Ok of the economic legacies of legendary politician, Chief Obafemi Awolowo, has echoed in Ibafo, a town on the outskirts of Lagos, as Wema Bank has opened a branch there.
It is not the first bank in the town that borders Magboro and Aseese/Mowe on Lagos-Ibadan Expressway.
UBA, First Bank and Access had conspicuously earlier spread their tentacles there.
The coming of WEMA is, however, historically significantly not just based on its age but also the ownership as it was founded by the Awolowo government when he was the Premier of the Western Region.
The bank radiates the longevity of his economic vision and achievements, which saw the West surged ahead of other regions.
A member of the Oodua Investment Company, Wema has survived a lot of trials and adversity occasioned by unpredictable economic climate and policies and intrigues that governors who have come and gone in the South-West states were known to have instigated.
Also in the Oodua company are WEMABOD, Cocoa Industries Limited, Lagos Airport Hotel etc.
Wema Bank: A Financial Profile
As of April 5, 2025, Wema Bank, Nigeria’s oldest indigenous bank, is in the midst of a capital raise exercise to meet the Central Bank of Nigeria’s (CBN) recapitalization requirements, aiming to raise N200 billion through a combination of rights and special placement.
Here’s a more detailed look:
Capital Raise:
Wema Bank is actively raising capital to meet the CBN’s recapitalization requirements, with a goal of raising N200 billion in fresh capital through a combination of rights issue and special placement.
Rights Issue and Special Placement:
The capital raise exercise is planned to be completed through a combination of a rights issue and special placement, with the goal of raising N200 billion in fresh capital.
CBN Recapitalization:
This capital raise is a crucial step for Wema Bank to ensure it surpasses the CBN’s minimum requirement for national banking authorization.
ALAT by Wema:
Wema Bank is also known for pioneering Africa’s first fully digital bank, ALAT, which is a major part of their digital banking strategy.
80 Years of Banking:
Wema Bank is celebrating its 80th year of operation, highlighting its long history and resilience in the Nigerian banking industry.
Leadership:
The bank’s Managing Director/CEO is Moruf Oseni.
Financial Performance:
Wema Bank has shown strong financial performance, with its profit before tax increasing by 135% to N102.51 billion in the corresponding period in 2023.
Asset Growth:
The bank’s total assets also grew by 60% to N3.59 billion in FY 2024 from N2.24 billion in FY 2023. Dividend Payout:
Investors have lauded a 100% increase in Wema Bank’s dividend payout