Wema Bank eyes tier-one status, hints at possible acquisitions at AGM

WEMA Bank Managing Director, Mr Moruf Oseni, has reiterated the lender’s ambition to join Nigeria’s tier-one banking category in the near future, citing rapid profit growth and fresh capital injection as key drivers of the strategy.

Speaking at the bank’s annual general meeting in Lagos, Oseni said the management team was intentionally positioning the lender for a stronger competitive standing within the Nigerian banking industry. According to him, the bank’s earnings performance over the past 3 years reflects deliberate efforts to build a stronger institution.

The Wema Bank boss disclosed that profit grew from N42 billion to N102.51 billion before climbing to N221.9 billion in the 2025 financial year, representing a significant increase within 3 years.

While addressing shareholders, Oseni described the earnings trajectory as proof that the bank’s long-term transformation efforts were yielding results.

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“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.

On shareholder returns, the MD said the bank remained committed to consistent dividend payments after years without payouts, but added that management was also preserving capital to take advantage of future 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 stated.

His comments fuelled speculation that the lender might be considering acquisitions or other strategic transactions, although no details were provided. Oseni, however, said further information would emerge ‘in the fullness of time.’

He credited the bank’s workforce , which he described as the ‘Knights of Wema Bank,’ alongside shareholders, customers, and board members for the institution’s recent growth and recovery.

The managing director also outlined how the bank intends to deploy recently raised capital. According to him, the funds will support loan expansion through the creation of quality risk assets, deepen investment in digital banking infrastructure, and strengthen cybersecurity systems amid rising threats in the financial sector.

Oseni further revealed that the bank was planning to expand its national presence using a ‘follow the money’ approach by opening branches in commercially viable locations rather than pursuing broad geographic expansion.

Earlier, Board Chairman, Mr Oluwayemisi Olorunshola, said 2025 marked the lender’s 80th anniversary as Nigeria’s oldest surviving indigenous bank. She noted that the milestone reinforced the institution’s commitment to building a future-ready bank that would deliver value to shareholders, customers, employees, and the wider economy.

In its audited full-year 2025 financial results, Wema Bank reported a profit before tax of N221.8 billion, up 116.44 percent from N102.5 billion recorded in 2024. The growth was largely driven by stronger interest income, which rose to N576 billion from N354.6 billion.

The lender generated N348.2 billion from loans and advances, N204.4 billion from investment securities, and N23.3 billion from cash and cash equivalents.

Net interest income after impairment stood at N335.2 billion compared with N155.4 billion in the previous year, while post-tax profit settled at N194.4 billion after a tax expense of N27.4 billion.

Total assets also expanded to N5.07 trillion from N3.5 trillion, with loans and advances to customers accounting for N1.7 trillion of the balance sheet.

Dividend payout

WEMA Bank recently announced a proposed final dividend of N1.25 per ordinary share for the financial year ended December 31, 2025, subject to applicable withholding tax and shareholder approval.

In a corporate disclosure released on April 22, 2026, the bank said shareholders whose names appeared in its register as of the close of business on April 29, 2026, would qualify for the dividend. The register of members is scheduled to be closed from April 30 to May 6, 2026.

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The lender confirmed that dividend payments would be made electronically on May 20, 2026, to eligible shareholders who had completed their e-dividend registration and mandated the registrar to credit their bank accounts directly.

The bank did not propose any bonus shares for the period under review.

Wema Bank urged shareholders who are yet to enrol in the e-dividend scheme to download and complete the mandate activation form available on the website of Greenwich Registrars & Data Solution Limited or through their respective banks.

It also advised investors with unclaimed dividend warrants or share certificates to regularise their holdings by contacting the registrar or completing the e-dividend process.