Latest news

Wema Bank Conserves Capital for Future Acquisitions


The Managing Director and Chief Executive Officer of Wema Bank Plc, Moruf Oseni, has hinted at a major structural transformation aimed at breaking into Nigeria’s tier-one banking league, indicating that the bank  is intentionally retaining capital to fund future strategic acquisitions. Oseni made this disclosure while addressing shareholders at the bank’s Annual General Meeting held in Lagos on Wednesday. He explained that the institution’s recent successful capital raise and a sharp profitability trajectory have fundamentally altered its long-term expansion strategy.

Reflecting on the bank’s cautious but deliberate approach to dividend distribution, Oseni stated, “We’re keeping our gunpowder dry… we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of.”

While specific targets or timelines for the corporate transactions were not revealed, the bank chief assured stakeholders that the full scope of the inorganic growth strategy would be made known “in the fullness of time”.

The strategic decision to conserve financial firepower comes on the heels of an explosive financial performance that saw the lender’s profitability triple over a three-year window. Reviewing the financial milestones with investors, Oseni noted, “If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks.” He disclosed that the bank’s profit surged from N42bn to N102.51bn, before hitting a record N221.9bn in the 2025 financial year, representing a near fivefold increase across the period.

According to the bank’s full-year 2025 audited financial statements, profit before tax rose 116.44 per cent, driven largely by a surge in interest income to N576bn, while total assets expanded significantly from N3.5tn to N5.07tn.

The Wema Bank boss attributed the operational turnaround to the dedication of his team, describing them as the “Knights of Wema Bank” who toil round the clock to deliver results.

Despite the impressive growth curve, financial analysts note that Wema Bank still faces a wide gap behind tier-one heavyweights like Zenith Bank and GTCO, which posted full-year 2025 profits of N1.04tn and N865bn respectively, a reality that underscores the bank’s focus on an inorganic leap via acquisitions.

Beyond potential mergers and acquisitions, the bank has outlined a clear deployment plan for its fresh capital, focusing on quality loan growth, digital customer engagement platforms, and enhanced cybersecurity infrastructure to protect customer deposits from evolving threats. The bank also plans to deepen its national footprint through a targeted branch expansion framework that prioritises high-value commercial locations.

Earlier in her address, the Board Chairman, Oluwayemisi Olorunshola, reminded shareholders that the financial year marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank, adding that the milestone offers a platform to build a future-ready financial institution.

Shareholders at the meeting unanimously approved the board’s proposals, including a dividend payment of N1.25 per share and the appointment of Engr Wilson Agu as an Independent Non-Executive Director.

Tags :

Related Posts

Must Read

Popular Posts

The Battle for Africa

Rivals old and new are bracing themselves for another standoff on the African continent. By Vadim Samodurov The attack by Tuareg militants and al-Qaeda-affiliated JNIM group (Jama’a Nusrat ul-Islam wa al-Muslimin) against Mali’s military and Russia’s forces deployed in the country that happened on July 27, 2024 once again turned the spotlight on the activities...

I apologise for saying no heaven without tithe – Adeboye

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...