Finance
Wema Bank Eyes Nigeria’s Top Banking League
Wema Bank Plc has reaffirmed plans to join Nigeria’s tier-one banking category as the lender intensifies growth strategies backed by rising profitability, capital expansion and digital investment.
Speaking during the bank’s annual general meeting in Lagos, Managing Director and Chief Executive Officer Moruf Oseni said the institution was deliberately positioning itself among the country’s leading financial institutions.
“Our goal is to place Wema Bank firmly among the leading banks in Nigeria within the foreseeable future, and every decision we are making is aligned with that objective,” he said.
The chief executive disclosed that the lender’s profitability had recorded substantial growth over the last three years, reflecting what he described as years of deliberate institutional rebuilding and strategic execution.
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According to him, profit increased from N42 billion to N102.5 billion before climbing further to N221.9 billion in the 2025 financial year.
“The steady growth in our earnings reflects the structure we have built over time and the disciplined work that has gone into repositioning the bank,” Oseni stated.
He said the bank’s improving financial position has created room for broader expansion opportunities, while management remains focused on preserving adequate capital for future strategic transactions.
Without disclosing specific details, the Wema Bank boss hinted at potential acquisitions and other market opportunities capable of accelerating the lender’s growth trajectory.
“We are being careful with how we deploy capital because we understand there may be strategic opportunities ahead that will require strong financial capacity,” he said.
Oseni added that shareholders and the wider market would be informed appropriately once management concludes discussions around future opportunities.
The managing director also explained that the bank remained committed to maintaining stable shareholder returns despite taking a measured approach to dividend distribution.
According to him, management considered the current dividend payout appropriate in view of the institution’s long-term expansion strategy and capital preservation plans.
The lender outlined three major areas where recently raised funds would be deployed, including loan growth, digital banking infrastructure and cybersecurity enhancement.
Oseni said the bank intends to expand quality lending activities across critical sectors of the economy as part of efforts to strengthen its earnings base and support economic growth.
He noted that additional investments would also be channelled into customer-focused digital banking platforms to improve service delivery and deepen customer engagement.
The bank is equally increasing spending on cybersecurity infrastructure to strengthen protection against rising digital fraud threats within the financial services sector.
“We understand the growing risks within the digital banking environment, which is why we are investing heavily in systems that protect customers and secure the bank’s operations,” he stated.
The bank’s national expansion strategy, according to Oseni, will remain commercially driven, with branch growth concentrated in economically active locations capable of supporting sustainable returns.
He described the approach as a targeted expansion model designed to prioritise commercial viability over broad geographic coverage.
During the meeting, Board Chairman Oluwayemisi Olorunshola said the bank’s 80th anniversary represented an important milestone in its history as Nigeria’s oldest surviving indigenous bank.
She stated that the anniversary reinforces the institution’s commitment to building a modern financial institution capable of delivering value to shareholders, customers and the broader economy.
Wema Bank’s audited financial statement for the year ended December 31, 2025, showed profit before tax rose by 116.44 per cent to N221.8 billion from N102.5 billion recorded in 2024.
Interest income climbed to N576 billion from N354.6 billion, supported largely by growth in loans and advances as well as investment securities.
The lender generated N348.2 billion from loans and advances, while investment securities contributed N204.4 billion to total interest income.
Net interest income after impairment increased to N335.2 billion from N155.4 billion in the previous year, while post-tax profit rose to N194.4 billion after tax expenses of N27.4 billion.
The bank’s earnings per share improved to N7.12 from N4.83, while total assets expanded significantly to N5.07 trillion from N3.5 trillion.
Customer loans and advances stood at N1.7 trillion, remaining the largest contributor to the bank’s asset base as of the end of the 2025 financial year.
