Tag: Wema Bank

Wema Bank has received further rating upgrades from leading credit rating agencies Fitch and GCR. These upgrades, coupled with a confirmed positive and stable outlook, underscore the bank’s robust capacity for long-term sustainability within the African banking ecosystem.

American rating agency, Fitch, elevated Wema Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, simultaneously revising its outlook from Stable to Positive. Fitch also affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B-‘.

Similarly, African rating agency GCR, upgraded Wema Bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), maintaining a Stable Outlook.

The Managing Director /Chief Executive,  Wema Bank, Moruf Oseni,expressed his appreciation to Fitch and GCR for their objective assessment. He reaffirmed the bank’s unwavering commitment to its customers and shareholders, emphasising that Wema Bank’s journey is just beginning.

Read Also: Chiderije Mbah wins one day MD/CEO of Wema Bank

“Wema Bank is more than just a provider of financial services. “This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving,”” Oseni stated.

He  further highlighted the bank’s tenacity, stating, “Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead. These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder.” The recent round of upgrades builds upon previous positive assessments.

In 2024, Pan-African Rating Agency, Agusto & Co, upgraded Wema Bank’s ratings to Bbb+ with an ESG Score of 2 and confirmation of stable outlook, citing improved profitability despite macroeconomic headwinds, a lower impaired loan ratio, a better deposit mix, and strong shareholders’ support. The same year, GCR upgraded Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirmed the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch Affirmed the Bank at ‘B-’ with Outlook, Stable.

Wema Bank has received a vote of confidence from its shareholders across Nigeria for its record-breaking financial performance in the 2024 financial year. The shareholders applause for the bank came at its 2024 Annual General Meeting (AGM) held virtually yesterday in Lagos.

According to the Bank’s 2024 Annual Report, Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51 per cent from N225.75 billion in the 2023 to N432.34 billion in in 2024 financial year.

Profit before Tax (PBT) increasing by 135.16 per cent to N102.51 billion in 2024 from N43.59 billion in 2023, and Profit After Tax (PAT) increasing by 140.13 per cent to N86.29 billion from N35.93 billion reported in in 2023.

The Bank also grew its loans to customers by 49.94 per cent to close 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023.

Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive.  The 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51 per cent year on year with earnings per share at 483.2 kobo.

Additionally, the Bank’s Non-Performing Loan rate closed at 3.86 per cent, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.

Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.

Read Also: Wema Bank rewards customers with over N14m during 80th anniversary gala

National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38 per cent ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100 per cent attendance in meetings, which shows a full commitment on their part”.

Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.

Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank. The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.

“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.

Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.

From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.

Wema Bank Plc has been announced the gold winner of the 2025 Global Council of Corporate Universities Awards (GlobalCCU) Award for ‘Best Corporate University Culture’. Held in Paris, the awards recognized the bank’s training institute, Purple Academy, for its excellence and strategic impact in driving learning culture.

Hosted every two years and considered the gold standard for corporate education, the GlobalCCU Awards played host to the world’s most innovative and high-impact corporate universities, evaluating nominees through a rigorous multi-phase process led by an international jury.

The award also celebrates corporate universities that demonstrate measurable value for people, business, society, and the planet.

For the 2025 edition, Wema Bank’s Training Institute, Purple Academy was shortlisted alongside leading institutions from across the world, standing out for its transformative work in human capital development, strategic business alignment, and learning innovation.

Coming in the same year the bank celebrated its 80th anniversary, this recognition reinforces Wema Bank’s legacy as a forward-thinking institution committed to building people, pioneering innovation, and redefining the future of work in Nigeria and beyond. “This win is more than just a global recognition of our learning strategy as a bank, it’s a powerful validation of what we have stood for over the past 80 years,” said Moruf Oseni, Managing Director/CEO of Wema Bank.

Read Also: Wema Bank at 80: Olorunshola, Oseni reaffirm commitment to innovation, inclusion, empowerment

 “At Wema, our transformation has always started with our people. Purple Academy is one of our promises in motion to equip every member of our workforce with the tools to grow, lead, and innovate as we evolve and adapt to our environment. To be globally recognized in this milestone year is a proud moment for us and everyone who has believed in our journey,” He concluded,

Speaking on why Purple Academy deserves the award, the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, shared, “Purple Academy is an outstanding Corporate University that is clearly the Best Corporate University Globally for driving a Learning Culture. It is a Corporate University that transmits, respects and preserves the Wema Bank cultural heritage and effectively evolves it as a principle which drives efficient actions. The diversity of its employees generates a high level of empathy among its stakeholders. The way it honors diversity and inclusion is brilliant to see and their leaders are so engaging when featured in internal videos. They are not only representing a great company, but also the culture of their country in the best possible way.”

Wema Bank’s Training Institute, Purple Academy, launched as a corporate university in 2022, has a beacon of learning excellence and innovation, that empowers employees at every stage of their career. The corporate university offers a dynamic blend of immersive learning experiences, personalized development paths, and forward-thinking content that addresses the evolving demands of work, life, and leadership. Through structured programs across its five key schools, including Culture, Leadership, Banking, Business, and the SME Business School, Purple Academy nurtures talent with a future-ready approach. From onboarding new hires through the Bankers-in-Training School to shaping high-impact leaders, the Academy remains committed to investing in people, promoting growth, and fostering a vibrant workplace culture aligned with Wema Bank’s legacy of innovation and excellence.

As Purple Academy continues to scale new heights and expand its influence across sectors and borders, this GlobalCCU recognition signals yet another bold chapter in Wema Bank’s story. It tells a story of a bank rooted in people, purpose, and the pursuit of excellence.

Managing Director, Wema Bank Plc, Mr Moruf Oseni, has said that the aspiration of the institution’s board and management is to return the bank to the highest level of the Nigerian banking industry.

Speaking at the Gala Night held over the weekend in Lagos in celebration of the bank’s 80th anniversary, Oseni said the bank’s priority is to reclaim its status as a tier 1 bank while building a resilient future.

Highlighting the theme of the celebration: ‘Timeless Elegance’, Oseni said Wema Bank’s objective is to be counted amongst Nigeria’s leading brands.

“We have a bold vision for Nigeria’s financial future. Our immediate aim is to reclaim our place at the industry’s forefront. We will keep innovating, using technology to offer financial services that empower Nigerians and Africans to succeed wherever they are,” Oseni said.

He expressed confidence in the bank’s future, anchored on “creativity, innovation and unwavering customer focus”.

He stressed the bank’s commitment to nurturing future talents, while honouring the role of women in the bank’s fortunes, both past and present.

He stressed the unity that exists in Wema Bank, noting that Wema Bank’s staffs are skilful, ready to face challenges, and fulfil the bank’s potential.

 “Our journey of 80 years is a testament to transformation. We are not resting—we are building the future of banking for the next generation,” Oseni said.

He emphasised the bank’s ongoing focus on youth empowerment, gender equity, and customer-driven innovation.

Wema Bank’s chairman and first female to assume the position, Dr Oluwayemisi Olorunshola, reflected on the institution’s long and storied history.

She said: “We celebrate God’s grace, foresight, resilience, hard work and inclusivity”, adding that these traditions are proudly upheld by the bank.

Olorunshola recounted the bank’s foundation in 1945 as Agbomagbe Bank, Nigeria’s first indigenous bank during colonial rule.

“It was these values that gave our founder the courage to establish Agbomagbe Bank under colonial rule,” Olorunshola said.

She praised Wema Bank’s resilience through key moments in history, including war, economic booms, and global crises.

She said: “We welcomed information, explored new terrain, and embraced innovation fearlessly. We’re not just counting years — we’re celebrating seasons, generations, eras, and transformational milestones”.

The Federal Government praised Wema Bank for its innovative initiatives that have transformed Nigeria’s banking landscape.

Read Also: Wema Bank to host landmark event for 80th anniversary

The government lauded Wema Bank for transforming the banking system with the launch of ALAT eight years ago, a move that rejuvenated the bank into one of the best in the country.

Speaking at the bank’s grand celebration gala night in Lagos,with the  theme: 80 Years of Impact, The Future of Possibilities,  Vice President Kashim Shettima, commended Wema Bank for redefining digital banking and for being a committed partner in national development.

“You have an eight-year-old digital bank in ALAT, now Nigeria’s number one, from a bank once known as one for our grandmothers. That’s remarkable, The Presidency does not take your support for granted. From empowering MSMEs to partnering with us on national innovation programmes, your contributions are exceptional.

“80 years in the life of an institution is not a mere passage of time. It comes with a record of stories, of challenges overcome, of milestones attained, and dreams realised. Wema Bank’s journey from its founding in 1945 to today is a reflection of resilience, vision, and innovation,” Shettima said.

while commending Oseni and the entire management team for leading boldly into the future, the Vice President noted that Wema Bank was the first bank to partner with the government on the Alaska Innovation Programme aimed at training three million Nigerians, adding that the bank was also also pioneers in cooperative banking, empowering informal economic players.

At the gathering which pulled together the governors from the Southwest, amongst them Prince Dapo Abiodun, Ogun State; Lucky Aiyedatuwa of Ondo State, former Ogun State helmsman, Chief Segun Osoba, Chief Michael Ade-Ojo of Elizade Motors, Vice President Kashim Shettima, who was represented by his Special Adviser on Job Creation & MSME, Mr Temitola Adekunle-Johnson, Chief Kessington Adebutu, promoter of Baba Ijebu Lotto, and a host of other dignitaries.

Adebutu commended the bank’s resilience and foresight, citing its humble roots to becoming a major player in the banking industry.