Wema Bank Targets Power Sector, Aims for Tier-One Status

Wema Bank is focusing on opportunities in the power sector and blue economy as part of its strategy to diversify its investment portfolio. During an analyst and investor conference call, Managing Director and CEO Moruf Oseni discussed the bank's plans to achieve tier-one status within a three-year timeline.

Chief Risk Officer Sylvanu Enech highlighted the importance of risk discipline while assessing potential relationships with larger counterparts. The bank's financial results for the fiscal year 2025 show a profit before tax of N221.8 billion, reflecting a significant increase from N102.5 billion in 2024, primarily driven by higher interest income.

The bank's total assets currently stand at N5.07 trillion, with a loan advance to customers of N1.7 trillion. Wema Bank has met the Central Bank of Nigeria's capital requirement of N200 billion, consisting of N150 billion from a rights issue and an additional N50 billion from a private placement, which is pending final regulatory approval.