CEO assures: Wema Bank to Maintain National Status
Wema Bank's CEO, Moruf Oseni, revealed that following the banking sector's fresh recapitalization drive, the bank intends to retain its national license while aiming to achieve tier-1 banking status.
Speaking at the Annual General Meeting held virtually, Oseni shared the bank's progress towards meeting the recapitalization minimum target of N200 billion set by the Central Bank of Nigeria. He stated, "The apex bank has approved our N40 billion rights issue, currently undergoing Securities and Exchange Commission approval for listing on the Nigerian Exchange. With the rights issue, our capital base stands at N55 billion, a significant step towards the N200 billion target."
He assured shareholders and the board that the bank is poised to raise the required N200 billion within the 24-month timeline through public placements and a public offer, expressing confidence in achieving this goal before the deadline. Oseni affirmed, "Wema Bank will at minimum retain its national bank status, while actively working towards becoming a systematically important bank, regaining tier-1 status, and delivering optimal value to every shareholder and stakeholder."
During the AGM, shareholders approved a dividend of N0.50 for 2023 and the appointment of two new non-executive directors, Yewande Zaccheaus and Yusuf Kazaure, along with the new executive director, Segun Opeke, to the Wema Bank Board of Directors.
Wema Bank also saw remarkable financial performance in 2023, with a 196 percent increase in profit before tax and a 220.4 percent increase in profit after tax. Gross earnings rose by 70.63 percent, from N132.30 billion to N225.75 billion.
Shareholders praised the bank's resilience and profitability, with Mr. Badmus Tunde commending its consistent performance since its inception in 1945.
Celebrating its 79th anniversary, Wema Bank remains a pioneer in Africa's first fully digital banking platform.
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