Wema Bank and Union Bank provide assurances to their customers
Wema Bank has refuted allegations of distress, while Union Bank of Nigeria has clarified that it is not ceasing operations on Friday (today).
In an official statement, Wema Bank dismissed the claims circulating in certain sections of the media as unfounded. The bank asserted that, rather than succumbing to pressure from purveyors of unverified information, it has garnered praise and commendations from customers and shareholders nationwide, particularly for its remarkable financial performance in 2023 as reflected in the bank's Q3 2023 Financial Results.
The financial institution highlighted that its third-quarter report for 2023, submitted to the Nigerian Exchange Limited, revealed a notable 130 percent increase in Profit Before Tax to N21.76 billion compared to the previous year's N9.46 billion.
The bank reported a substantial 61 percent surge in gross earnings, rising from N93.86 billion to N150.90 billion by the conclusion of the third quarter in 2023.
Addressing its commitment to safeguarding depositors' funds, the bank disclosed that it reported legal claims totaling N8 billion and recorded the lowest reported fraud losses of N239.92 million in 2023, marking a significant 73 percent reduction compared to previous figures.
Furthermore, in a communication sent to its customers on Thursday, Union Bank emphasized, "Please dismiss any text messages asserting that we are closing down operations. Union Bank remains resilient, and your funds are secure with us. We assure you of our steadfast dedication to offering you simpler and smarter solutions."
The contested text message stated, "Dear Customer, as mandated by the CBN, Union Bank Nig will cease operations effective January 19, 2024. You are advised to promptly withdraw your funds. We apologize for any inconvenience."
Union Bank (UBN) was among the banks whose board was dissolved by the Central Bank of Nigeria following a report from a special investigator. The report alleged that the former CBN governor, Godwin Emefiele, acquired the banks using proxies.
The special investigator recommended that the federal government reverse the sale of Keystone, Polaris Bank, and Union Bank. Instead, it suggested taking them over, reinforcing their stability, and subsequently divesting them.
Leave A Comment