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
Africa Caught Off-guard as Idris Elba Stuns with FIFA World Cup Message
SuperSport viewers across Africa were left stunned when normal programming was suddenly interrupted by Hollywood star Idris Elba, who delivered a message saying “Everything else can wait.”Millions of DStv and GOtv viewers across Africa experienced the surprise interruption during prime-time viewing on 15 April 2026 at 7pm, including in the middle of live sport broadcast. Screens abruptly went black before a countdown appeared, followed by a familiar silhouette.It was Idris Elba.Ten Of Us NowThe award-winning actor addressed Africa directly with a message celebrating a historic football moment. Ten African nations have qualified for the 2026 FIFA World Cup, the most ever.“There are ten of us now,” Elba said in his unmistakable gravelly voice. “I honestly don’t care which one of us wins. I just want to see African football light up the world stage.”“My mum is from Ghana, my dad is from Sierra Leone. But my heart is African,” said Elba, a global superstar who remains deeply connected to the continent. “That’s why I’m watching. Every. Single. Game.”Africa’s Greatest World Cup?The FIFA World Cup 2026™, hosted across Mexico, Canada and the USA, will see Africa represented by Ghana, South Africa, Senegal, Morocco, Egypt, Algeria, Tunisia, Cape Verde, Côte d’Ivoire and DR Congo.It is a milestone tournament, and SuperSport on DStv and GOtv is positioning itself as the home of every kick, goal and celebration.“History doesn’t always tell you when it’s going to happen,” Elba continued. “But I’m here to tell you where it may happen. SuperSport. Only on DStv and GOtv. Everything else you thought you were going to be doing… it can wait.”Energetic Big Brother Mzansi star Smash Afrika and the ever-stylish host of Big Brother Naija, Ebuka Obi-Uchendu, are also starring in the wider DStv and GOtv FIFA World Cup campaign.Every Match, Every ScreenAll 104 FIFA World Cup 2026™ matches will be available live on SuperSport across DStv, DStv Stream, GOtv and GOtv Stream.Viewers can follow the tournament through satellite TV or stream on phones, laptops and smart TVs, depending on their preference and connectivity.Coverage will also include local language options, including pidgin, making the tournament more accessible to audiences across the continent.The World Cup kicks off on 11 June 2026 with the opening ceremony in Mexico City, live on SuperSport. From the opening match to the final, fans across Africa will be able to follow every moment.
NEWS
Governor Dauda Lawal Receives Nigerian Air Force Delegation in Gusau to Strengthen Security, Combat Terrorism
Governor of Zamfara State, Dauda Lawal P.hD, received a high-level delegation from the Nigerian Air Force during a strategic visit aimed at strengthening ongoing efforts to combat insecurity across the state.
The visit featured a presentation and inspection of key military air assets, including a combat-equipped helicopter designed for rapid response and real-time operations.
The Governor, alongside top government officials and security chiefs, was briefed on the aircraft’s capabilities, operational features, and its role in tackling banditry and other security challenges.
During the session, Air Force personnel demonstrated key features of the aircraft, including weapon systems and surveillance technology, highlighting its effectiveness in reconnaissance and combat missions.
Governor Lawal expressed strong interest, inspecting the equipment and asking questions about deployment and coordination with ground forces.
He commended the Federal Government and Air Force leadership for their commitment to restoring peace in Zamfara and reaffirmed his administration’s dedication to supporting all security agencies through collaboration and strategic initiatives.
The visit marks a significant step toward enhancing aerial surveillance and rapid response capabilities in Zamfara, reflecting renewed progress in addressing insecurity in the state.
NEWS
Governor Dauda Lawal Approves 120-Day Rapid Intervention Plan to Revamp Zamfara’s Educational Sector
Governor Dauda Lawal has approved a 120-day Rapid Intervention Action Plan aimed at addressing systemic failures in Zamfara State’s education sector.
The Governor presided over the State Executive Council meeting on Monday at the Government House in Gusau, where key decisions were taken.
During deliberations at the 65th Council meeting, issues related to education, health, works, and other sectors were discussed and approved.
The Council endorsed a 120-day rapid intervention plan built on prior diagnostic activities conducted by the Ministry of Education and the Education Quality Assurance Agency (EQAA). The plan, presented by the overseeing Commissioner for Education, Abdulmalik Abubakar Gajam, includes payroll audits, school mapping exercises, and infrastructure assessments. It proposes targeted, time-bound interventions across governance, infrastructure, digital transformation, teacher development, and student welfare.
The Council also approved the formation of a joint committee to immediately assess all illegal or unapproved structures built around schools in the state, with a view to relocating them and securing school environments. The committee will be led by the Ministry of Education, Science and Technology (MOEST).
Additionally, the Council approved a single, unified Education Sector Bill (covering Early Childhood Care Development Education to Tertiary level), to be developed in consultation with stakeholders including agencies, institutions, civil society, traditional rulers, and development partners. A draft bill will be presented to the State House of Assembly for enactment within the emergency timeframe.
The Governor further approved the transfer of non-teaching staff—such as messengers, labourers, gardeners, cooks, guards, drivers, health workers, and artisans—from the Ministry’s payroll to appropriate MDAs (CPG, MoH, Establishment) or private firms.
Among other important issues, the Council approved the composition of the Zamfara State Steering Committee on the State of Emergency on Education and authorised the Committee to constitute a Technical Working Group (TWG) and co-opt stakeholders including the NUT, UNICEF, UBEC, traditional and religious leaders, private school proprietors, and CSOs.
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