By Ayomide Otitoju
Wema Bank has reaffirmed its position as one of Nigeria’s most profitable and innovative financial institutions with a record-breaking financial performance in 2024, earning unanimous commendation from shareholders at its Annual General Meeting (AGM) held virtually on May 22, 2025.
According to its 2024 Annual Report, the bank posted a 91.51% increase in Gross Earnings, rising from ₦225.75 billion in 2023 to ₦432.34 billion. Profit Before Tax surged by 135.16% to ₦102.51 billion, while Profit After Tax climbed 140.13% to ₦86.29 billion. Total deposits also grew by 35.65% to ₦2.52 trillion, with total assets expanding by 60.04% to ₦3.59 trillion.
The bank’s loan portfolio increased by 49.94% to ₦1.2 trillion, and its non-performing loan ratio improved to 3.86%. Earnings per share stood at 483.2 kobo. The financial performance drew praise from shareholders, who described it as “outstanding” and “historic.”
Mr. Matthew Akinlade and Ambassador Dr. Olatunde Okelana commended the bank’s strong financials and proactive approach to employee welfare. Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, lauded the bank’s gender diversity, with women comprising 38% of board membership, and praised the board’s commitment, noting a 100% meeting attendance rate.
Chairman of Wema Bank, Dr. Oluwayemisi Olorunshola, thanked stakeholders for their continued support and reaffirmed the bank’s commitment to long-term growth. Managing Director and CEO, Moruf Oseni, outlined the bank’s strategic focus on innovation, operational efficiency, and capital raising, including a proposed ₦50 billion private placement in June 2025 following the closure of a ₦150 billion rights issue.
“We expect Wema Bank’s qualifying capital to exceed ₦267 billion,” Oseni stated, “positioning us to meet CBN’s recapitalisation targets and sustain our robust franchise.”
At the AGM, shareholders approved several key resolutions, including the re-election of board members, directors’ remuneration, and a dividend payment of ₦1 per share.
Celebrating its 80th anniversary in 2025, Wema Bank continues to consolidate its legacy of resilience, innovation, and stakeholder value, further solidifying its standing as a leading player in Africa’s banking sector.
