Wema Bank Plc says it is intensifying efforts to join Nigeria’s tier-one banking group in the near term, through strong earnings growth, fresh capital inflows and a strategic expansion drive.
The Managing Director and Chief Executive Officer, Moruf Oseni, gave the assurance on Wednesday at the bank’s Annual General Meeting (AGM) in Lagos.
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He said that the institution had recorded a deliberate and consistent improvement in profitability over the past three years.
Mr Oseni said management and staff were intentionally positioning the bank for top-tier status, pointing to a sharp rise in earnings as evidence of sustained execution of its growth strategy.
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According to him, the bank’s profit trajectory rose from N42 billion to N102.51 billion and then to N221.9 billion in the 2025 financial year, representing nearly a fivefold increase over three years.
He attributed the performance to disciplined execution, structural reforms and long-term investments made during earlier transformation phases.
“If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks,” Mr Oseni said.
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On dividend policy, the Wema Bank chief said the institution remained committed to rewarding shareholders, but would continue to balance payouts with the need to preserve capital for future growth opportunities.
“We’re keeping our gunpowder dry… we felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of,” he said.
He hinted that the bank was positioning for strategic opportunities, although details were not disclosed.
Mr Oseni also credited staff, describing them as the “Knights of Wema Bank” for their dedication in driving the institution’s performance, while acknowledging shareholders, board members and customers for their continued support.
The bank said proceeds from its recent capital raise would be deployed into three key areas: expansion of its loan portfolio, strengthening of digital banking platforms, and enhancement of cybersecurity infrastructure.
Mr Oseni further outlined plans to deepen the bank’s national presence through a “follow-the-money” strategy, focusing branch expansion on commercially viable locations.
The Board Chairman, Oluwayemisi Olorunshola, noted that 2025 marked Wema Bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank, describing the milestone as a renewed call to build a future-ready institution.
“This milestone provided an opportunity not only to celebrate eight decades of resilience and service but also to reaffirm our commitment to building a future-ready institution that continues to deliver value to shareholders, customers, employees, and the Nigerian economy.
“As Nigeria’s oldest surviving indigenous bank, our longevity remains a powerful testament to the strength of our governance, strategy, and people,” she added.
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Meanwhile, audited results for the year ended 31 December 2025, showed profit before tax of N221.8 billion, a 116.44 per cent increase from N102.5 billion in 2024.
The growth was driven largely by strong interest income, which rose to N576 billion from N354.6 billion, supported by loans and advances, investment securities and cash holdings.
Total assets also climbed to N5.07 trillion from N3.5 trillion, while earnings per share rose to N7.12 from N4.83.
(NAN)
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