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SHAREHOLDERS COMMEND WEMA BANK AT 2024 ANNUAL GENERAL MEETING
…Express confidence in stable future following FY 2024 Financial Performance
Reinforcing its position as one of Nigeria’s most profitable financial institutions, 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). The Wema Bank 2024 AGM held virtually in Lagos on Thursday, May 22, 2025.
According to the Bank’s 2024 Annual Report, 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.
News
Police Detain Woman In Place Of Wanted Brother, Allegedly Collect N600,000 –Petition
The Rule of Law and Accountability Advocacy Centre (RULAAC) has petitioned the Anambra State Commissioner of Police over the alleged unlawful arrest and four-day detention of a woman by operatives of the Rapid Response Squad (RRS), Awkuzu, formerly known as the Special Anti-Robbery Squad (SARS).
RULAAC, in a letter signed by its Executive Director, Okechukwu Nwanguma, dated September 5, alleged that Ms. Nwosu Chikamso Jennifer was arrested on August 31, 2026, not over an offence linked to her but in connection with the police search for her brother, who is reportedly wanted over an alleged murder case.
According to the organisation, Nwosu alleged that she was detained for four days and was expected to produce her brother despite not being accused of complicity in the alleged offence.
The organisation said Nwosu further alleged that she was released on September 3 after ₦600,000 was paid, with the payment allegedly described as being for “administrative bail.”
RULAAC said no receipt or acknowledgement was reportedly issued for the payment.
The complainant also alleged that her mobile phone was seized by the police and retained without a seizure form or property receipt.
The organisation identified the investigating officer in the matter as Mr Odoh Kingsley of RRS Awkuzu.
RULAAC said Nwosu had been directed to report again on Monday, September 7, 2026, but was apprehensive that she could face renewed detention or further demands for money.
The rights group therefore called on the Commissioner of Police to urgently intervene and verify the allegations before Nwosu’s scheduled appearance at the police facility.
RULAAC described the alleged arrest and detention of Nwosu over her brother’s alleged offence as a possible case of “arrest by proxy” or “arrest in lieu.”
The organisation argued that arresting a person merely to compel the surrender of a relative raises serious constitutional and human-rights concerns.
“If the claims are substantially correct, the actions complained of would raise grave legal and human-rights concerns,” the organisation said.
“Arresting and detaining a person merely to compel the surrender of a relative amounts to arrest by proxy or arrest in lieu, a practice expressly prohibited by Nigerian law.”
RULAAC also raised concerns about the alleged four-day detention, saying that holding a person beyond the constitutionally permissible period without taking the individual before a court could violate legal safeguards on arrest and detention.
It further described the alleged ₦600,000 payment as “particularly disturbing,” stressing that police bail is free.
The organisation said the allegations were particularly concerning because they involved the Awkuzu facility, which became notorious for alleged human rights abuses during the era of SARS.
RULAAC said the transition from SARS to RRS should have represented more than a change of name.
“These allegations, if established, inevitably evoke the ugly memories of the abuses historically associated with the former SARS facility at Awkuzu,” the organisation said.
“The transition from SARS to RRS ought to signify more than a change of name; it should represent a decisive institutional break from arbitrary detention, arrest by proxy, extortion and other practices that brought the former unit into disrepute.”
RULAAC said the alleged conduct, if established, would be inconsistent with safeguards contained in the Nigerian Constitution, the Police Act 2020 and applicable criminal justice legislation.
In its requests to the Commissioner of Police, RULAAC asked the police authorities to establish the circumstances and legal basis for Nwosu’s arrest and four-day detention.
It also demanded an investigation into the alleged ₦600,000 payment, including determining who allegedly demanded or received the money.
The organisation requested that the money be refunded if it was found to have been unlawfully collected.
RULAAC further asked the police to establish the legal basis for the seizure and continued retention of Nwosu’s phone and ensure that any property retained for investigative purposes is properly documented.
It also urged the police to ensure that Nwosu’s scheduled appearance on September 7 would not result in further arbitrary detention, intimidation or unlawful financial demands.
The organisation asked the police to ensure that Nwosu was not held responsible for producing her brother or punished for his alleged conduct without evidence establishing her own involvement in an offence.
It also called for disciplinary or other appropriate action against any police officer found to have acted unlawfully.
The rights organisation stressed that it recognised the responsibility of the police to investigate serious crimes, including murder allegations.
It said its intervention was not intended to obstruct the investigation into Nwosu’s brother.
“Nothing in this intervention is intended to obstruct any lawful investigation,” RULAAC said.
“Our concern is simply that the investigation must be conducted within the bounds of the law and that no citizen should be deprived of liberty or subjected to financial demands merely because the Police are seeking a relative.”
The organisation urged the police command to respond to the complaint and disclose the steps taken to address the allegations.
International News
Maguire: Tuchel Told Me By Video Call I Was Out And I Said I Was Very Disappointed
On “The Rest is Football” podcast, Manchester United center-back Maguire discussed how Tuchel informed him via video call that he had not been selected for the World Cup squad.
Maguire revealed: “He (Tuchel) video-called everyone. It was quite an awkward call. I first received a message asking if he could talk to me around 4 PM. It was quite a unique approach, and certainly difficult, because he could see everyone’s reactions.
“I said directly that I was really very disappointed. I felt I had done well enough to deserve to be in the squad, and I felt I could have helped the team, playing a role on and off the pitch. He said he couldn’t give me any excuses, but he chose the four players who had helped him through a difficult period last autumn.
“It was hard to accept. After being called up by him for the first time in the March training camp, I did think I would be in the squad. I performed well in both games and then returned to Manchester United, finishing the season with a very strong performance.”
Tuchel ultimately chose to take Stones, Guehi, Konsa, Quansah, and Dan Burn to the World Cup.
No Plans to Retire from England Duty
Furthermore, even with Tuchel’s contract extending to Euro 2028, Maguire is unwilling to close the door on playing for England.
He added: “I don’t think I’ll retire from England duty. I still feel I can shine. Sooner or later there will be a time and a point where I no longer deserve to be selected for England, but even then, I most likely won’t proactively step out and announce my retirement. If I can play for England one more time, it will all be worth it.”
Maguire will use the off-season to fully recover and prepare for Manchester United’s return to the Champions League in the 2026-27 season. While his England teammates face the immense pressure of a major international tournament, the experienced defender will strive to maintain his excellent club form. If he is to earn a recall to the England squad later this year, proving his endurance in the Premier League remains crucial.
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Saka Drags Critics Over Arsenal’s Title Win
Bukayo Saka said that Arsenal’s critics were “not laughing at us anymore” as the club celebrated their first Premier League title in more than two decades.
Gunners players and staff gathered at the club’s London Colney training ground on Tuesday to watch closest challengers Manchester City draw 1-1 away to Bournemouth—a result which gave Arsenal an unassailable four-point lead at the top of the table with just Sunday’s final round of matches remaining.
As the Arsenal squad relished the club’s first Premier League title since 2004, there were also joyous scenes at the north London side’s Emirates Stadium, where thousands of supporters gathered to mark the occasion by lighting fireworks and flares.
Arsenal, runners-up in the league for the previous three seasons, had faced accusations of “bottling” their title bid, with several observers questioning their temperament and ability to handle pressure following a 2-1 defeat at City on April 19.
But while City subsequently drew at Everton and then at Bournemouth, Arsenal won their next four league games without conceding a goal.
Arteta, who rejoined Arsenal as manager in December 2019 with the club in dire straits, installed a blacked-out Premier League trophy at Colney which would light up only when the Gunners won the title
“Light that up,” Saka said in footage posted by defender Jurrien Timber on his Instagram account.
“Let me tell you something. Twenty-two years, 22 years. there was laughing, there was joking, they’re not laughing anymore,” the England international added. “Look, it is going to be shining, it is going to be shining bright.”
In an Instagram post, this time on Saka’s channel, Arsenal’s Myles Lewis-Skelly was seen holding a champagne bottle.
“They called us bottlers,” said Lewis-Skelly who, like Saka, came through the club’s Hale End Academy youth system. “And now we’re holding the bottle.”
Former Arsenal manager Arsene Wenger featured in a celebratory post put out by his old side.
The Frenchman, who won three Premier League titles with the Gunners, including the 2004 ‘Invincibles’, said: “You did it. Champions go on when others stop. This is your time. Now, go on and enjoy every moment.”
City manager Pep Guardiola, who had Arteta as his assistant for two of the Manchester club’s league titles, paid tribute to his fellow Spaniard.
“On behalf of everyone at Manchester City, we congratulate Mikel and all the staff, players and fans on winning the Premier League,” Guardiola told Sky Sports. “They deserve it, for so much hard work and effort.”
Arsenal will be presented with the Premier League trophy after their final match of the domestic season at Crystal Palace on Sunday.
The Gunners could yet end the campaign with an impressive double when they go in search of their first Champions League title against Paris Saint-Germain in a Budapest final on May 30.
AFP
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