The Managing Director and Chief Executive Officer of Wema Bank Plc, Moruf Oseni, has hinted at a major structural transformation aimed at positioning the bank among Nigeria’s tier-one lenders.
Oseni disclosed this while addressing shareholders at the bank’s Annual General Meeting held in Lagos on Wednesday, revealing that the lender is intentionally conserving capital to fund future strategic acquisitions.
According to him, the bank’s recent capital raise and strong profitability growth have significantly reshaped its long-term expansion strategy.
Explaining the bank’s cautious approach to dividend distribution, Oseni said the institution was preserving financial resources to take advantage of potential opportunities that may arise in the future.
“We’re keeping our gunpowder dry,” he told shareholders, adding that the dividend payout was considered appropriate given the bank’s strategic direction.
Although he did not disclose specific acquisition targets or timelines, the Wema Bank chief assured investors that details of the bank’s inorganic growth strategy would be revealed in due course.
The strategic move comes after a remarkable improvement in the bank’s financial performance over the last three years.
Reviewing the bank’s growth trajectory, Oseni stated that profit increased from N42 billion to N102.51 billion before reaching a record N221.9 billion in the 2025 financial year.
He described the performance as evidence of the sustained efforts made by the bank’s management and workforce over the years.
According to the bank’s audited 2025 financial statements, profit before tax rose by 116.44 per cent, supported largely by a sharp increase in interest income, which climbed to N576 billion.
The bank’s total assets also expanded significantly from N3.5 trillion to N5.07 trillion within the review period.
Oseni attributed the operational turnaround to the commitment of the bank’s employees, whom he described as the “Knights of Wema Bank” for their dedication to delivering strong financial results.
Despite the impressive performance, analysts note that the bank still trails Nigeria’s tier-one banking giants such as Zenith Bank Plc and GTCO Plc, which posted profits of N1.04 trillion and N865 billion respectively in the 2025 financial year.
The wide profitability gap has reinforced expectations that Wema Bank may pursue mergers, acquisitions, or other strategic transactions to accelerate its growth ambitions.
Beyond potential acquisitions, the bank also outlined plans for deploying its newly raised capital into quality loan expansion, digital banking platforms, and stronger cybersecurity infrastructure aimed at protecting customer funds from emerging threats.
The lender further disclosed plans to expand its branch network across high-value commercial locations nationwide as part of efforts to deepen market penetration.
Earlier in her address, the Chairman of the Board, Oluwayemisi Olorunshola, reminded shareholders that the financial year marked the bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.
She noted that the milestone provides an opportunity for the institution to strengthen its position as a future-ready financial services provider.
Shareholders at the meeting unanimously approved the board’s proposals, including a dividend payment of N1.25 per share and the appointment of Wilson Agu as an Independent Non-Executive Director.
