Wema Bank Plans Diversification into Power and Mining

Wema Bank PLC has unveiled its strategy to diversify its investment portfolio by focusing on the power sector, blue economy, and mining. This initiative is part of a broader strategy to strengthen its asset base and enhance long-term shareholder value.

The disclosure was made during the bank's FY 2025 analyst and investor conference call, led by Managing Director and Chief Executive Officer Moruf Oseni, alongside senior executives. Chief Risk Officer Sylvanu Enech emphasized a disciplined approach to capital deployment, identifying opportunities in the power sector and blue economy while maintaining asset quality.

The bank aims to achieve tier one status within the next two to three years, leveraging its current growth momentum. Wema Bank's customer deposits have risen from N804 billion in 2020 to N3.2 trillion in 2025, nearly a fourfold increase.

For the financial year 2025, the bank reported a profit before tax of N221.8 billion, reflecting a 116.44% increase from N102.5 billion in 2024, driven by significant growth in interest income.