Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has placed its shareholders in celebration mode, receiving commendation for a profitable 2023 financial performance, at its just concluded 2023 Annual General Meeting, which held on Tuesday, May 28, 2024.

The Wema Bank AGM is a yearly gathering convening shareholders and other stakeholders of Wema Bank to assess the Bank’s financial performance over the previous year, its strategies, as well as to determine resolutions on relevant aspects of the Bank’s operations to promote accountability, democratic utilisation of investors’ funds and strategic allocation of the Bank’s resources towards the sustainable success of the business. According to shareholder testimonials, not only was the 2023 Wema Bank AGM allegedly the best AGM in the Bank’s history, the financial performance as captured in Wema Bank’s FY 2023 Annual Report, is also allegedly the Bank’s best so far.

L-R: Company Secretary, Wema Bank, Johnson Lebile; Deputy Managing Director, Wema Bank, Wole Akinleye; Chairman, Board of Directors, Wema Bank, Dr (Mrs.) Oluwayemisi Olorunshola; MD/CEO, Wema Bank, Moruf Oseni and Chairman of the Statutory Audit Committee, Joe Anosike, at the Wema Bank 2023 Annual General Meeting held in Lagos, today.

Exercising their voting rights, the Bank’s shareholders unanimously approved a N0.50 dividend for the year ended December 31st, 2023, as well as the appointment of two new Non-Executive Directors of the Bank—Yewande Zaccheaus and Yusuf Kazaure, and the new Executive Director, Segun Opeke, as new additions to the Wema Bank Board of Directors. Shareholders further commended the Bank on an exceptional 2023 financial performance as its financial report revealed 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 and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns.
Expressing gratitude to the Bank’s stakeholders for their contributions to the tremendous results achieved, Moruf Oseni, Wema Bank’s MD/CEO, disclosed the Bank’s progress towards realising the recapitalisation minimum target of N200bn, set by the Central Bank of Nigeria (CBN). “As a Bank, we feel privileged and lucky to have enjoyed the support of our Shareholders and Stakeholders, especially in the past year. The Bank’s performance has been stellar throughout the year and the figures testify to that. None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve, but I think the most important ingredient of all is the followership of the 5000+ employees that I lead as the MD/CEO of Wema Bank. We have given them a purpose which has resonated with them, and they are working day and night to ensure that your Bank gets to the top. That is the reason you see the results you have seen”.

“To the owners of the Bank, our Shareholders, we are grateful. You have been relentless in your support of this administration and have constantly challenged to achieve greater and supported us. As always, we will continue to rise to the occasion. The apex Bank has done its due diligence and approved our N40bn Rights Issue, which is currently undergoing SEC approval to be listed on the Nigerian Exchange. Our Capital Base now stands not at the current N15bn but with the Rights Issue, at N55bn—significant headway towards N200bn. Following the shareholders’ and Board’s approval, we are set to raise the N200bn within the 24-month timeline through public placements and a public offer, which we are confident that we will achieve before the timeline expires. We have shared our plans with the CBN, and we will work assiduously to meet balance our Capital Base in the nearest future. At a minimum, Wema Bank will remain a National Bank, we will keep working tenaciously to become a Systematically Important Bank, reattain Tier-1 status, and continue providing optimum value for every shareholder and stakeholder of Wema Bank”, Oseni concluded.

Commending the exceptional results, Mr. Badmus Tunde, a Shareholder of the Bank added, “I welcome the new Chairman on board and our MD/CEO as well, it is evident that they are very capable of steering the ship. I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life. Since 1945, Wema Bank has seen the good, the bad, the beautiful and the ugly, and through thick and thin, it has gotten to where it is today. The results are overwhelming, and profitability has been maintained. Kudos to the Board and Management”.

Upon Shareholder approvals, Wema Bank is set to disburse the N0.50 dividend for FY 2023 to its shareholders by May 29, 2024. In view of the Bank’s financial progress over the past 5 years, it is predicted that Wema Bank’s 2024 financial performance will outdo its past accomplishments, including that of the year ended December 31, 2023. Following SEC approval, the Bank’s N40bn Rights Issue is set to be listed on the Nigerian Exchange in the nearest future.

Wema Bank, one of Nigeria’s foremost bank has recently embarked on a number of schemes aimed at addressing the demands of its different customer base in this peculiar times.

The bank recently announced the opening of a new branch in Oregun, Lagos as it continues its strategic expansion to meet the demands of customers. In a statement made on Monday, 17 August 2020, the bank disclosed that the new branch, which is located at No. 41, Kudirat Abiola Way, Oregun, Lagos State, would strengthen its business in the state in line with its growth path.

“The new branch follows our strategic growth plan as we are committed to expanding our services to places where there are compelling business opportunities. The bank’s position on this has not changed,” said Executive Director Lagos Directorate, Wole Ajimisinmi.

This rides on a series of initiatives which the bank embarked on to cushion the effect of the pandemic on Individuals, businesses and communities. As a response to the gruesome financial impact of the Covid-19 pandemic on businesses, one of the key initiatives the bank has taken to alleviate the financial strain of her borrowing customers is to suspend the loan repayments for small and medium scale enterprises (SMEs).

Furthermore, in its continuous bid to support customers in the fight against the pandemic and its financial implications, the Bank launched collateral free loan products to support its customers. The loan offering which is open to healthcare businesses, school owners, as well as those dealing in trading or general commerce is available to the Bank’s existing and new customers.

In an earlier communication, Wema Bank Managing Director, Mr Ademola Adebise said “As we critically pay attention to supporting players in the health sector, as a Bank, we are also constantly looking into how we can support our customers financially. We hope individuals and business owners take advantage of these programs for their financial wellbeing and to help keep their businesses afloat”.

The Bank is also set to reward its saving customers on the Royal Kiddies Account platform. As a drive towards supporting an early start to financial freedom, Wema Bank launched the Royal kiddies Account program, and now the Bank is set to reward its customers with school support funds in her 2020 Wema Educational Award. By opening a new account or topping up with a hundred thousand naira on an existing Royal Kiddies Account, customers can were able to gain eligibility to win the fifty thousand naira school support fund.

According to the Managing Director, Ademola Adebise “We are a caring bank and we won’t relent in our efforts to continually initiate programs that would be of immense benefit to our customers and their businesses. Considering it’s a continuous process of innovation for us at Wema bank, we encourage our customers and everyone to always look out for our initiatives, as I can assure you there is always something good from us for everyone”.