Last week, one of Nigeria’s oldest indigenous banks, Wema Bank PLC, climaxed activities marking its 80th year Anniversary with a gala night that brought together stakeholders, government functionaries, and the who is who in Nigeria’s business community to celebrate eight decades of resilience and positive transformations.
It was an event where dignitaries took turns to tell the story of a bank that migrated from one room in Yaba, Lagos to a formidable financial institution with over 450 branches across Nigeria.
Founded as Agbonmagbe Bank in 1945 by Chief M.A. Okupe and Mr. A.A. Alade, it was later acquired by Odua Group, which was managed by the Western Nigeria Marketing Authority, which acronym, WEMA, would eventually become the name of the great institution.
Speaking on the journey, the Chairperson, Dr. Yemisi Olorunshola, acknowledged God’s faithfulness, saying: “Our gratitude is built on the solid foundation of God’s faithfulness over eight decades.
“I have tagged this event The night of gratitude. Permit me to establish it on the word of God…all gratitude to God for taking the bank this far,” she said. She described the journey as 80 years of impact, and a future of possibilities.
“This is what we have called this event. What we have today is a bank that defied the odds in the seat of colonial era, growing from one room in Yaba to over 450 branches in Nigeria and becoming the first fully digital bank, ALAT. “Tonight is a celebration of God’s grace, foresight, resilience, hardwork,” she added.
She pointed out that Wema Bank took a significant step towards financial inclusion when all the big banks controlled all aspects of Nigeria’s financial space, adding that Wema Bank was established by the founder for indigenous Nigerians under the nose of colonial masters.
On his part, the Managing Director of the bank, Mr. Moruf Oseni, hinted on the fact that corporate longevity remained a rare phenomenon in Nigeria where organisations hardly outlive their immediate founders, unlike in other climes where they celebrate 100 years or more of existence. He said: “Sadly, this is also true of the Nigerian banking industry, where so many banks have come and gone over the years.
Household names, known and respected in times past, are no longer to be seen and exist only in memories and industry folklore. “It is against this bleak backdrop that the Wema Bank story particularly shines. The fact that our beloved bank is even older than our great nation is itself a thing of pride and worthy of celebration.”
