Banking and Finance
Wema Bank Releases Audited Results for FY 2024, Profit Before Tax Soars 135% to ₦102.5bn Billion; Proposes N1.00 final dividend per share; commences N150bn Rights issue in April 2025
Lagos, Nigeria – Wema Bank Nigeria (“Wema” or “the Bank”)) has released its audited Consolidated Financial Statements for the period ended December 31st, 2024, to the Nigerian Exchange Group (NGX).
Wema Bank reported profit before tax of ₦102.51bn, representing an increase of 135% over the ₦43.59bn recorded in the corresponding period in 2023. The Bank also proposed a dividend of N1.00 per share on the back of the impressive result.
The Bank’s Balance sheet remained well structured, diversified and resilient with Total Assets growing by 60% to ₦3,585.05bn in FY 2024 from ₦2,240.06bn in FY 2023. The bank also grew its deposit base year on year by 36% to ₦2,523.82bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 50% to ₦1,201.21bn in FY 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.86% as at end of FY 2024.
The bank recorded improved year on year performance as Gross Earnings grew by 92% to ₦432.34bn (FY 2023: ₦225.75bn). Interest Income was up 92% y/y to ₦353.54bn (FY 2023: ₦184.48bn). Also, Non-Interest Income was up 91% y/y to ₦78.80bn (FY 2023: ₦41.27bn).


Return on Equity (ROAE) of 43.60%, Return on Assets (ROAA) of 2.96%, Capital Adequacy Ratio (CAR) of 19.67% and Cost to Income ratio of 56.23% underscore the commercial bank’s resilience and financial strength.
The Managing Director/CEO of the Bank, Mr. Moruf Oseni stated that the strong 2024 FY performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking. Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace. An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible.
Despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135%. The growth of Gross Earnings by 92%, Total Assets by 60% and earnings per share at 483.20kobo shows the core improvements to our balance sheet. In addition, our cost-to-income ratio of 56.23% has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150bn Rights Issue.
Banking and Finance
Fidelity Bank Partners Anambra State to Empower 1,950 Nigerians
Mrs. Pamela Shodipo, Executive Director, South, Fidelity Bank Plc (2nd L); Mrs. Amaka Onwughalu, Chairman, Board of Directors, Fidelity Bank Plc (4th L); Dr. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc (6th L); and Dr (Mrs.) Nonye Soludo, First Lady of Anambra State (2nd R), with the beneficiaries at the Fidelity Bank Empowerment Programme organized in partnership with Healthy Living with Nonye Soludo Foundation, held in Awka, Anambra State recently.
Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to sustainable social impact and economic inclusion through the empowerment of women and schoolchildren in Anambra State.
The landmark intervention, held recently in Awka during the 2026 Fidelity Empowerment Programme, featured the distribution of 200 sewing and grinding machines to women entrepreneurs, N25 million in seed capital support, 1,500 food packs to vulnerable households, and 250 solar-powered school bags to schoolchildren. The initiative was implemented in partnership with Healthy Living with Nonye Soludo, a Non-Governmental Organisation led by the Wife of the Governor of Anambra State, Dr. Mrs. Nonye Soludo.
Speaking at the event, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, described the programme as a reflection of the Bank’s enduring commitment to empowering individuals, strengthening communities, and creating opportunities for sustainable growth.
According to the bank’s CEO, the initiative marked the first time that three of Fidelity Bank’s flagship social impact initiatives—the Fidelity Food Bank Initiative, Lighting Young Minds Programme, and Give Her Power Initiative—were brought together under a single intervention platform; and Anambra State is the first beneficiary.
“Today is more than an empowerment event; it is a demonstration of our belief that meaningful progress begins when people are given the tools and opportunities to succeed. At Fidelity Bank, our purpose goes beyond banking. We are committed to helping individuals realize their aspirations, overcome challenges, and build better lives. When communities thrive, businesses thrive; when families prosper, societies become stronger; and when people are empowered, possibilities become endless,” she stated.
Dr. Onyeali-Ikpe further noted that the Fidelity Food Bank Initiative continues to provide critical support to vulnerable households across Nigeria, particularly during a period of economic challenges affecting many families.
“Access to food remains a basic human need. By supporting vulnerable families, we are restoring dignity, strengthening resilience, and fostering greater social inclusion within our communities,” she added.
Speaking on the Lighting Young Minds Programme, Dr. Onyeali-Ikpe explained that the solar-powered school bags distributed to pupils are designed to enhance learning outcomes by providing a reliable source of light for studying after dark, especially in communities with limited access to electricity.
The programme also featured the Give Her Power Initiative, through which women received vocational tools and financial support aimed at promoting entrepreneurship, enhancing household income, and advancing women’s economic participation.
In her remarks, the Wife of the Governor of Anambra State, Dr (Mrs.) Nonye Soludo, commended Fidelity Bank for its unwavering commitment to uplifting vulnerable groups and investing in community development.
“We gather today, not merely to distribute items or celebrate another social impact initiative, but to reaffirm a simple truth: when we invest in people, we invest in the future. Every woman supported, every child empowered, and every family assisted represents a step towards building a stronger, healthier, and more prosperous Anambra State,” she said.
Mrs. Soludo expressed appreciation to Fidelity Bank for aligning with the vision of empowering communities and improving lives through impactful interventions.
“Beyond the empowerment items being distributed today, Fidelity Bank is investing in human potential, family stability, and community development. This partnership demonstrates the important role socially responsible organisations can play in advancing sustainable development and improving the quality of life of the people they serve,” she added.
The Fidelity Empowerment Programme forms part of Fidelity Bank’s broader commitment to driving positive social impact across Nigeria through targeted interventions in education, economic empowerment, food security, health, and community development.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Banking and Finance
Polaris Bank Deepens Youth Financial Literacy Drive, Trains Students in Katsina
Caption:Polaris Bank Financial Literacy Session at Community Day Secondary School, Tsaski Yan’albasa, Charanchi LGA, Katsina State, during Global Money Week 2026.
Lagos, Nigeria — As part of its ongoing commitment to youth empowerment, financial inclusion, and building a financially responsible generation, Polaris Bank Limited held an impactful Financial Literacy Day session at Community Day Secondary School, Tsaski Yan’albasa, in Charanchi Local Government Area of Katsina State. The event, which took place on June 9, 2026, formed part of the Bank’s activities to commemorate Global Money Week (GMW).
The interactive session reached and impacted 90 students and 10 teachers, providing practical insights into savings, budgeting, responsible spending, banking essentials, financial goal-setting, peer influence, and informed decision-making from an early age. It forms part of Polaris Bank’s sustained participation in Global Money Week, a global campaign that equips pupils and young people with knowledge on money management, savings, entrepreneurship, literacy and economic citizenship, while supporting the Central Bank of Nigeria’s (CBN) financial and inclusion goals.
The Managing Director/CEO of Polaris Bank, Mr. Kayode Lawal, emphasised the strategic importance of these initiatives: “At Polaris Bank, we believe financial literacy is one of the most important foundations for building a responsible and economically empowered generation. When young people understand the value of savings, budgeting and responsible financial choices early in life, they are better positioned to manage opportunities, avoid poor money decisions and contribute meaningfully to the economy.”
He added that the Bank’s involvement in Global Money Week underscores its long-term dedication to financial inclusion, youth development, and community impact: “For us, this is not just about teaching students how to save money. It is about helping them understand the relationship between discipline, planning, financial responsibility and future success. We will continue to support platforms that take financial education closer to young people, especially in communities where early exposure can make a lasting difference.”
The session at the Polaris CEO adopted school, featured expert-led modules. It began with an overview of Global Money Week and the importance of a strong savings culture, anchored by Mr. Patrick Sule. Topics included the role of the CBN in the financial sector, financial discipline, goal-setting, and smart spending habits.
The session continued with focused discussions on banking essentials and managing peer influence, highlighting how banks help individuals protect, manage, and grow their money, while encouraging young people to make independent and responsible financial choices amid lifestyle pressures. Another segment addressed financial responsibility and legitimate ways young people can earn and manage money, stressing that building strong financial habits early significantly supports their personal and educational goals.
Representing the Polaris Bank MD/CEO at the advocacy outreach, Mr. Dahiru Tukur, Group Head, Kano Group, Polaris Bank, delivered regulatory insights in simple and accessible terms. He also led an interactive “Smart Money Talk” session to reinforce the key lessons from the day.
“The decisions you make with money today, no matter how small, can shape your future. Learning how to save, spend wisely and avoid negative financial pressure is a major step toward becoming responsible and independent adults. Polaris Bank is proud to be part of this journey with you,” he said.
To connect theory with practice, the session featured an introduction to the Polaris Young Achievers account, outlining its benefits for fostering early savings habits, along with account-opening requirements and suitable product options. The programme concluded with a lively question-and-answer (Q &A) segment, where students showed keen interest, followed by the distribution of branded gift items to reinforce the learning experience.
Samaila Umar Sanda, Principal of Community Day Secondary School, praised the Bank’s practical and relatable approach: “Programmes like this help student connect classroom learning with real-life financial decisions. By engaging them early, Polaris Bank is helping to build a generation that understands money, values savings and can make better economic choices. We are grateful to Polaris Bank for bringing this important programme to our school. The lessons shared today are practical and timely. Our students have learnt that money management starts with discipline, planning and the right attitude.”
This engagement reinforces Polaris Bank’s role as a responsible corporate citizen dedicated to education, youth development, financial inclusion, and sustainable community impact. Through Global Money Week and similar initiatives, the Bank continues to advance national efforts to equip young Nigerians with essential skills for informed financial decisions and active participation in the formal economy.
This initiative aligns with Polaris Bank’s commitment to the UNEP-FI (United Nations Environment Programme Finance Initiative) Principles for Responsible Banking, particularly Principle 3 (Clients & Customers) and the dedicated Commitment to Financial Health and Inclusion. By promoting financial literacy and education among young people, the Bank supports universal financial inclusion, helps individuals build financial resilience, and contributes to a more financially healthy and empowered society.
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Banking and Finance
Wema Bank’s 5 for 5 Rewards Delivers ₦17.96 Million to 273 Customers in One Month
One month after launching Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities. Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.
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