, Chief of Staff Femi Gbajabiamila and ministers overseeing Finance, Education, Health, Agriculture and Information. Also present was the Head of Service of the Federation, Mrs. Didi Esther Walson-Jack.
NEWS
South African Investment Banker Richard Simanga Ngwenya Arrested in Alleged Fraud Investigation.
Richard Simanga Ngwenya, a South African-based investment banker and Zimbabwean businessman known for showcasing an extravagant luxury lifestyle on social media, has been arrested in connection with an alleged fraud investigation, according to documents circulating online.The documents, which have attracted widespread attention across digital platforms, identify Ngwenya as a suspect in a case registered in Sandton and reference a South African Police Service (SAPS) case number linked to the ongoing investigation.The arrest comes just weeks after Ngwenya dominated headlines over reports that he gifted his girlfriend a luxury Bentley, a gesture that fueled conversations about his lavish spending and elevated his profile across Zimbabwean and South African social media.The latest development has shifted public attention dramatically, with social media users revisiting videos and photographs highlighting his collection of luxury vehicles, designer fashion and high-end lifestyle. Online discussions have intensified, with many questioning the source of his wealth. However, no court has made any findings regarding those claims, and the allegations remain subject to legal proceedings.Ngwenya built a significant online following through displays of wealth that frequently went viral, positioning him among the region’s most talked-about young businessmen. His social media presence often featured luxury automobiles, premium real estate, international travel and extravagant gifts.The alleged fraud investigation now places the businessman under legal scrutiny, with observers closely monitoring developments as the matter progresses through South Africa’s criminal justice system.Authorities have yet to publicly disclose the full details of the allegations or the value of the alleged fraud under investigation. Further information is expected to emerge as legal proceedings continue.As of the time of publication, Ngwenya has not publicly commented on the allegations, and no plea or court finding has been reported.
NEWS
Governor Dauda Lawal Distributes 50 Subsidised Buses, Commissions Fire Trucks for Swift Emergency Response
Zamfara State Governor, Dauda Lawal P.hD has rolled out a major public welfare intervention distributing 50 subsidised buses to the National Union of Road Transport Workers (NURTW) and commissioning five modern fire trucks, in a move aimed at tackling transportation hurdles and strengthening emergency response across the state. The official handover ceremony took place on Wednesday at the Government House in Gusau, drawing leaders from the transport union, fire service officials and top government functionaries.
According to Governor Lawal, the buses are being provided under the Zamfara State Loan Scheme, a structured financing programme designed to promote economic empowerment while ensuring sustainability through cost recovery. Each bus was procured at ₦27,390,000, but the state government is absorbing 20% of that cost – amounting to ₦5,478,000 per vehicle – as a direct subsidy to ease the financial burden on beneficiaries.This means each NURTW member will repay ₦21,912,000 over a 44-month period, with repayment commencing from the date of vehicle allocation.
Crucially, the NURTW has entered into a partnership with the government to oversee the entire process, with the union responsible for identifying eligible members, supervising the use of the vehicles and ensuring strict compliance with the repayment schedule, a collaborative approach intended to minimise defaults and guarantee the scheme’s longevity.
In a parallel development, the Governor also commissioned five state-of-the-art fire trucks to reinforce the Zamfara State Fire Service, with the trucks equipped to modern standards and expected to significantly shorten response times during emergencies. Governor Lawal underscored the urgency of the investment, noting that fire outbreaks remain a persistent threat to lives and property in the state. “We are aware that fire outbreaks can destroy homes, shops and livelihoods in seconds,” he said. “These new fire trucks, equipped with modern standards, will strengthen the state fire service’s capacity to respond faster across all nooks and crannies of the State.”
He charged the Fire Service leadership to complement the equipment with rigorous personnel training, regular public fire-safety sensitisation campaigns and consistent maintenance to keep the trucks in optimal condition at all times. The Governor made it clear that all assets distributed belong to the people of Zamfara and must be treated with utmost care, directing all benefiting Ministries, Departments and Agencies, as well as individual beneficiaries, to submit quarterly maintenance and utilisation reports to their respective oversight offices.
He further issued a stern warning against any form of abuse, declaring that “vandalism, misuse or diversion will not be tolerated,” signalling the administration’s commitment to transparency and responsible asset management.
Governor Lawal framed the initiative as part of his broader agenda to uplift the state’s transportation sector, create economic opportunities for transport workers, and enhance public safety. By subsidising the buses, the government aims to ease the cost of commuting for residents while providing a sustainable livelihood for NURTW members, while the fire trucks are expected to reduce the devastation caused by infernos in both urban and rural communities. The combined investment reflects a multi-pronged strategy to address critical infrastructure gaps while fostering accountability and community partnership.
With the handover complete, the NURTW is expected to begin allocating the buses to qualified members in the coming days, while the Fire Service will deploy the new trucks across strategic locations in the state. The government has pledged to monitor progress closely through the quarterly reporting mechanism, with defaulters or abusers facing appropriate sanctions. This development marks one of the largest single interventions in the transport and emergency services sectors under Governor Lawal’s administration and stakeholders are watching closely to see how the scheme translates into tangible improvements for ordinary Zamfara residents.
-
NEWS1 day agoGovernor Dauda Lawal Distributes 50 Subsidised Buses, Commissions Fire Trucks for Swift Emergency Response
-
Sports1 day agoBayern sign Germany defender Brown on six-year deal
-
Business and Brand1 day agoMTN CEO Discusses Unlimited Data Comments, Clarifies Data Usage, Tariff Outlook
-
NEWS1 day agoGovernor Dauda Lawal Joins President Tinubu at Historic Press Corps Dinner
-
NEWS1 day agoSouth African Investment Banker Richard Simanga Ngwenya Arrested in Alleged Fraud Investigation.
-
Cover1 day agoHow Primate Ayodele Warned Femi Gbajabiamila Against Scandal In 2025 (VIDEO)
-
Cover1 day ago50 Newly Fulfilled Prophecies Of Primate Elijah Ayodele
