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The Managing Director of Wema Bank Plc, Mr. Moruf Oseni, has restated the bank’s ambition to join Nigeria’s tier-one banking league “in the not-too-distant future,” as the lender continues its rapid earnings expansion and strategic repositioning.
Speaking at the bank’s Annual General Meeting in Lagos, Oseni said management and staff are working deliberately to “position” Wema among the country’s biggest banks, backed by a strong profitability trajectory and recently raised capital.
“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,” he said.
Oseni noted that profit growth has been sustained over three years, rising from N42 billion to N102.51 billion and then to N221.9 billion in the 2025 financial year, representing nearly a fivefold jump over the period.
He attributed the performance to deliberate institutional strengthening, improved execution and disciplined capital deployment. On dividend policy, the bank chief said Wema remains committed to rewarding shareholders but is balancing payouts with long-term strategic positioning.
“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 added that references to future “opportunities” and maintaining “firepower” reflect the bank’s readiness to pursue strategic expansion, though details were not disclosed, noting that further information would be revealed “in the fullness of time.”
Oseni also praised staff for driving the bank’s turnaround, describing them as the “Knights of Wema Bank” who “toil 24-7,” while acknowledging shareholders, board members and customers as central to the institution’s growth story.
He outlined three key areas for deploying newly raised capital: expansion of quality loan assets, investment in digital platforms described as “platforms of engagement,” and strengthened cybersecurity systems referred to as “platforms of defence” amid rising digital threats.
The bank is also pursuing a targeted expansion strategy focused on commercially viable locations, which Oseni described as a “follow the money” approach to branch development.
Board Chairman, Mrs. Oluwayemisi Olorunshola, noted that 2025 marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank, describing it as a milestone reinforcing its long-term commitment to value creation.
Wema Bank’s audited results show profit before tax rising 116.44% to N221.8 billion from N102.5 billion in 2024, driven largely by strong interest income growth.
Interest income climbed to N576 billion from N354.6 billion, with loans and advances contributing 60.4%, investment securities 35.5%, and cash and equivalents making up the rest. Earnings per share also rose to N7.12 from N4.83.
After impairment charges of N25.6 billion and tax of N27.4 billion, post-tax profit stood at N194.4 billion. Operating income rose to N420.6 billion, supported by trading income and fees.
Total assets increased to N5.07 trillion from N3.5 trillion, with loans and advances at N1.7 trillion.
Despite the strong growth, Wema remains behind tier-one peers such as Zenith Bank Plc, Guaranty Trust Holding Company Plc, Access Holdings Plc and United Bank for Africa Plc, which posted significantly higher profit levels in 2025.
Bridging that gap, analysts note, would require sustained high growth or a major inorganic expansion, an outcome Oseni’s comments appear to subtly signal.
Shareholders at the AGM approved all resolutions, including a dividend of N1.25 per share, the appointment of Engr. Wilson Agu as Independent Non-Executive Director, the re-election of three retiring directors, and election of members to the statutory audit committee.
