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Posted By Admin On May 22nd, 2026

WEMA Bank Plc is intensifying its drive to become one of Nigeria’s tier-one banks, with shareholders, on Wednesday, approving plans for the acquisition of a commercial bank or other strategic business combinations to fast-track growth and attain Systemically Important Bank (SIB) status.

The approval was granted at the bank’s Annual General Meeting (AGM), held in Lagos, where shareholders also authorised the board to engage professional advisers and take all necessary regulatory and corporate actions to execute the acquisition strategy, subject to approvals from relevant authorities.

Speaking at the AGM, Managing Director and Chief Executive Officer, Mr. Moruf Oseni, expressed confidence in the bank’s trajectory, citing consistent and sharp improvements in profitability over the past three years.

“Our profit trajectory rose from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year — nearly a fivefold increase within three years,” Oseni said.

He attributed the strong performance to disciplined execution, structural reforms, and long-term investments made during the bank’s transformation phases.

The bank is executing its “Top Tier in Three” (TTT) strategy, now in its third year, aimed at positioning Wema among Nigeria’s leading financial institutions.

Chairman of the bank, Dr. Oluwayemisi Olorunshola, presented a robust financial scorecard for the year ended December 31, 2025. Profit Before Tax (PBT) rose by 116.42 percent to N221.85 billion from N102.51 billion in 2024, while Profit After Tax (PAT) increased by 125.36 percent to N194.46 billion from N86.29 billion.

Total deposits grew by 30.34 percent to N3.29 trillion, total assets expanded by 41.48 percent to N5.07 trillion, and loans to customers rose by 44.68 percent to N1.74 trillion. The Non-Performing Loan (NPL) ratio improved to 4.90 percent, while earnings per share stood at 712.80 kobo.

Olorunshola noted that the bank’s digital banking platforms, particularly ALAT, continued to drive customer growth and operational efficiency. The lender also successfully completed its recapitalisation programme, strengthening its capital base ahead of the Central Bank of Nigeria’s deadline.

Shareholders approved a final dividend of N1.25 per ordinary share for the 2025 financial year, representing a 25 percent increase from N1.00 paid in 2024. The total dividend payout is approximately N50.15 billion. Eligible shareholders as of April 29, 2026, are expected to receive payments on May 20, 2026, upon completion of e-dividend registration.

Strategic Outlook

Oseni emphasised that the bank would leverage its enhanced capital position to scale operations across corporate, commercial, retail, SME, and digital segments. Plans include further innovation through ALAT 2.0, ALAT Xplore, and ALAT Pay, alongside deeper regional and sectoral expansion to support trade and economic development.

“As we enter 2026, Wema Bank stands stronger, better capitalised, and strategically positioned for sustainable growth. With our recapitalisation behind us and our transformation agenda in full motion, we are poised to unlock new opportunities and deliver superior value to all stakeholders,” he said.

The bank marked its 80th anniversary in May 2025 as Nigeria’s oldest surviving indigenous bank. Olorunshola highlighted the milestone as a testament to the institution’s resilience and commitment to building a future-ready financial services group.

The acquisition move, if successfully executed, is expected to significantly boost Wema Bank’s scale, market share, and relevance in Nigeria’s competitive banking landscape.

Source: https://tribuneonlineng.com/wema-bank-seeks-shareholders-approval-for-commercial-bank-acquisition-accelerates-push-for-tier-1-status/