Business
AGM 2024: Shareholders Commend Wema Bank, Express Confidence in Stable Future
Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received a unanimous vote of confidence from its shareholders across Nigeria as it disclosed a record-breaking financial performance at its 2024 Annual General Meeting (AGM). Reinforcing its position as one of Nigeria’s most profitable financial Institutions.
According to the Bank’s 2024 Annual Report, during AGM held virtually in Lagos on Thursday, May 22, 2025. Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024; Profit before Tax (PBT) increasing by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, and Profit After Tax (PAT) increasing by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023; Total Deposits rose by 35.65% to N2,523.82 billion in FY 2024 from N 1,860.57 billion in FY 2023 and Total Assets stood at N3,585.05billion in FY 2024, representing a 60.04% increase over the N2,240.06billion recorded in the corresponding year of 2023 and placing the Bank squarely above the One trillion Naira mark, a milestone the Bank surpassed in Q3 2021.
The Bank also grew its loans to customers by 49.94% to close FY 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023. Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive. 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51% year on year with earnings per share at 483.2 kobo. Additionally, the Bank’s Non-Performing Loan rate closed at 3.86%, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.
Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows a full commitment on their part”.
Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.
Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank. The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.
“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.
Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.
From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.
Business
Chris Kolade Leadership Award Loading As KMEN Sets for MegaSummit 2026
Kingdom Men Global Network aka KMEN has formally announced the programmes of the 13th edition of its flagship annual gathering for men, Mega Summit.
This year’s event will open on Thursday May 14 and end on Sunday May 17 with an all-men musical concert.
The 2026 edition of Mega Summit which will hold at the Presken Hotels on Alade Avenue opposite Airport Hotel, Ikeja Lagos has as theme: Legacy…Faith. Family. Community. And for the first time Mega Summit will host an award on the opening day in memory of foremost Nigerian diplomat and integrity personified and pioneer Chairman of the Board of Trustee of KMEN, late Dr Christopher Kolade who died last year at the age of 92.
The KMEN-Christopher Kolade – Men in Leadership Award for Courageous Manhood will be heralded by the Men in Leadership Summit (MiLEADS) with the sub-theme – Building a Culture of Leadership with Integrity. And will have as speakers Archbishop John Osa-Oni of Vineyard Christian Ministries., Pastor Tunde Bakare of The Citadel Global Community Church, and renowned Pharmacist, entrepreneur and politician Mazi Sam Ohuabunwa, OFR.

Pastor Tunde Bakare
Day two will feature another special session for Men in Church Leadership (MiCLEADS) with the sub-theme: Leaving a Legacy of Faith/Discipling for the Next Generation, and will have as speakers Bishop Sunday Onadipe, Bishop, Methodist Church of Nigeria, Diocese of Badagry, Apostle Eyinnaya Okwuonu, former Chairman of Pentecostal Fellowship of Nigeria (PFN), Lagos Chapter., Pastor Dominion Roberts from Liberia, and Rev Fr Matthew Ogunyase of the Catholic Mission, Lagos.
While day three will open with a Special Town Hall discussion on Family with the sub-theme – The Father’s Role in Shaping Legacy and is the only mixed gender panel for Mega Summit 2026 featuring foremost life change coach, Mrs. Yemisi Lagunju and Rev David Abraham, who is the managing director of Managing Business for Christ (MBFC).
On Saturday is a Special Town Hall on Resisting an Emerging Legacy of Addictions. This segment will feature a presentation by Dr Dokun Adedeji on the ravage of Drug Addictions, alongside Abiose Akolade Ladipo, Co-Founder of GamblePause, a Lagos-based NGO in the fight against Gambling Addictions.
Later in the afternoon on Saturday is a second Town Hall session on Business and Economy with the sub-theme: Building Sustainable/Generational Businesses, and will feature notable panelists like Rev Professor Biodun Adedipe Founder of BA and Associates, and Rev Dr Abba Peter, Managing Director of Best Practices Limited, among others.Other Town Hall segments at Mega Summit 2026 include that on Politics/Governance with the sub-theme: Swimming Against the Tide – National Transformation through Service, and another Town Hall on Media featuring Mr. Mustapha Isah Osikhekha, former President of the Nigerian Guild of Editors (NGE), Omoba Deji Irawo and others as they navigate best way to Reclaim the Narrative: Legacy in Digital Spaces.
An extra-ordinary edition, the 13th edition of Mega Summit will also have segments designed to equip leaders in men’s ministry through the instrument of KMEN’s School of Men’s Ministry/ISI Training. Each day of Mega Summit 2026 is divided into three segments – morning starting at 9 am, afternoon session and evening climaxing with an impartation service.KMEN is an uncompromisingly Bible-based, independent ministry to men. Established nearly two decades ago, the ministry’s objective is to assist men, irrespective of their church affiliations, in their Christian Walk, that they may become better sons, brothers, husbands, fathers and leaders.
Business
Ikeja Electric Explains Epileptic Power Supply
The Ikeja Electric Plc has given reasons for the ongoing power outages experienced by cudtomers, attributing the situation to reduced electricity allocation from the national grid.
In a statement posted on its X handle at , the company apologized for the disruption, noting that some parts of its network were experiencing supply constraints due to reduced power allocation from the grid.
It added that, to manage the shortfall and maintain grid stability, it had introduced temporary load shedding across affected feeders.
The Ikeja Electricity company said as part of efforts to maintain grid stability and ensure equitable distribution of available power, temporary load shedding is being implemented across affected feeders and locations. The company said it was working with relevant stakeholders to improve supply and minimise the impact on customers.
The latest notice follows months of unstable electricity supply in Lagos and other parts of Nigeria, driven largely by a drop in generation linked to gas shortages.
Business
ALAT at 9: Wema Bank Celebrates Nine Years of Redefining Digital Banking in Nigeria
Wema Bank Plc is celebrating the 9th anniversary of ALAT by Wema, Africa’s first fully digital bank, marking nine years of transforming how Nigerians experience banking.
Launched in 2017, ALAT by Wema was introduced as a bold response to the limitations of traditional banking, long queues, physical barriers, and slow processes. By eliminating these constraints, Wema Bank redefined banking as a fully digital, instant, and accessible experience, enabling customers to open accounts, transact, and manage their finances seamlessly from anywhere.
Over the past nine years, ALAT has evolved beyond convenience into a comprehensive digital ecosystem designed to meet the changing needs of individuals, businesses, and a new generation of financially aware users. From enabling structured savings through features like ALAT Goals to simplifying payments and expanding access to financial services, the platform has consistently delivered solutions that empower users and drive financial inclusion at scale.
This journey of continuous innovation has positioned ALAT not just as a digital banking product, but as a platform that adapts, grows, and evolves alongside its users.
To commemorate this milestone, Wema Bank has launched the ALAT at 9 campaign, a series of customer-focused activities, rewards, and interactive experiences designed to celebrate users while deepening engagement.
As part of the anniversary celebration, customers can access their personalized ALAT Wrapped, offering a simple, visual summary of their journey on the platform, which can be downloaded and shared across social media.
Customers can also participate in the 9 Features in 9 Days experience by engaging with a designated feature each day. Completing all nine activities unlocks rewards, encouraging consistent and active use of the platform.
In addition, customers who complete their 9th transaction at exactly 9:00am or 9:00pm will receive instant rewards.
The celebration also features the ALAT Evolution Jingle Challenge, inviting customers to create and submit the second verse of the ALAT jingle for a chance to win rewards.
Speaking on the milestone celebration, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said;
“ALAT at 9 is not just a celebration of time. It is a reflection of how far we have come and a clear indication of where we are going. Over the years, we have continued to evolve with our customers, building a platform that is not only functional but also engaging and rewarding. This campaign is designed to give back to our users while reinforcing our commitment to innovation and customer experience.”
Also commenting, Chief Digital Officer of Wema Bank, Olusegun Adeniyi, noted that the anniversary campaign was designed to merge everyday banking with meaningful engagement.
“With ALAT at 9, we are transforming routine banking into an interactive experience. By combining personalized insights, gamified missions, and real rewards, we are creating a platform that responds to users in a more dynamic and rewarding way. This reflects our vision to build a digital bank that is intuitive, adaptive, and centered around the customer,” he said.
The anniversary activities will run from May 2 to May 31stwith customers encouraged to log into the ALAT app to participate, complete tasks, and unlock rewards.
Existing customers can access the experience by updating the ALAT app via the Google Play Store or Apple App Store and signing in with their existing details. New customers can download the app and get started in minutes to enjoy the full range of features and anniversary benefits.
With ALAT at 9, Wema Bank continues to reinforce its leadership in digital banking, delivering not just financial services, but a platform that continue to evolve with its users and rewards them at every stage of their journey.
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