By Seun Ibiyemi
Wema Bank has reaffirmed its ambition to join Nigeria’s tier-one banking league in the near future following a strong rise in profitability and fresh capital injection aimed at accelerating growth.
Speaking at the bank’s Annual General Meeting (AGM) in Lagos, the Managing Director of Wema Bank, Moruf Oseni, said the bank’s management and workforce are deliberately positioning the institution among the country’s leading financial institutions.
According to him, the bank’s profit grew significantly from N42 billion to N102.51 billion and further to N221.9 billion in the 2025 financial year, representing nearly a fivefold increase within three years.
“If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks,” Oseni told shareholders.
The Wema Bank MD attributed the strong financial performance to deliberate institutional reforms, strategic planning and the commitment of the bank’s workforce, whom he described as the “Knights of Wema Bank.”
He also acknowledged the support of shareholders, customers and members of the board in sustaining the bank’s recovery and growth trajectory.
On dividend payments, Oseni assured shareholders of the bank’s commitment to consistent returns but noted that management is carefully conserving capital to take advantage of future business opportunities.
“We’re keeping our gunpowder dry… we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of,” he said.
The comments have fueled speculation that the bank may be considering acquisitions or strategic expansion transactions, although the management did not disclose specific plans.
Oseni explained that the fresh capital raised by the bank would be deployed into three strategic areas, including loan growth, digital expansion and cybersecurity infrastructure.
According to him, the bank plans to strengthen quality risk assets through increased lending, while also investing in customer-facing digital platforms and enhanced cybersecurity systems to protect customer deposits amid rising cybercrime threats.
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He further disclosed plans to deepen the bank’s national presence using a “follow the money” strategy, which focuses on expanding into commercially viable locations rather than pursuing indiscriminate branch expansion.
Earlier in her address, the Chairman of the Board of Wema Bank, Oluwayemisi Olorunshola, noted that 2025 marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.
She said the milestone offers an opportunity for the institution to reaffirm its commitment to building a future-ready bank capable of delivering sustainable value to shareholders, customers, employees and the Nigerian economy.
