Wema Bank’s profit nears fivefold growth

By Philippine Duru

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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.