Banking and Finance

Ten Things That Stood Out At The Wema Bank 80th Celebration Themed ‘Timeless Elegance’ – Web tonight

Published

1 year ago

May 9, 2025

admin

On May 2nd, 2025, Wema Bank, Nigeria’s oldest indigenous bank, most innovative, and pioneer of Africa’s first fully digital bank, ALAT, showed Nigeria and the entire financial sector what it truly means to celebrate legacy with purpose. The event, themed Timeless Elegance, was held at the Eko Hotel and Suites. The bank’s 80th-anniversary celebration was more than a gala; it was a finely curated brand experience that blended history, glamour, music, storytelling, and strategic vision into one unforgettable night. With every segment choreographed to perfection, the evening was a strong statement of who Wema Bank is, where it’s coming from, and where it’s boldly headed.
Here are ten standout moments that made this a night for the history books:

A Beauty in Experiential Setup and Show Production

Guests knew they were about to witness something extraordinary when they stepped onto the purple carpet. The visual storytelling was impeccable – stunning historical arrangements that took guests from ‘Agbonmagbe Bank’ (the bank’s original name) and through the years to a futuristic Wema Bank. Guests who didn’t previously understand the bank’s history were immediately immersed in it with halls of fame, caricature buildings, and a stage setup that looked like it belonged in an awards show. The spatial design created a sense of elegance and pride, turning Eko Hotel’s convention center into a canvas that reflected the very soul of Wema Bank. It was immersive, intentional, and visually breathtaking, a setup that elevates a celebration.

Sounds of ALAT Winners Bring Youthful Energy

Kareem, King Breezy, and Kesty, the emerging stars from Wema’s 2023 Sounds of ALAT competition, opened the night with impressive performances. They sang original tracks and their winning songs from the sounds of ALAT competition. The finalists later came together for a heartfelt birthday tribute to the bank, alongside Cobhams Asuquo who played on the grand piano. It was a powerful reminder of how Wema Bank invests in the next generation of banking, creativity, and culture.

Yinka Davies’ National Anthem Rendition

With unmatched grace and vocal mastery, Yinka Davies performed the Nigerian National Anthem in a way that grounded the event in patriotism and pride. Her delivery was both ceremonial and soulful. It was a reminder that even in celebration, Wema Bank honors its national roots and identity, especially as the nation’s first indigenous bank.

Hosting Done Right

The event’s hosts – veteran actor Chief Femi Branch and popular media personality Olive Emodi, struck the perfect balance of charm and control. Their chemistry, humor, and professionalism ensured that the evening flowed seamlessly, without a dull moment or misstep in the program.

8 Million-Naira Surprise That Delighted Customers

What’s a celebration without giving back? A significant high point in the event came when eight customers each won ₦1 million. The hosts also announced that 80 more customers would receive ₦80,000. It wasn’t just good PR; it was a powerful way to say thank you and share the spotlight with the people who made Wema’s journey possible.

A Chairman’s Speech Anchored in Legacy

In her welcome address, Chairman Dr. Oluwayemi Oluwanishola offered more than pleasantries – she gave perspective. “Wema Bank’s journey to me is an enigma,” she said. “What gave the founder, Late Chief Okupe, the confidence to establish Agbonmagbe Bank right under colonial rule?” Her reflections on the founder’s audacity and the bank’s deep-rooted mission captured the spirit of the night in full. She also set the tone for why the event was essential to celebrate the bank’s past 8 decades.

Iconic Performances That Lit Up the Stage

The musical lineup read like a greatest-hits anthology of Nigerian pop culture. Wande Coal delivered a nostalgic medley. 9ice brought his street credibility. Ayuba’s live band lit up the room with high-energy Fuji. And Davido closed the night with his signature swagger, bringing the house down. Away from the heavyweight pop-culture stars, we had moments of reflection with spoken words from Kehinde Adolo and IBQuake. These were sonic celebrations of Wema’s multigenerational appeal.

CEO Moruf Oseni’s Visionary Speech

In his address, Moruf Oseni didn’t just thank guests; he projected the future. His words painted a clear picture of a bold, tech-driven Wema Bank that is anchored in customer-first innovation. The short mini-documentary that followed offered glimpses into the bank’s transformation, reinforcing the night’s message: Wema is just getting started. He thanked every segment of Wema’s stakeholders, from the customers, shareholders, partners, regulatory bodies, governmental partners, and knights (staff).

A Symbolic Coffee Table Book Launch and Documentary Sneak Peek That Highlight Wema’s History From Birth to Now

One of the evening’s most powerful moments came when Wema Bank launched its commemorative coffee table book. Flanked by past and present MDs, Chairmen, executive and non-executive directors, and Board members, the unveiling was a tribute to history, leadership, and enduring purpose. It was a reminder that institutions don’t thrive by chance; they do so by design, memory, and storytelling.

A Masterclass in Stakeholder Engagement

From pop-culture royalty to national figures, Wema Bank drew a crowd that reflected its wide-reaching relevance. Political dignitaries such as Governor Dapo Abiodun of Ogun State, Governor Lucky Aiyedatiwa of Ondo State, and the First Lady of Nigeria (represented by Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim) all delivered goodwill messages. Industry titans like Chief Michael Adeojo, Otunba Bimbo Ashiru, and Chief Sir Kessington Adebutu joined them. The crowd was also just star-studded with guests like Deyemi Okanlawon, Iyanya, Juliana Oloyede, Morayo Afolabi-Brown, Teddy A, Folagade Banks (Mama Deola), Jay On-Air, Kaffy, and Stan Nze. Wema didn’t just celebrate with guests; it reinforced its position as a trusted partner across government, business, and culture.
In every way that mattered, Wema Bank’s 80th celebration was a living expression of its values: thoughtful, future-forward, people-centric, and proudly Nigerian. Timeless Elegance described the look and feel of the event and the legacy. And as the curtains fell to the beat of Davido’s final notes and DJ Sose’s afterparty rhythms, one thing was unquestionable: Wema was not only looking back in gratitude but marching forward in power.

Banking and Finance

Union Bank Honoured by ASBON at Nigeria National SME Business Awards

Published

1 day ago

May 13, 2026

admin

Lagos, Nigeria – Union Bank of Nigeria has reaffirmed its reputation as a strong supporter of Nigerian businesses, receiving the Best SME Growth Banking Initiatives Award for 2025 from the Association of Small Business Owners of Nigeria (ASBON) at the Nigeria National SME Business Awards, held recently in Lagos.The award was presented to the Bank in recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises, through a differentiated suite of solutions designed to enable business expansion and long-term value creation.Receiving the award on behalf of the Bank, Ayokunnumi Abraham, Head of SME Segment at Union Bank, described the recognition as a strong endorsement of the Bank’s commitment to supporting small and medium-sized businesses. He said:”We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible. Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting. These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive.”Organised by ASBON in partnership with the Lagos State Government through the Ministry of Commerce, Cooperatives, Trade and Investment, the event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.Union Bank remains focused on deepening its support for SMEs through customer-led solutions and processes that strengthen business growth across the ecosystem.###Note to Editors:About Union Bank of Nigeria Plc’s Established in 1917, Union Bank is a leading provider of financial services in Nigeria, renowned for its “Simpler, Smarter Banking” philosophy. With a nationwide network and a strong focus on digital innovation, Union Bank continues to empower individuals, businesses, and the public sector to achieve lasting success.The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank offers a range of banking services to individual and corporate clients, including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.More information can be found at: www.unionbankng.comMedia Enquiries: Olufisayo Adelekun+234 (0) 201 271 6800mediarelations@unionbankng.com

Banking and Finance

Polaris Bank Partners Cyclotron Club to Advance LiveWell Initiative and Promote Healthy Living

Published

1 day ago

May 13, 2026

admin

Members of Cyclotron Club in the newly unveiled Polaris Bank co-branded cycling jersey, after a wellness ride held as part of the LiveWell by Polaris initiative in Lagos.

Polaris Bank, Nigeria’s leading digital retail and commercial Bank institution, has announced a strategic partnership with Cyclotron Cycling Development Initiatives, otherwise known as Cyclotron Club, to advance LiveWell by Polaris, the Bank’s flagship wellness initiative designed to promote healthy living, preventive healthcare, and overall wellbeing among employees, customers, and communities across Nigeria.The partnership was formally unveiled at a ceremony held at the Bank’s headquarters last Saturday in Lagos, where both organisations launched a co-branded partnership jersey symbolising their shared commitment to fostering healthier lifestyles and supporting cause-driven advocacy through cycling.LiveWell by Polaris is a comprehensive wellness initiative created by Polaris Bank to encourage physical fitness, mental wellbeing, and healthier lifestyle choices. Through initiatives such as; fitness challenges, health awareness campaigns, and strategic partnerships, the programme reinforces the Bank’s belief that personal wellbeing is essential to productivity, financial success, and sustainable development.Cyclotron Club, a premium Not-for-Profit association is dedicated to promoting safe, healthy, and organised cycling among professionals across sectors including medicine, finance, law, technology, automobile and academia. The Club is widely recognised for its cause-based cycling campaigns, including the Lagos–Accra–Lagos Ride for Autism, which raises awareness and support for individuals living with autism and their families.Speaking at the event, Chris Ofikulu, Executive Director, Retail and Commercial Banking at Polaris Bank, described the collaboration as a major milestone in the Bank’s commitment to promoting wellness and expanding the reach of its corporate social responsibility initiatives.“This partnership is a significant step in the evolution of LiveWell by Polaris and reflects our commitment to championing healthier lifestyles and meaningful social impact,” Ofikulu said.“By collaborating with Cyclotron Club and supporting their cause-based cycling campaigns, including Ride for Autism, we are extending our CSR footprint while encouraging Nigerians to embrace wellness as a critical foundation for success and quality of life.”He noted that the initiative aligns with Polaris Bank’s broader vision of creating value beyond banking and making a positive contribution to society.“Cycling is not only a globally recognised sport but also one of the most effective ways to stay physically fit. Through LiveWell by Polaris, we are investing in the health and wellbeing of our people and the communities we serve because we firmly believe that health is wealth,” he added.In her remarks, Eziafakaku Nwokolo, Captain of Cyclotron Club, commended Polaris Bank for its support and commitment to wellness-focused initiatives.“We are delighted to partner with Polaris Bank, an institution that clearly values wellbeing and social impact. This collaboration will empower us to expand our advocacy efforts and support our professional cyclists to compete at both local and international levels,” she disclosed.The event featured an exciting cycling skills demonstration by members of Cyclotron Club, showcasing the energy, discipline, and excellence that define the Club’s activities.Through LiveWell by Polaris, Polaris Bank continues to strengthen its role as a socially responsible organisation dedicated to promoting healthier communities, inspiring positive lifestyle choices, and delivering sustainable impact beyond banking.-END-

Banking and Finance

Fidelity Bank’s liquidity position rises above N1trn on stronger cash holdings

Published

1 day ago

May 13, 2026

admin

Fidelity Bank strengthened its liquidity position in the 2025 financial year as cash and cash equivalents rose by 87 percent to N1.32 trillion, reflecting improved cash buffers, stronger deposit mobilisation, and growth in interest-earning assets.

The lender’s audited financial statement for the year ended December 31, 2025, showed that cash and cash equivalents increased from N707.45 billion in 2024, underscoring the bank’s stronger liquidity profile amid Nigeria’s tight monetary environment.

Restricted balances with the Central Bank of Nigeria (CBN) also increased by 4.1 percent to N1.65 trillion in 2025 from N1.59 trillion in the previous year.

The improved liquidity position came as Fidelity Bank recorded strong growth in customer deposits, which rose by 16.1 percent to N6.89 trillion from N5.94 trillion, indicating sustained customer confidence and expansion in the bank’s funding base.

The bank’s total assets also expanded by 18.6 percent to N10.46 trillion from N8.82 trillion, driven by increases in investment securities, liquid assets, and other financial instruments.

Analysis of the bank’s earnings performance showed that gross earnings rose by 45.6 percent to N1.52 trillion from N1.04 trillion in 2024, supported by growth in interest income and foreign exchange-related gains. Interest and similar income increased by 38.7 percent to N1.11 trillion, while net interest income rose by 32 percent to N831.35 billion.

The bank also improved its credit risk position during the year as credit loss expense moderated significantly to N21.61 billion from N56.44 billion in the previous year. This contributed to a 41.2 percent increase in net interest income after credit losses to N809.74 billion.

Non-interest income performance remained strong, with fee and commission income rising by 44.7 percent to N113.36 billion. Foreign currency revaluation gains surged to N99.58 billion from N11.72 billion recorded in 2024.

The bank also expanded its investment portfolio during the year. Debt instruments measured at fair value through other comprehensive income (FVOCI) rose by 199 percent to N557.78 billion, while debt instruments at amortised cost increased by 27.2 percent to N1.97 trillion.

Fidelity Bank’s shareholders’ funds crossed the N1 trillion mark during the year as total equity increased by 21.1 percent to N1.09 trillion from N897.87 billion. Statutory reserves rose by 32.7 percent, while non-distributable regulatory reserves climbed by 92.5 percent.

Fidelity began the year with a share price of N19.00 and closed at N21.9 on Monday, gaining 15.3 percent year-to-date on the NGX.

The bank is currently the 25th most valuable stock on the NGX with a market capitalisation of N1.1 trillion, which is about 0.686 percent of the Nigerian Stock Exchange equity market.