Wema Bank’s Managing Director, Moruf Oseni, has reaffirmed the lender’s ambition to join Nigeria’s tier-one banking league in the near future following a sharp rise in profitability and fresh capital injection.
Speaking during the bank’s Annual General Meeting in Lagos, Oseni said the management team and staff were deliberately positioning Wema Bank for accelerated growth and stronger market relevance within the Nigerian banking sector.
According to him, the bank’s profitability has risen significantly over the past three years, reflecting deliberate institutional reforms and strategic expansion efforts.
The managing director disclosed that profit increased from N42bn to N102.51bn and further to N221.9bn in the 2025 financial year, representing nearly a fivefold increase within the period.
“If you observe that trend, it’s on an increase, and it’s a testament to all the work we’ve done since we took over, and even in the years when we were building the blocks,” Oseni said.
On dividend payments, Oseni assured shareholders that the bank remains committed to consistent returns while also conserving capital for future growth opportunities.
“We’re keeping our gunpowder dry. We felt that at this point in time the dividend paid was appropriate, taking into cognisance that there may be opportunities in the future that we will want to take advantage of,” he stated.
The remarks have fuelled speculation that Wema Bank may be considering acquisitions or strategic transactions to strengthen its position within the banking industry, although no specific details were disclosed.
Oseni noted that further information would be revealed “in the fullness of time.”
He credited the bank’s improved performance to employees, whom he described as the “Knights of Wema Bank,” alongside shareholders, customers, and board members who supported the institution’s recovery and growth journey.
The managing director also outlined the bank’s strategy for deploying recently raised capital across three major areas, including loan growth, digital expansion, and cybersecurity infrastructure.
According to him, the bank plans to channel funds into quality risk assets, strengthen customer-facing digital platforms, and enhance security systems to protect customer deposits amid increasing cybercrime threats.
Oseni further disclosed plans to deepen the bank’s national footprint through a targeted “follow the money” expansion strategy focused on commercially viable locations rather than broad geographic spread.
Earlier in her address, the Chairman of the Board, Mrs. Oluwayemisi Olorunshola, reminded shareholders that 2025 marked Wema Bank’s 80th anniversary as Nigeria’s oldest surviving indigenous bank.
She said the milestone reaffirmed the bank’s commitment to building a future-ready financial institution capable of delivering long-term value to shareholders, customers, employees, and the wider Nigerian economy.
In its audited financial results for the year ended December 31, 2025, Wema Bank reported a profit before tax of N221.8bn, representing a 116.44 per cent increase from N102.5bn recorded in 2024.
The growth was largely driven by stronger interest income, which rose to N576bn from N354.6bn in the previous year.
The bank disclosed that loans and advances accounted for 60.4 per cent of interest income, while investment securities contributed 35.5 per cent.
Net interest income after impairment climbed to N335.2bn from N155.4bn after accounting for impairment charges of N25.6bn.
Post-tax profit settled at N194.4bn after tax expenses of N27.4bn.
Wema Bank also earned N8.3bn from trading income and N392.5m from other sources, bringing total operating income to N420.6bn compared to N234.2bn in the previous year.
On the balance sheet, total assets rose sharply to N5.07tn from N3.5tn, while loans and advances to customers stood at N1.7tn.
Despite the strong growth performance, Wema Bank still trails Nigeria’s leading tier-one lenders in absolute profitability.
Zenith Bank posted a profit of N1.04tn in its full-year 2025 financial results, while GTCO recorded N865bn. Access Holdings and UBA also reported earnings significantly above Wema Bank’s current level.
Analysts believe bridging the gap would require sustained high growth over several years or a major acquisition capable of accelerating expansion.
At the AGM, shareholders unanimously approved all resolutions presented, including a dividend payment of N1.25 per share and the appointment of Engr. Wilson Agu as an Independent Non-Executive Director.
Shareholders also re-elected three retiring directors and approved members of the statutory audit committee.
