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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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MultiChoice Talent Factory West Africa Celebrates the Next Generation of Storytellers at the 2024 Graduation Ceremony.

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MultiChoice Talent Factory (MTF) West Africa, the pioneering initiative established to nurture emerging African filmmakers and storytellers celebrated the achievements of its 2024 cohort at its graduation ceremony on December 6 in Lagos. This is the fifth graduation ceremony by the MTF. The occasion signposts another successful year of empowering young filmmakers in Africa. Each year, the MTF programme trains 60 young filmmakers across its various academies through a comprehensive, fully funded cinematography course. The programme equips participants with the technical and creative skills necessary to craft compelling stories that highlight Africa’s cultural wealth to worldwide audiences.During her congratulatory message, Executive Head of Content and Channels, West Africa, MultiChoice, Dr Busola Tejumola stated that the graduation ceremony is a time of celebrate creativity, dedication and the exceptional achievements of the grandaunts.“This ceremony is more than just an acknowledgment of academic journey; it is a physical mark of the graduation into an elite class of the MTF Alumni Network, a family whose contributions continue to shape the narrative of African storytelling globally.”Dr Tejumola also stated that in just one year, the students have made great strides including the selection of Non Cras by Elma Baisie at the Life-Off Global Network and Get Out of Your head by Oluwayanmife Arogundade and Winner Achimugu at the Afropolis Lagos 2024.Atinuke Babatunde, Academy Director of MultiChoice Talent Factory (MTF) West Africa, noted that the sub-region is crucial to the continent’s film and television industry.”West Africa is a hub of cultural richness and vibrant storytelling, which has been the foundation of its thriving film and TV industry. Through the MultiChoice Talent Factory, we have consistently supported the development of exceptional talents, who are capable of elevating this heritage to global standards. The 2024 cohort has been phenomenal, and we are excited to celebrate their achievements as they graduate,” Babatunde said.During the event, the three best graduating students won one-year scholarships to international film schools. Winner Achimugu and Anjoluwa Aluko won scholarships to the New York Film Academy and Zee World, India respectively while Adejo Edebo Emmanuel won a scholarship to learn at MNET Production in South AfricaThis year, MTF West Africa collaborated with the Earthshot Prize initiative, producing projects focused on environmental sustainability. Among these are “Revive the Ocean,” which explores innovative solutions for ocean preservation; “Racing Against Time,” a mini documentary addressing the dangers of plastic waste; and “2070,” a thought-provoking short film envisioning future environmental challenges. Students of the Academy fully conceptualised, shot, and produced these projects, demonstrating their ability to create compelling stories. Additionally, Rekiya, a short film by the class of 2023 has been selected at AFRIFF 2024 and Poached, directed Adeola Andrea Peregrino, earned accolades including 1st Prize in the LEAP Africa USAID Film Contest, 2nd Prize at the IOM Film Contest and was an official selection at AFRIFF 2024 and at Edo State Festival. Love from Bayelsa, written by alumnus Gabrie Odigiri won Best Short Film of the Year at the Imo International Film Festival. The graduation of the 2024 cohort represents yet another milestone in MTF’s ongoing commitment to upskilling exceptional storytellers, who continue to redefine the African narrative on a global stage.

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Tourism Drive: Governor AbdulRazaq intensifies efforts to rebuild Patigi Regatta Motel

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•eyes global recognition for Patigi Regatta Kwara State Governor Abdulrahman Abdulrazaq is intensifying efforts to rebuild the long-abandoned Patigi Regatta Motel located in Patigi local government area of the state.The reconstruction of the Patigi Regatta Motel was started few months ago and will be delivered with classic rooms, VIP suites, a conference hall, a restaurant, courtyards, shopping areas, expansive parking space and more.Located along Kpada Road (Federal Road) and 1500m from Kusogi Park in Patigi town, the completion of the iconic Motel will help solve the problem of accommodation during the historical Patigi Regatta Festival in the town.Founded in 1949, the Patigi Regatta Festival is a boating event featuring boating races, fishing and swimming. The festival is attended by tourism enthusiasts within and outside the State and country. However, the issue of accommodation during the festivity calls for concern. With the ongoing efforts to rebuild the Motel, Governor Abdulrazaq aims to provide quality accommodation for visitors, enhance the overall tourist experience, create jobs and boost the State’s internally generated revenue.Additionally, the Governor aims to restore a sense of pride and heritage in the State and put the Patigi Regatta Festival on the global map just like other cultural and traditional festivals in the state.

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Development Bank of Nigeria Plc Wins Financial Inclusion Leadership Award

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The Development Bank of Nigeria Plc (DBN) has emerged winner of the Financial Inclusion Leadership Award. This is in recognition of the Bank’s unwavering commitment to fostering access to financing for the Nigerian micro, small and medium enterprises (MSMEs). The award was bestowed on DBN at the “Champions of Inclusion Nigeria Financial Inclusion Awards” during the recently-concluded International Financial Inclusion Conference (IFIC) 2024, organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders. Commenting on the prestigious award, DBN’s Managing Director/CEO, Dr Tony Okpanachi, said winning the Financial Inclusion Leadership Award was a testament to the Bank’s unrelenting efforts in expanding access to financial services for MSMEs in Nigeria. “We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs,” he stated. Dr Okpanachi added: “Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”The Chief Operating Officer of the Bank, Mr Bonaventure Okhaimo, while receiving the award on behalf of DBN, expressed gratitude to the organisers for the recognition, describing it as a significant milestone. “The Financial Inclusion Leadership Award is a significant milestone for our Bank, demonstrating our dedication to driving financial inclusion and economic growth in Nigeria. This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said. The COO stated further, “This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact. We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard.” He emphasized. The Financial Inclusion Leadership Award is a key highlight of the International Financial Inclusion Conference (IFIC) and celebrates exceptional contributions to actions aimed at achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.The awards recognize organizations and individuals across various sectors who are driving meaningful dialogue, and broadening access to financial services for low-income excluded priority segments, including the MSMES sector, with inadequate funding being one of the challenges that inhibit the growth of small businesses in the country.

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