Wema Bank Aims for Tier-One Status with Future Acquisitions

At the Annual General Meeting (AGM) held in Lagos, Moruf Oseni, the Managing Director of Wema Bank Plc, reaffirmed the bank's ambition to break into Nigeria's tier-one bank league. He reported a significant profit increase from ₦42 billion to ₦102.51 billion, with a target of ₦221.9 billion by the 2025 financial year, representing nearly a fivefold increase over three years.

Oseni emphasized the bank's commitment to consistent dividend payments, despite a cautious approach to capital distribution, indicating a strategic focus on future opportunities and potential acquisitions. He credited the bank's performance to the hard work of the staff, who he described as working tirelessly to deliver results.

The board chairman, Oluwayemisi Olorunshola, reminded shareholders that 2025 will mark the bank's 80th anniversary, providing an opportunity to reaffirm the institution's commitment to delivering value to shareholders, customers, and employees across the Nigerian economy.