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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.
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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
News
Group Petitions Remi Tinubu Over Women Neglect In Oshodi/Isolo, Wants AYA For Reps
A women right group, ‘The Women Advocates’ (TWA) has petitioned the First Lady, Sen. Oluremi Tinubu over male domination of elective and appointive positions in Oshodi/Isolo Federal Constituency II ahead of the forthcoming primaries of the All Progressive Congress (APC) in Lagos State.
In a petition addressed to the wife of the president, the group sought the intervention of the First Lady over what it described as total neglect of the women folks in aspiring for the House of Representatives seat from the constituency.
The group in the petition which was jointly signed by its coordinator, Adejoke Olaogun and Secretary Helen Nwachukwu respectively noted with dismay that since the advent of the second republic in 1999, no female politician has been given the opportunity to represent the constituency at the House of Representatives.
The group listed six male politicians who have represented the constituency to include Gbolahan Okuneye, Jaiyeola Ajatta, Hakeem Muniru, Tony Nwulu, Ganiu Johnson and now currently Okey Joe Onuakalusi.
The Women Advocates said the total domination of elective and appointive positions by male politicians in the constituency negates the gender equality and all-inclusive principle of President Bola Ahmed Tinubu who recently supported constitutional amendment initiated by the National Assembly for increased women’s participation in governance by advocating for at least 35% affirmative action in elective and appointive positions.
The initiative of the National Assembly also gained the affirmation of the ruling party, All Progressive Congress APC (APC) which officially pushed for reduced political hostility, greater inclusion in leadership and also introduced initiatives like ‘774 Explore’ for grassroot mobilization, aiming to boost female representation ahead of the 2027 elections.
“For this obvious gender imbalance, we are constrained to seek your intervention in addressing this anomaly. Being gender-friendly and a strong advocate of women’s inclusion in governance, we are convinced your timely intervention would restore hope of leadership opportunities for the women folks who are expectedly to mobilize extensively for the re-election bid of the president in 2027,” the petition read in part.
It continued: “To this end, we earnestly solicit consideration of female aspirants as APC candidates in a fair and equitable manner ahead of the forthcoming party primaries across the 25 LGAs and 37 LCDAs in Lagos particularly in Oshodi/Isolo Federal Constituency II where we lost the last House of Representatives election to the Labour Party (LP).”
The group specifically appealed for support for Angela Yinka Akintunde as a candidate for the House of Representatives seat in Oshodi-Isolo Federal Constituency II, describing her candidacy as a step toward bridging the gender gap in elective offices.
Women Advocates further urged party leaders and stakeholders to embrace inclusivity and fairness in the forthcoming primaries, emphasizing that equitable representation would enhance political development and social progress in the state
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Between ADC, INEC And Rule Of law –By Thomas Akor
Since the Independent National Electoral Commission (INEC) suspended recognition of all leadership factions in the African Democratic Congress (ADC) following a ruling by the Court of Appeal and ongoing litigation over the party’s leadership, the polity has been on edge. That is understandable given the status of the party as an emerging opposition platform.
In a statement by its spokesperson, Mohammed Haruna, the electoral commission hinged its decision on an order by the Court of Appeal. In obedience to the court order, the commission decided to stop engaging with any of the two warring factions until there is a substantive court judgement after it received conflicting letters demanding recognition from both sides. Pointedly, the judgement did not favour the faction led by David Mark, prompting INEC to decline recognition of his chairmanship.
The point, then, is that the court ruling of the Appeal Court undermines the legitimacy of David Mark’s leadership, and INEC’s position reinforces the legal effect of the judgement, effectively limiting his authority in dealing with the electoral body. To say that the decision places the party in a contested leadership situation, pending possible appeals or internal resolution, is to put it very mildly.
Not just ahead of the 2027 general election but in politics generally, it is a no-brainer that internal divisions impair coordinated campaign efforts across states. If the ADC refuses to put its house in order, it risks disintegration and utter irrelevance, both in the build up to the election and thereafter.
Disputes over legitimate party leadership will inevitably lead to conflicting candidate lists, risking disqualification or exclusion from ballots. Besides, the party’s ability to form alliances or coalitions ahead of elections will be significantly diminished. If the party continues to present a picture of instability, voters will simply look the other way.
The question they would be asking themselves is how a party that cannot properly organise, harmonise and manage its internal issues can hope to govern Nigeria effectively. The inescapable conclusion, given ADC’s antics so far, is that it is not prepared for the 2027 polls but is only interested in bickering and wrangling, intent on leading Nigerians, particularly undecided or swing voters, down a slippery slope.
If unresolved before key electoral deadlines, the ADC risks reduced participation or irrelevance in the forthcoming elections. The party is likely to experience operational disruptions unless a legally recognized leadership emerges quickly. Its performance may decline significantly in comparison to more stable parties, unless the crisis is resolved and unity restored.
The best-Case Scenario would be for swift judicial clarification or internal reconciliation restores leadership legitimacy and stabilizes party operations, while the worst-case scenario would be prolonged litigation and factional conflict result in parallel structures, disqualification risks, and electoral underperformance.
The court ruling and INEC’s response represent a critical inflection point for the African Democratic Congress. Without rapid resolution, the party faces a high-risk trajectory that could significantly undermine its competitiveness in the forthcoming elections.
The genesis of the current crisis plaguing the party is the decision by a member of the National Working Committee (NWC) of the party to drag its factional chairman, Senator David Mark to the Federal High Court, seeking an ex parte order. The judge didn’t grant it outright. Instead, he asked Mark to come and show cause why the request shouldn’t be approved.
Rather than argue his case at that court, the former Senate President proceeded to the Court of Appeal. The appellate court was clear: go back to the Federal High Court and argue your case. More importantly, the Court of Appeal cautioned INEC not to take any action that could render the pending suit useless. In simple terms “dont recognize anybody”. Not Mark. Not Nafiu. No faction
.Until the court settles the leadership tussle, there is officially no recognized leadership. INEC didn’t pick sides; it simply obeyed the court. However, in their typical manner, members of the party have been clutching at straws, accusing the electoral body of bias when the real bias and lack of objectivity lies within their own ranks. Rather than going through the legal process dictated by the laws of the land, they have been scheduling press conferences, issuing acerbic statements, and attempting to reap political capital from their own self-inflicted wounds. This move is, for want of a better position, patently illogical.
To the extent that INEC’s action is in tandem with the orders of court, to that extent is its position grouned in law, logic and democratic ethos. There is no basis for an alternative conclusion at the moment.
Thomas Akor a public analyst sent this piece from Gboko, Benue State
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