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SHAREHOLDERS COMMEND WEMA BANK AT 2024 ANNUAL GENERAL MEETING
- …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, has received a unanimous vote of confidence from its shareholders across Nigeria as it disclosed a record-breaking financial performance at its 2024 Annual General Meeting (AGM). The Wema Bank 2024 AGM held virtually in Lagos on Thursday, May 22, 2025.
According to the Bank’s 2024 Annual Report, Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024; Profit before Tax (PBT) increasing by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, and Profit After Tax (PAT) increasing by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023; Total Deposits rose by 35.65% to N2,523.82 billion in FY 2024 from N 1,860.57 billion in FY 2023 and Total Assets stood at N3,585.05billion in FY 2024, representing a 60.04% increase over the N2,240.06billion recorded in the corresponding year of 2023 and placing the Bank squarely above the One trillion Naira mark, a milestone the Bank surpassed in Q3 2021.
The Bank also grew its loans to customers by 49.94% to close FY 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023. Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive. 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51% year on year with earnings per share at 483.2 kobo. Additionally, the Bank’s Non-Performing Loan rate closed at 3.86%, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.
Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows a full commitment on their part”.
Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.
Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank. The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.
“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.
Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.
From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.
Balogun Adewale Akanji, popularly known as Barry Showkey, is set to make a grand return to the music scene with his much-anticipated single “ROBOROBO,” scheduled for release on May 15, 2025.
Barry Showkey is the son of the legendary Fuji music pioneer, Sikiru Ayinde Barrister, also known as Alhaji Agba Barusati, who is widely credited with the invention of Fuji music. Like his father, Barry Showkey is a multi-talented artist, blending traditional roots with modern sounds to create a unique musical experience.
Speaking ahead of the release, Barry Showkey revealed that “ROBOROBO” marks his first major release in years, signaling his renewed commitment to pushing the boundaries of Fuji music. He also spoke about the influence and guidance of his father, saying:
“My father always told me, ‘focus on your own path, build your legacy, don’t depend on mine.’ That’s the energy behind ROBOROBO. It’s about authenticity, resilience, and rhythm.”
The single will be distributed globally by Digital Music Commerce and Exchange (DMCE) across over 30 digital music platforms, including:
Spotify, Apple Music, Boomplay, YouTube Music, Audiomack, Deezer, TIDAL, Pandora, SoundCloud, TikTok, Amazon Music, and many more.
In addition to being a musician, Barry Showkey is part of a musical family, with his younger brother Barry Jhay also making waves in the Nigerian music industry. However, Barry Showkey has carved out his own path, choosing to explore a sound that pays homage to his roots while embracing a fresh, contemporary direction.
“ROBOROBO” is expected to be a major comeback hit, and fans of Fuji, Afrobeats, and Nigerian music culture are eagerly awaiting its debut.
Release Date: May 15, 2025
Distributed by: Digital Music Commerce and Exchange (DMCE)
Platforms: All major global digital streaming platforms
*…Congratulates Ex- Gov Ortom on BOT Inauguration
A National Chairmanship hopeful of the Peoples Democratic Party, PDP Engr. Utaan Terhide Conrad, FNSE, MNIEEE, yesterday, congratulated immediate past governor of Benue State, Chief Samuel Ortom, the Leader of the Peoples Democratic Party (PDP) in Benue State on his inauguration as a distinguished member of the Board of Trustees (BOT) of our great party.
In a statement signed by Engr. Conrad Utaan, he described Chief Ortom’s membership of the PDP BOT attests to his commitment, visionary leadership, and invaluable contributions to the PDP. I am confident that he will bring his wealth of experience to bear, and his presence on the BOT will serve as a catalyst for the continued growth, stability, and unity of the PDP across the country.
“I also commend the leadership of the PDP for taking a bold and commendable step towards reconciliation and renewal by establishing a 7-member Reconciliation Committee, headed by the former Senate President, *Dr. Bukola Saraki”
“This initiative demonstrates the party’s sincere commitment to healing internal divisions, fostering unity among members, and laying a solid foundation for a robust and resilient PDP. I believe that such proactive measures will invigorate our party’s structures, rekindle the enthusiasm of our members, and position the PDP for greater success in the near future”
He declared that ” as a dedicated member of the party, I remain hopeful that these strategic steps will usher in a new era of cohesion, purpose, and renewed vigour. I am confident that, with unity of purpose, inclusive dialogue, and steadfast commitment, the PDP will continue to be a formidable force for democracy, good governance, and Nigeria’s socio-economic development.
“I wish to reaffirm my unalloyed loyalty and commitment to our party’s ideals and objectives. I encourage other party members in the 36 states and the FCT to remain resilient, ready to sacrifice, and willing to make concessions towards repositioning the PDP as the preferred platform for Nigeria’s progress and prosperity” He maintained .
By Abel Leonard
LAFIA — The Social Sports Club, Lafia, has extended warm congratulations to one of its distinguished members, Dr. Kassim Muhammad Kassim, following his recent appointment as Chairman of the Nasarawa State Universal Basic Education Board (NSUBEB) by Governor Abdullahi Sule.
In a statement signed by the Chairman of the club, Dr. Abdulquadri Idrisu and made available to journalists on Saturday, described the appointment as “well-deserved” and a reflection of Dr. Kassim’s dedication to public service and educational development.
“We are extremely proud of our own, Dr. Kassim Muhammad Kassim, on his appointment as Chairman of NSUBEB. His leadership qualities and track record of commitment to service make him a perfect fit for this critical role,” Dr. Idrisu said.
The chairman expressed confidence that Dr. Kassim would bring excellence and purposeful leadership to the board, which plays a vital role in shaping the future of basic education in Nasarawa State.
“Dr. Kassim has always shown a deep passion for human capital development. We believe he will bring the same energy and vision to NSUBEB to improve access and quality of education at the foundational level,” he added.
Dr. Idrisu further noted that the Social Sports Club, Lafia, remains supportive of its members in their various endeavors and will continue to celebrate excellence in public and private service.
The club, known for its blend of social bonding and community development, emphasized that the appointment of Dr. Kassim has brought pride not only to the club but to the entire Lafia community.
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