By Chinwendu Obienyi
Wema Bank, the country’s oldest indigenous bank, received a resounding vote of confidence from shareholders during its 2024 Annual General Meeting (AGM), held virtually recently.
At the meeting, shareholders lauded the Bank’s record-breaking performance in the 2024 financial year, which saw historic growth across all key financial indicators. According to the Bank’s 2024 Annual Report, Gross Earnings surged by 91.51%, rising from N225.75 billion in 2023 to N432.34 billion in 2024. Profit Before Tax (PBT) soared by 135.16% to N102.51 billion from N43.59 billion, while Profit After Tax (PAT) jumped by 140.13% to N86.29 billion from N35.93 billion in the previous year.
Wema Bank’s total deposits rose by 35.65%, reaching N2.52 trillion in 2024 compared to N1.86 trillion in 2023, while total assets stood at N3.59 trillion — a 60.04% increase from the N2.24 trillion reported in 2023. Loans to customers also grew significantly by 49.94%, closing the year at N1.20 trillion. Meanwhile, its Non-Performing Loan (NPL) ratio declined to 3.86%, underscoring improved risk management practices.
The Bank also delivered an impressive 483.2 kobo in earnings per share, and continued to gain retail market traction through the Wema and ALAT brands. This consistent upward trajectory, shareholders agreed, signals a stable and prosperous future for the institution.
Among those who spoke during the AGM was Mr. Matthew Akinlade, who praised the Bank’s leadership for what he described as a “very outstanding” performance. Similarly, Ambassador Dr. Olatunde Okelana described Wema Bank’s 2024 results as “historical,” applauding the Bank’s proactive commitment to staff welfare.
Speaking on broader governance and inclusion, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, said:
“I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic environment. On gender inclusion, I also commend the Bank for having 5 out of 11 directors as women — a remarkable 38% ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows full commitment on their part.”
Chairing the meeting, Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed appreciation to shareholders, customers, employees, regulators, and partners for their unwavering support, pledging that the Bank would maintain its performance momentum into the future.
Looking ahead, Managing Director and CEO, Moruf Oseni, outlined strategic initiatives to sustain the Bank’s growth.
“We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence,” he stated. “The N150 billion Rights Issue window closed yesterday, May 21st, 2025. However, we have raised a motion to raise an additional N50 billion through private placement, and with your permission, we will proceed in June 2025.”
Oseni added: “At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80, and in the decades to come, I can assure you that the growth we are experiencing today is just a tip of the iceberg.”
During the meeting, shareholders approved key resolutions including the re-election of directors, remuneration for audit and board members, and the payment of N1 per share as dividends.
From celebrating its 80th anniversary to taking bold steps toward meeting the CBN’s 2026 recapitalisation requirements and delivering an extraordinary financial year, Wema Bank has once again demonstrated its enduring strength, innovation, and capacity to deliver unmatched value to stakeholders across the board.