Wema Bank Expands Investments in Power and Mining Sectors

Wema Bank PLC has announced plans to expand its investments in the power sector, blue economy, and mining as part of a broader strategy to diversify its asset base and enhance long-term shareholder value. This disclosure was made during the bank's FY 2025 analyst and investor conference call led by Managing Director/CEO Moruf Oseni, alongside senior executives.

Chief Risk Officer Sylvanu Enech emphasized a cautious approach to capital deployment, highlighting the significant capital needed for investments while selecting assets that align with risk awareness. The bank is actively exploring opportunities in the power sector and blue economy, including marine-related businesses and mining, and is considering partnerships with larger, top-tier counterparts.

Oseni expressed confidence in the bank's growth trajectory, noting that the organization aims to achieve tier-one status within two to three years. Wema Bank has recorded strong growth, with customer deposits rising from N804 billion in 2020 to a projected N3.2 trillion by 2025, and a reported profit before tax of N221.8 billion for the 2025 financial year.