Key points
- Wema Bank Plc is intensifying efforts to join Nigeria’s tier-one banking group through fresh capital and strategic expansion.
- Managing Director Moruf Oseni announced a profit before tax increase to N221.8 billion for the 2025 financial year.
- Capital raise proceeds are earmarked to expand the loan portfolio, strengthen digital platforms, and enhance cybersecurity.
- The bank will deploy a “follow-the-money” strategy to target branch expansion in commercially viable locations.
- Board Chairman Oluwayemisi Olorunshola noted that 2025 marked Wema Bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.
Main Story
Wema Bank Plc has stated that it is intensifying efforts to join Nigeria’s tier-one banking group in the near term, through strong earnings growth, fresh capital inflows and a strategic expansion drive.
Speaking on Wednesday at the bank’s Annual General Meeting in Lagos, Managing Director and Chief Executive Officer Moruf Oseni gave the assurance that the institution had recorded a deliberate and consistent improvement in profitability over the past three years.
He maintained that management and staff were intentionally positioning the bank for top-tier status, pointing to a sharp rise in earnings as evidence of sustained execution of its growth strategy.
To accelerate this institutional trajectory, Oseni indicated that the bank’s profit trajectory rose from N42 billion to N102.51billion and further to N221.9 billion in the 2025 financial year, representing nearly a fivefold increase within three years.
He noted that proceeds from its recent capital raise would be deployed into three key areas: expansion of its loan portfolio, strengthening of digital banking platforms, and enhancement of cybersecurity infrastructure.
Concurrently, Board Chairman Mrs Oluwayemisi Olorunshola stated that 2025 marked Wema Bank’s 80th anniversary, describing the milestone as a renewed call to build a future-ready institution that continues to deliver value to shareholders and the economy.
The Issues
- Meeting the stringent regulatory benchmarks required for tier-one status demands continuous capital accumulation amid macroeconomic fluctuations.
- Balancing competitive dividend payouts to satisfy shareholders while preserving internal capital for strategic growth opportunities.
- Expanding physical and digital footprints across commercially viable regions requires heavy investments in secured cyber infrastructure.
What’s Being Said
- Managing Director Moruf Oseni stated that “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,” regarding the profit trajectory.
- Explaining the cautious dividend distribution policy, he noted that “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.”
- Board Chairman Mrs Oluwayemisi Olorunshola maintained that “This milestone provided an opportunity not only to celebrate eight decades of resilience and service but also to reaffirm our commitment to building a future ready institution that continues to deliver value to shareholders, customers, employees, and the Nigerian economy.”
- Highlighting the institutional heritage, she added that “As Nigeria’s oldest surviving indigenous bank, our longevity remains a powerful testament to the strength of our governance, strategy, and people.”
What’s Next
- Executive management will deploy the newly raised capital to fund the expansion of the corporate and retail loan portfolios.
- IT infrastructure teams will initiate upgrades on the digital banking platforms and strengthen cybersecurity defense layers.
- Development officers will identify high-yield commercially viable nodes to implement the bank’s physical “follow-the-money” branch expansion.
Bottom Line
Recording a substantial pre-tax profit increase to N221.8 billion for the 2025 financial year, Wema Bank has leveraged its 80th anniversary milestone to outline an aggressive capitalization, digital scaling, and geographic expansion framework aimed at securing tier-one banking status in Nigeria.
