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Addressing False Information Alleging Impending Commercial Banking License Seizure and Bank Closure

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Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among these fake news is a WhatsApp message alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank’s financial strength.

THE PREMISE
In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”.

THE TRUTH
Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months.

Our financial strength is evident not only in our 2023 financial report and Q1 2023 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry.

Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2023 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024.

In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration.

MEASURES TAKEN

With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libellous statement.

Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.

As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.

Banking

Free Food Saga: Akpabio quoted out of context-CSO

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Rising-Up for a United Nigeria (RUN), a frontline civil society organisation that monitors government policies and programmes has called on Nigerians to disregard a video clip circulating on the social media in which the Senate President, Senator Godswill Akpabio is said to have told Nigerians to avail themselves anywhere they see free food.

In a press release signed and made available to journalists in Abuja, the rights group maintained that Senator Godswill Akpabio was maliciously and deliberately quoted out of context by those opposed to his pro-masses policies and the synergy he has developed between the legislature and the executive.

“It is entirely false and misleading to insinuate that the Senate President is mocking Nigerians by asking them to avail themselves anywhere there is free food. For the records, the said video was made in the first week of the inauguration of the Senate and the announcement or invitation was not meant for Nigerians.

“Senator Goodwill Akpabio was inviting his colleagues to a dinner organised by Senator Dandutse Mohammed for the Senate President and Deputy Senate President. Since the dinner was the private initiative of the Senator, Akpabio’s remarks were meant as a joke to his colleagues.

“To have recycled the video and claim it was what the Senate President said on Friday is not just callous but a deliberate attempt to malign a man who has always stood with the masses especially the youth and vulnerable Nigerians. Senator Godswill Akpabio did not and cannot mock Nigerians when he is in fact, working tirelessly to better their lives through quality legislation”, the release stated.

The CSO noted that the Senate President who outperformed his rivals during his stint as the Governor of Akwa Ibom State together with President Bola Ahmed Tinubu are working tirelessly to turn around Nigeria’s fortunes with various initiatives and programmes which will soon place Nigeria on the global advanced economies.

“There is no doubt that the Senate President is concerned with the welfare of Nigerians. The harmonious relationship between the legislature and the executive has yielded a lot of positive fruits that must not be neglected. For instance, one of the areas the Senate plans to give full support regarding the National Youth Confab, which will soon be convocated, in the area of accelerated food production, increased investment in agriculture and job creation through industrialization.

“There will also be a Special Youth Envoy for the Office of the Senate President who will be a laison between the youth and the federal government ahead of the forthcoming Confab towards identifying areas of comparative advantage and potentials for effective allocation of resources for national development. To say the Senate President is insensitive to the plight of Nigerians is deceitful”, the release added.

The rights group ended by passing a vote of confidence on the Senate President and called on Nigerians to “discontenance those who are trying to derail the wheels of good governance and particularly the Renewed Hope Agenda to which the Senate President is totally committed to its actualization”.

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Wema Bank Launches MOWA-SARA Accelerator Programme

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  • Partners with Federal Ministry of Women Affairs to empower 500,000 women.

Through its women-focused proposition, SARA by Wema, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has partnered with the Federal Ministry of Women Affairs to launch MOWA x SARA Accelerator Programme, an initiative aimed at empowering 500,000 women across Nigeria with vocational and business management skills.

SARA by Wema is Wema Bank’s women-focused proposition established with the goal of promoting gender inclusion and equality by empowering women with tailored resources, opportunities and solutions essential to enable them thrive personally and professionally. Through SARA, Wema Bank continues to empower thousands of women across Nigeria with access to finance and financial support, access to market, networking opportunities, affordable to free healthcare and a host of other benefits curated specifically for women; partnering with reputable brands and institutions where ideal to proliferate impact. The newly inaugurated MOWA x SARA Accelerator Programme is one of these such partnerships which is positioned to transform the lives of women across the country for the best.

MOWA x SARA Accelerator Programme is set to run for 24 months and will cover 36 states and the Federal Capital Territory. The focus will be on two areas: vocational skills and business management skills with a schedule encompassing two days of soft skills and business management skills, followed by two days of vocational training. The final day will be dedicated to an assessment and evaluation session. For vocational skills, the programme will target three main aspects which include food processing, fashion designing and hairdressing. The 5 day in-person training session will be organised into eight cohorts with the initial pilot phase starting in Anambra and spaning to Ekiti and Kano. This capacity building and women empowerment programme will equip more Nigerian women to earn revenue, become economically active, contribute to national development and will ultimately serve to further bridge the gap in gender inclusion.

Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital, expressed confidence in the programme’s potential for empowering women to thrive. According to her, “Nigeria’s ever-evolving macroeconomic landscape calls for an acutely intentional approach to providing tailored solutions and opportunities to empower our people, especially the women. At Wema Bank, we understand this need as captured in our mission of empowering lives through innovation and we are very intentional about tailoring our empowerment efforts to the needs of our diverse customer demographics. This commitment is evident in our solutions, partnerships, products, initiatives, and propositions; one of which is SARA by Wema. Recognising the need for tailored solutions that help women thrive, we launched SARA in 2019 as a dedicated avenue for reaching out to women across Nigeria, empowering them with unique solutions tailored to their needs even beyond banking, and providing them with the support they need to maximise their potential. This is the basis of our work through SARA, and this is what has informed the launch of MOWA x SARA Accelerator Programme. Our goal is to help women navigate the challenging economic terrain by providing them with skills for self-employment, resources for productivity and support for success”.

“I encourage every woman out there who is willing to learn a skill with potential for income generation, to register for the MOWA x SARA Accelerator Programme. We also have grants reserved for this programme so it’s a total package designed to help these women become economically active. Inclusion runs deep for us so we have curated this programme such that women of various ages from any part of the country can participate and reap the benefits of this programme. To every woman out there, I also take this opportunity to invite you to join the SARA Community, our community for women who want better. There are so many opportunities rooted in the SARA and every woman can tap into this extensive range of benefits as a SARA Woman”, Mabawonku said.

The Minister for Women Affairs, Uju Kennedy-Ohanenye, added, “I believe that if we empower the women and they start making money, a lot of prevalent challenges faced by women as a result of gender inequality may be averted. This partnership is beyond the Federal Ministry of Women Affair, it extends to the Nigerian Women Affairs. Our goal is to ensure the sustainability of all women empowerment initiatives, which is why we are bringing in the private sector. On this project, Wema Bank is evidently ready to fly and we are committed to flying together to achieve our objectives”.

MOWA x SARA Accelerator Programme was launched at a Memorandum Of Understanding (MOU) signing ceremony which held on Monday, September 30, 2024 at the Ministry of Women Affairs Office in Abuja.

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Banking

Wema Bank Commemorates Nigeria at 64

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  • To reward 64 customers with cash prizes in The Wema Bank 5 for 5 Promo Season 4 Independence Day Special

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to officially launch the 4th season of its reward initiative, the Wema Bank 5 for 5 Promo, with an Independence Day special live draw targeted at rewarding 64 Nigerians with cash prizes in commemoration of Nigeria at 64 on Tuesday, October 1, 2024.

 

Tagged the biggest 5 for 5 Promo season yet, the Wema Bank 5 for 5 Promo Season 4 is set to disburse N135,000,000 to Wema Bank customers across Nigeria. The special Independence live draw which marks the season’s kick-off will hold virtually on the Bank’s YouTube and Instagram channel, and will reward 64 Wema Bank customers with N5,000 each as against the stipulated 10 winners in the daily draws.

 

To qualify for the Wema Bank 5 for 5 Promo Independence Day Special draw, customers are to perform a minimum of one transaction between now and October 1, 2024, using the ALAT app, *945# or the Wema/ALAT debit card. Airtime or data purchases, inter-bank transfers, bill payments, cash withdrawals and all other transactions made using ALAT, *945# or Wema/ALAT card, are valid transactions to qualify for the draw.

 

With N135,000,000 set to be disbursed in daily, weekly and monthly draws, including a special grand prize of N5,000,000, the Wema Bank 5 for 5 Promo Season 4 promises to be a game changer, and every Nigerian can participate by funding their Wema/ALAT accounts and transacting frequently using ALAT, *945# or Wema/ALAT card.

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