…Express confidence in stable future following FY 2024 financial performance
Reinforcing its position as one of Nigeria’s most profitable financial institutions, Wema Bank Nigeria’s oldest indigenous bank, most innovative bank, and pioneer of Africa’s first fully digital bank, ALAT received a unanimous vote of confidence from shareholders across the country during its 2024 Annual General Meeting (AGM), held virtually in Lagos on Thursday, May 22, 2025.
The Bank also grew loans to customers by 49.94%, closing FY 2024 at ₦1,201.21 billion, up from ₦801.10 billion in FY 2023. The Wema and ALAT brands continued to attract public acceptance and market relevance, as reflected in the growth of retail deposits. Earnings per share stood at 483.2 kobo, with the Non-Performing Loan (NPL) rate reduced to 3.86% down from the FY 2023 figure.
Unsurprisingly, the Bank received widespread commendation from shareholders and stakeholders, all of whom expressed full confidence in Wema Bank’s future outlook and its consistent delivery of strong financial performance.
Among those who spoke was Mr. Matthew Akinlade, who praised the management team for what he described as a “very outstanding” performance. Ambassador Dr. Olatunde Okelana called the results “historical” and commended the Bank’s proactive approach to employee welfare.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, added: “I want to commend Wema Bank for its outstanding performance despite the challenging macroeconomic environment. I also applaud the Bank for its impressive gender diversity on the board 5 out of 11 directors are female, representing a remarkable 38%. Furthermore, I must commend the Bank’s succession plan and the board for achieving 100% meeting attendance, which reflects strong commitment and governance.”
Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed the Bank’s gratitude to its shareholders, customers, employees, regulators, partners, and stakeholders for their continued support. She reiterated the Bank’s commitment to sustaining its upward trajectory in the years to come.
Looking ahead, Mr. Moruf Oseni, Managing Director/CEO of Wema Bank, noted: “We will continue to deliver best-in-class financial solutions, invest in cutting-edge technology, and strengthen our internal systems for maximum efficiency. Innovation and service excellence remain our core pillars. Yesterday, May 21, 2025, we closed the ₦150 billion Rights Issue window. However, we seek your approval to raise an additional ₦50 billion via private placement, to be executed in June 2025.”
He added: “We anticipate a qualifying capital slightly above ₦267 billion, which positions us strongly to maintain the resilient franchise we’ve built together. As Wema Bank celebrates 80 years, I assure you that the growth we’re experiencing today is just the beginning.”
The 2024 AGM also saw shareholders approve several resolutions, including the re-election of board members, approval of audit and board remuneration, and the payment of dividends at ₦1 per share.
From celebrating its 80th anniversary, to making progress toward the CBN’s 2026 recapitalisation benchmark, and achieving record-breaking performance in 2024, Wema Bank continues to cement its legacy as a leading force in Nigeria’s financial services industry—delivering unmatched value to stakeholders across the board.