Connect with us

Business

Wema Bank’s profit nears fivefold growth

Published

on

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

Managing Director of Wema Bank Plc, Mr. Moruf Oseni, has reaffirmed the bank’s ambition to join Nigeria’s tier-one banking league in the near future, citing strong profitability growth and fresh capital injection as key drivers of the bank’s expansion plans.

 

Speaking at the bank’s Annual General Meeting (AGM) in Lagos, Oseni said the management team was deliberately positioning the financial institution among Nigeria’s leading banks through sustained growth and strategic planning.

 

According to him, the bank’s profit rose significantly over the past three years, climbing from N42 billion to N102.51 billion before reaching N221.9 billion in the 2025 financial year.

 

“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,” Oseni told shareholders while presenting the bank’s performance figures.

 

He said the lender’s rising profitability and recently raised capital would provide the foundation for accelerated growth as the bank pursues its long-term ambition.

 

On dividend payments, Oseni assured shareholders of the bank’s commitment to maintaining consistent returns, noting that the institution had moved away from years of non-payment of dividends. However, he explained that management was also focused on preserving capital for potential 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 said.

 

His comments have fuelled speculation that the bank may be considering acquisitions or other strategic transactions, although no specific plans were disclosed.

 

Oseni said further details would emerge “in the fullness of time.”

 

The bank chief credited the institution’s workforce for the strong financial performance, describing employees as the “Knights of Wema Bank” who work tirelessly to deliver results. He also acknowledged the contributions of shareholders, customers, and members of the board to the bank’s transformation journey.

 

Earlier in her address, the Chairman of the bank, Mrs. Oluwayemisi Olorunshola, noted that 2025 marked the lender’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.

 

According to her, the milestone provided an opportunity for the bank to reaffirm its commitment to building a future-ready institution that continues to create value for shareholders, customers, employees, and the broader Nigerian economy.

 

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

North African Airline incurs Nigeria’s wrath

Published

on

By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

Continue Reading

Business

₦10m monthly made from akara and bread business -Umo Eno

Published

on

Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

Continue Reading

Business

All share index gains about 0.81% as NGX rebounds

Published

on

 

 

The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.