Business
Clarifying Misinformation Surrounding Alleged Commercial Banking License Seizure and Bank Closure
Recent industry occurrences have given rise to an influx of false information and propaganda targeted at causing unrest in the Nigerian financial services industry. Among this fake news is a WhatsApp messages alleging that a number of commercial banks stand at risk of losing their banking license and being closed; one of the banks mentioned was Wema Bank. We categorically confirm that this claim is FALSE and contrary to the reality of Wema Bank’s financial strength.
THE PREMISE
In a statement allegedly signed by The National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, Wema Bank was mentioned as one of the commercial banks slated for impending license seizure by the CBN. The statement further urged pensioners and by extension the public, to relinquish their Wema Bank accounts and adopt other banks not listed in the statement, as a “proactive step against being caught in the web of the impending closure of the mentioned banks”.
THE TRUTH
Wema Bank is of sound financial health and at no risk of license seizure or closure. Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM); a feat we have achieved despite Nigeria’s economic fluctuations. In addition, we are moving ahead to meet the N200bn minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization. We have raised an additional N40bn in fresh capital over the past months and are on the path to meet the target within 18 months.
Our financial strength is evident not only in our 2023 financial report and Q1 2024 financial results but also in our growth trends over the past years, which ascertain that we are equipped to continue thriving. As reported in our FY 2023 Audited financial results, our financials grew strongly in the past year with a 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn, 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn, 70.63% increase in Gross Earnings from N132.30bn to N225.75, 53.64% increase in Loans disbursed from N521.43bn to N801.10bn, 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn and a remarkable 220.53% increase in Earnings per share from N87.2 to N279.5, among other successful upturns. Our Non-Performing Loan rate also stands at 4.31%, one of the lowest in the industry.
Furthermore, our stable financial future has been recently verified by the Pan-African rating agency Agusto & Co, who recently upgraded our rating to Bbb+ with ESG Score of 2 and confirmation of stable outlook. Despite financial headwinds, our Q1 2024 financial results show that we are on track to equal and/or surpass our 2023 results by the end of 2024.
In view of our positive financial record and solid financial standing, the claims made are not only 100% false but also unsubstantial and have no grounds or basis for consideration.
MEASURES TAKEN
With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this libelous statement.
Wema Bank is firm in its commitment to providing optimum returns for every stakeholder, and we will not condone the circulation of false information that could potentially cause panic in the country.
As we follow through with stringent measures to hold the creators(s) of this allegation accountable, we take this moment to confirm categorically that Wema Bank is well equipped to continue serving our customers as a commercial Bank with National banking authorization, keep up the positive trends as we expand our reach and continue to provide all our shareholders and stakeholders with optimum returns.
Business
NDLEA Busts Nigeria-Mexico Drug Syndicate, Seizes ₦480bn Drugs in Ogun
The National Drug Law Enforcement Agency has dismantled a transnational methamphetamine production syndicate jointly operated by a Nigerian drug cartel and Mexican collaborators, leading to the arrest of 10 suspects.
Also, illicit drugs and chemicals valued at over N480bn were recovered during the operation.
The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Buba Marwa (retd.), disclosed this on Wednesday during a media briefing at the agency’s headquarters in Abuja.

Marwa said the operation, carried out by operatives of the agency’s Special Operations Unit, led to the discovery and shutdown of what he described as the biggest clandestine methamphetamine laboratory ever uncovered in Nigeria.
According to him, the laboratory was hidden in Abidagba forest in Ijebu East Local Government Area of Ogun State and was being operated by the Anochili Innocent Drug Trafficking Organisation.

He said the coordinated operation was conducted simultaneously in Ogun and Lagos states on Saturday, May 16, 2026, following months of intelligence gathering.
Marwa said, “Through a clinical, simultaneous operation executed by the elite operatives of our Special Operations Unit, we have successfully dismantled a sophisticated, transnational methamphetamine production syndicate run jointly by a Nigerian drug cartel and their Mexican counterparts.

“This network did not just traffic drugs; they were actively manufacturing industrial-scale quantities of highly lethal illicit substances right on our soil.”
He disclosed that seven members of the cartel were arrested at the forest laboratory, including three Mexican nationals allegedly brought into Nigeria to produce methamphetamine.
Marwa said the arrested Mexicans were identified as Martinez Felix Nemecto, 46; Jesus López Valles, 40; and Torrero Juan Carlos, 51.
According to him, Nigerian suspects apprehended at the site included Nwankwo Sunday Christian, 41; Igwe Abuchi Remijus, 42; Ifeanyichukwu Chibuike Joshua, 23; and Egwuonwu Uchenna Victor, 38.
Marwa added that another tactical team arrested the alleged kingpin of the cartel, Anochili Innocent, at his residence located at No. 8 Tafawa Balewa Street, Golf Estate, Lakowe, Lekki, Lagos.
According to him, a search of the residence led to the recovery of the passports and mobile phones of the arrested Mexican nationals, linking the suspect directly to their importation and activities in Nigeria.
He further revealed that follow-up operations on May 18 led to the arrest of another suspect, Kingsley Orike Omonughwa, 44, at another property linked to the cartel in Mayfair Estate, Lakowe, Lekki.
The NDLEA boss said operatives also raided the residence of another syndicate member, Emeka Nwobum, which allegedly served as the cartel’s stash house.
He said the total number of suspects arrested in connection with the syndicate had risen to 10, comprising the alleged baron, three Mexican nationals, and six Nigerian collaborators.
Marwa stated that the operation led to the recovery of 2,419.48 kilograms of methamphetamine and precursor chemicals.
“The operation yielded a massive 2,419.48 kilograms of chemical materials, including highly toxic, volatile, and crystallised methamphetamine worth $362,922,000 in the international market. This translates to over N480bn,” he said.
“Also recovered from the cartel include: a Toyota Tacoma vehicle used for operations at the clandestine meth laboratory, and a Toyota Highlander seized from the kingpin’s residence.
“To put this in perspective, the 2,419.48 kilograms of finished and liquid methamphetamine seized represents millions of street doses that would have flooded our local communities and international markets, causing untold destruction, psychosis, and violence,” he said.
Marwa warned that the NDLEA would continue to target drug cartels and their collaborators across the country.

“We are fully aware of the shifting tactics of these cartels, including the disturbing trend of hiring South American cartel specialists to set up production factories in our rural communities,” he said.
He urged Nigerians to remain vigilant and report suspicious activities in their communities, noting that the clandestine laboratory in Ogun operated under the cover of a regular farm.
This is came days after the operatives of the NNDLEA, Edo State Command, destroyed two cannabis farms in Ago Forest, Orhionmwon Local Government Area of the state.
The state commander, Mitchell Ofoyeju, in a statement on Monday, said the cannabis plantations had a yield of 1,388.42kg.
He added that four suspected drug traffickers were also arrested in the past one week.
Business
Togo Grants Visa-Free Entry To African Nationals
The government of Togo has announced the removal of visa requirements for citizens of all African countries visiting the country for short stays of up to 30 days.
The announcement was made on Tuesday in a statement issued by Togo’s Ministry of Security through its official X (formerly Twitter) handle.
According to the ministry, the policy is aimed at strengthening African integration and promoting the free movement of people across the continent.
Under the new arrangement, African nationals holding valid passports will be permitted to enter Togo without a visa for visits not exceeding 30 days.
“Togo takes a historic step in strengthening African integration. Henceforth, all nationals of African states holding a valid national passport may enter Togolese territory without a visa, for a stay of up to 30 days,” the statement said.
It added that the reform reflects the commitment of the country’s leadership to making Togo a hub of openness, mobility and cooperation within Africa.
“Through this major reform, the President of the Council reaffirms his commitment to making Togo a space of openness, mobility, opportunities, and cooperation at the heart of the African continent,” it added.
However, travellers will still be required to complete an online travel declaration on the official government platform at least 24 hours before arrival to obtain a travel clearance slip.
The ministry said the policy reinforces Togo’s dedication to regional integration and stronger diplomatic and economic ties among African nations.
The decision follows similar visa-free initiatives adopted by countries such as Rwanda.
In a related development, the Nigeria government has also begun implementing a 30-day visa exemption policy for Rwandan nationals entering the country.
Business
Wema Bank Announces Closing Date for One-Day MD/CEO Children’s Day Initiative
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
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